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Fiji Legislation |
LAWS OF FIJI
[Rev. Ed. 1985]
CHAPTER 247
COMPANIES
___________
TABLE OF PROVISIONS
___________
PART I-PRELIMINARY
SECTION
1.
Short title
2.
Interpretation
3. Register of
Companies
PART II-INCORPORATION OF COMPANIES
AND
MATTERS INCIDENTAL THERETO
Division 1 - Memorandum of Association
4. Mode of
forming incorporated company
5.
Requirements with respect to
memorandum
6. Signature of
memorandum
7. Incidental and
ancillary powers
8.
Ultra vires
transactions
9. Restriction on
alteration of memorandum
10. Mode in
which and extent to which objects or powers of company may be altered
Division 2 - Articles of Association
11. Articles
prescribing regulations for
companies
12. Regulations required
in case of unlimited company or company limited by
guarantee
13. Adoption and
application of Table A
14. Printing
and signature of articles
15.
Alteration of articles by special resolution
Division 3 - Form of Memorandum and Articles
16. Statutory
forms of memorandum and articles
Division 4 - Registration
17. Registration
of memorandum and articles
18.
Effect of registration
19.
Conclusiveness of certificate of
incorporation
20. Registration of
unlimited company as limited
Division 5 - Provisions with Respect to Names of Companies
21.
Reservation of name and prohibition of undesirable
name
22. Change of
name
23. Power to dispense with
"Limited" in name of charitable and other companies
Division 6 - General Provisions with Respect
to
Memorandum and Articles
24. Effect of
memorandum and articles
25.
Provision as to memorandum and articles of companies limited by
guarantee
26. Alterations in
memorandum or articles increasing liability to contribute to share capital not
to bind existing members without
consent
27. Power to alter
conditions in memorandum which could have been contained in
articles
28. Copies of memorandum
and articles to be given to
members
29. Issued copies of
memorandum to embody alterations
Division 7 - Membership of Company
30. Definition of
member
31. Membership of holding
company
Division 8 - Private Companies
32. Meaning of
"private company"
33. Consequences
of default in complying with conditions constituting a company a private
company
34. Statement in lieu of
prospectus to be delivered to registrar by company on ceasing to be private
company
Division 9 - Reduction of Number of Members Below Legal Minimum
35. Members
severally liable for debts where business carried on with fewer than 7, or in
case of private company 2, members
Division 10 - Contracts, etc.
36. Form of
contracts
37. Bills of exchange and
promissory notes
38. Execution of
deeds abroad
39. Power for company
to have official seal for use
abroad
40. Authentication of
documents
PART III-SHARE CAPITAL AND DEBENTURES
Division 1 - Prospectus
41. Dating of
prospectus
42. Matters to be stated
and reports to be set out in
prospectus
43. Provisions of section
42 not to limit any other
liability
44. Expert's consent to
issue of prospectus containing statement by
him
45. Registration of
prospectus
46. Restriction on
alteration of terms mentioned in prospectus or statement in lieu of
prospectus
47. Civil liability for
mis-statements in prospectus
48.
Criminal liability for mis-statements in
prospectus
49. Document containing
offer of shares or debentures for sale to be deemed
prospectus
50. Interpretation of
provisions relating to prospectuses
Division 2 - Allotment
51. Prohibition
of allotment unless minimum subscription
received
52. Prohibition of
allotment in certain cases unless statement in lieu of prospectus delivered to
registrar
53. Effect of irregular
allotment
54. Applications for, and
allotment of, shares and
debentures
55. Allotment of shares
and debentures to be dealt in on stock
exchange
56. Return as to
allotments
Division 3 - Commissions and Discounts, etc.
57. Power to pay
certain commissions, and prohibition of payment of all other commissions,
discounts, etc.
58. Prohibition of
provision of financial assistance by company for purchase of or subscription for
its own or its holding company's
shares
Division 4 - Construction of References to Offering
Shares
or Debentures to the Public
59. Construction
of references to offering shares or debentures to the public
Division 5 - Issue of Shares at Premium and Discount
and
Redeemable Preference Shares
60. Application
of premiums received on issue of
shares
61. Power to issue shares at
a discount
62. Power to issue
redeemable preference shares
Division 6 - Miscellaneous Provisions as to Share Capital
63. Power of
company to arrange for different amounts being paid on
shares
64. Reserve liability of
limited company
65. Power of company
limited by shares to alter its share
capital
66. Notice to registrar of
consolidation of share capital, conversion of shares into stock,
etc.
67. Notice of increase of share
capital
68. Power of unlimited
company to provide for reserve share capital on
re-registration
69. Power of company
to pay interest out of capital in certain cases
Division 7 - Reduction of Share Capital
70. Special
resolution for reduction of share
capital
71. Application to court for
confirming order, objections by creditors, and settlement of list of objecting
creditors
72. Order confirming
reduction and powers of court on making such
order
73. Registration of order and
minute of reduction
74. Liability of
members in respect of reduced
shares
75. Penalty for concealing
name of creditor, etc.
Division 8 - Variation of Shareholders' Rights
76. Rights of
holders of special classes of shares
Division 9 - Transfer of Shares and Debentures, Evidence of Title, etc.
77. Nature of
shares
78. Numbering of
shares
79. Transfer not to be
registered except on production of instrument of
transfer
80. Transfer by personal
representative
81. Registration of
transfer at request of
transferor
82. Notice of refusal to
register transfer
83. Certification
of transfers
84. Duties of company
with respect to issue of
certificates
85. Certificate to be
evidence of title
86. Evidence of
grant of probate
87. Issue and
effect of share warrants to
bearer
88. Penalty for personation
of shareholder
89. Offences in
connection with share warrants
Division 10-Special Provisions as to Debentures
90. Provisions as
to registers of debenture
holders
91. Rights of debenture
holders and shareholders to inspect register of debenture holders and to have
copies of trust deed
92. Liability
of trustees for debenture
holders
93. Perpetual
debentures
94. Power to reissue
redeemed debentures in certain
cases
95. Saving, in case of
reissued debentures, of rights of certain
mortgagees
96. Specific performance
of contracts to subscribe for
debentures
97. Payment of certain
debts out of assets subject to floating charge in priority to claims under the
charge
PART IV-REGISTRATION OF CHARGES
Division 1 - Registration of Charges with Registrar
98. Registration
of charges
99. Duty of company to
register charges created by
company
100. Duty of company to
register, charges existing on property
acquired
101. Certificate of
registration of charge
102.
Endorsement of certificate of registration on
debentures
103. Registration of
satisfaction and release of property from
charge
104. Extension of time to
register charges
105. Registration
of enforcement of security
Division 2 - Provisions as to Company's Register of Charges
and as to
Copies of Instruments Creating Charges
106. Copies of
instruments creating charges to be kept by
company
107. Company's register of
charges
108. Right to inspect copies
of instruments creating charges and company's register of charges
PART V-MANAGEMENT AND ADMINISTRATION
Division 1 - Registered Office and Name
109. Registered
office of company
110. Notification
of situation of registered office and of change
therein
111. Publication of name by
company
Division 2 - Statement of Amount of Paid-up Capital
112. Statement of
amount of capital subscribed and amount paid up
Division 3 - Restrictions on Commencement of Business
113. Restrictions
on commencement of business
Division 4 - Register of Members
114. Register of
members
115. Index of
members
116. Provisions as to
entries in register in relation to share
warrants
117. Inspection of register
and index
118. Consequences of
failure to comply with requirements as to register owing to agent's
default
119. Power to close
register
120. Power of court to
rectify register
121. Trusts not to
be entered on register
122. Register
to be evidence
Division 5 - Branch Register
123. Power for
company to keep branch register
124.
Regulations as to branch
register
125. Stamp duty in case of
transfer of shares registered in branch
registers
126. Provisions as to
branch registers of Commonwealth companies kept in Fiji
Division 6 - Annual Return
127. Annual
return to be made by company having a share
capital
128. Annual return to be
made by company not having a share
capital
129. Time for completion of
annual return
130. Documents to be
annexed to annual return
131.
Certificates to be sent by private company with annual return
Division 7 - Meetings and Proceedings
132. Statutory
meeting and statutory report
133.
Annual general meeting
134.
Convening of extraordinary general meeting on
requisition
135. Length of notice
for calling meetings
136. General
provisions as to meetings and
votes
137. Power of court to order
meeting
138.
Proxies
139. Rights to demand a
poll
140. Voting on a
poll
141. Representation of
corporations at meetings of companies and of
creditors
142. Circulation of
members' resolutions, etc.
143.
Special resolutions
144. Resolutions
requiring special notice.
145.
Registration and copies of certain resolutions and
agreements
146. Resolutions passed
at adjourned meetings
147. Minutes
of proceedings of meetings of company and of
directors
148. Inspection of minute
books
Division 8 - Accounts and Audit
149. Keeping of
books of account
150. Profit and
loss account and balance sheet
151.
General provisions as to contents and form of
accounts
152. Obligation to lay
group accounts before holding
company
153. Form of group
accounts
154. Contents of group
accounts
155. Financial year of
holding company and subsidiary
156.
Meaning of "holding company" and
"subsidiary"
157. Signing of balance
sheet
158. Accounts and auditors'
report to be annexed to balance
sheet
159. Directors' report to be
attached to balance sheet
160. Right
to receive copies of balance sheets and auditors'
report
161. Appointment and
remuneration of auditors
162.
Operation of section 161 in relation to
private companies
163. Provisions as
to resolutions relating to appointment and removal of
auditors
164. Disqualifications for
appointment as auditor
165.
Auditors' report and right of access to books and to attend and be heard at
general meetings
166. Construction
of references to documents annexed to accounts
Division 9 - Investigation by the Registrar
167.
Investigation by registrar
Division 10 - Inspection
168.
Investigation of company's affairs on application of
members
169. Investigation of
company's affairs in other
cases
170. Power of inspectors to
carry investigation into affairs of related
companies
171. Production of
documents, and evidence, on
investigation
172. Inspector's
report
173. Proceedings on
inspector's reports
174. Expenses of
investigation of company's
affairs
175 Inspector's report to be
evidence
176. Appointment and powers
of inspectors to investigate ownership of
company
177. Power to require
information as to persons interested in shares or
debentures
178. Power to impose
restrictions on shares or
debentures
179. Saving for
barristers and solicitors and bankers
Division 11 - Directors and Other Officers
180.
Directors
181.
Secretary
182. Validity of acts of
directors
183. Restrictions on
appointment or advertisement of
director
184. Share qualifications
of directors
185. Appointment of
directors to be voted on
individually
186. Removal of
directors
187. Minimum age for
appointment of directors; and retirement of directors over age
limit
188. Duty of directors to
disclose age to company
189.
Provisions as to undischarged bankrupts acting as
directors
190. Power to restrain
fraudulent persons from managing
companies
191. Prohibition of
tax-free payments to directors
192.
Prohibition of loans to
directors
193. Approval of company
requisite for payment by it to director for loss of office,
etc.
194. Approval of company
requisite for any payment, in connection with transfer of its property to
director for loss of office,
etc.
195. Duty of director to
disclose payment for loss of office, etc., made in connection with transfer of
shares in company
196. Provisions
supplementary to sections 193,
194 and
195
197.
Register of directors' shareholdings,
etc.
198. Particulars in accounts of
directors' salaries, pensions,
etc.
199. Particulars in accounts of
loans to officers, etc.
200. General
duty to made disclosure for purposes of sections
197,
198 and
199
201.
Disclosure of interests in, contracts, property, offices,
etc.
202. Register of directors and
secretaries
203. Interpretation of
section
202
204.
Limited company may have directors with unlimited
liability
205. Special resolution of
limited company making liability of directors
unlimited
206. Provisions as to
assignment of office by directors
Division 12 - Avoidance of Provisions in Articles
or
Contracts Relieving Officers from Liability
207. Provisions
as to liability of officers and auditors
Division 13 - Arrangements and Reconstructions
208. Power to
compromise with creditors and
members
209. Information as to
compromises with creditors and
members
210. Provisions for
facilitating reconstruction and amalgamation of
companies
211. Power to acquire
shares of shareholders dissenting from scheme or contract approved by
majority
Division 14 - Minorities
212. Alternative
remedy to winding-up in cases of oppression
PART VI-WINDING-UP
Division 1 - Preliminary
Subdivision A - Modes of Winding-up
213. Modes of
winding-up
Subdivision B - Contributories
214. Liability as
contributories of present and past
members
215. Definition of
contributory
216. Nature of
liability of contributory
217.
Contributories in case of death of
member
218. Contributories in case
of bankruptcy of member
Division 2 - Winding-up by the Court
Subdivision A - Jurisdiction
219. Jurisdiction
to wind up companies registered in Fiji
Subdivision B - Cases in which Company may be Wound up by Court
220.
Circumstances in which company may be wound up by the
court
221. Definition of inability
to pay debts
Subdivision C - Petition for Winding-up and Effects Thereof
222. Provisions
as to applications for
winding-up
223. Power of court on
hearing petition
224. Power to stay
or restrain proceedings against
company
225. Avoidance of
dispositions of property, etc., after commencement of
winding-up
226. Avoidance of
attachments, etc.
Subdivision D - Commencement of Winding-up
227. Commencement
of winding-up by the court
Subdivision E - Consequences of Winding-up Order
228. Copy of
order to be forwarded to
registrar
229. Actions stayed on
winding-up order
230. Effect of
winding-up order
Subdivision F - Official Receiver in Winding-up
231. Official
receiver in bankruptcy to be official receiver for winding-up
purposes
232. Appointment of
official receiver by court in certain
cases
233. Statement of company's
affairs to be submitted to official
receiver
234. Report by official
receiver
Subdivision G - Liquidators
235. Power of
court to appoint liquidators
236.
Appointment and powers of interim
liquidator
237. Appointment, style,
etc., of liquidators
238. Provisions
where person other than official receiver is appointed
liquidator
239. General provisions
as to liquidators
240. Custody of
company's property
241. Vesting of
property of company in
liquidator
242. Powers of
liquidator
243. Exercise and control
of liquidator's powers
244. Books to
be kept by liquidator
245. Payments
by liquidator to official receiver or into
bank
246. Audit of liquidator's
accounts
247. Control over
liquidators
248. Release of
liquidators
Subdivision H - Committees of Inspection
249. Meetings of
creditors and contributories to determine whether committee of inspection shall
be appointed.
250. Constitution and
proceedings of committee of
inspection.
251. Powers of court
where no committee of inspection.
Subdivision I - General Powers of Court in Case of Winding-up by Court
252. Power to
stay winding-up
253. Settlement of
list of contributories and application of
assets
254. Delivery of property to
liquidator
255. Payment of debts due
by contributory to company and extent to which set off
allowed
256. Power of court to make
calls
257. Payment into bank of
moneys due to company
258. Order on
contributory conclusive
evidence
259. Appointment of special
manager
260. Power to exclude
creditors not proving in time
261.
Adjustment of rights of
contributories
262. Inspection of
books by creditors and
contributories
263. Power to order
costs of winding-up to be paid out of
assets
264. Power to summon persons
suspected of having property of company,
etc.
265. Attendance of officers of
company at meetings of creditors,
etc.
266. Power to order public
examination of promoters and
officers
267. Power to arrest
absconding promoters, officers and
contributories
268. Powers of court
cumulative
269. Delegation to
liquidator of certain powers of
court
270. Dissolution of
company
Subdivision J - Appeals
271. Appeals
Division 3 - Voluntary Winding-up
Subdivision A - Resolutions for and Commencement of Voluntary Winding-up
272.
Circumstances in which company may be wound up
voluntarily
273. Notice of
resolution to wind up
voluntarily
274. Commencement of
voluntary winding-up
Subdivision B - Consequences of Voluntary Winding-up
275. Effect of
voluntary winding-up on business and status of
company
276. Avoidance of transfers,
etc., after commencement of voluntary winding-up
Subdivision C - Declaration of Solvency
277. Statutory
declaration of solvency in case of proposal to wind up voluntarily
Subdivision D - Provisions Applicable to a Members' Voluntary Winding-up
278. Provisions
applicable to a members'
winding-up
279. Power of company to
appoint and fix remuneration of
liquidators
280. Power to fill
vacancy in office of liquidator
281.
Power of liquidator to accept shares, etc., as consideration for sale of
property of company
282. Duty of
liquidator to call creditors' meeting in case of
insolvency
283. Duty of liquidator
to call general meeting at end of each
year
284. Final meeting and
dissolution
285. Alternative
provisions as to annual and final meetings in case of insolvency
Subdivision E - Provisions Applicable to a Creditors' Voluntary Winding-up
286. Provisions
applicable to a creditors'
winding-up
287. Meeting of
creditors
288. Appointment of
liquidator
289. Appointment of
committee of inspection
290. Fixing
of liquidators' remuneration
291.
Cesser of directors' powers on appointment of
liquidator
292. Power to fill
vacancy in office of liquidator
293.
Application of section 281 to a
creditors' voluntary winding-up
294.
Duty of liquidator to call meetings of company and of creditors at end of each
year
295. Final meeting and
dissolution
Subdivision F - Provisions Applicable to Every Voluntary Winding-up
296. Provisions
applicable to every voluntary
winding-up
297. Distribution of
property of company
298. Powers and
duties of liquidator in voluntary
winding-up
299. Power of court to
appoint and remove liquidator in voluntary
winding-up
300. Notice by liquidator
of his appointment
301. Arrangement
when binding on creditors
302. Power
to apply to court to have questions determined or powers
exercised
303. Costs of voluntary
winding-up
304. Saving for rights of
creditors and contributories
Division 4 - Winding-up Subject to Supervision of Court
305. Power to
order winding-up subject to
supervision
306. Effect of petition
for winding-up subject to
supervision
307. Application of
sections 225 and
226 to winding-up subject to
supervision
308. Power of court to
appoint or remove liquidators
309.
Effect of supervision order
Division 5 - Provisions Applicable to Every Mode of Winding-up
Subdivision A - Proof and Ranking of Claims
310. Debts of all
descriptions may be proved
311.
Application of bankruptcy rules in winding-up of insolvent
companies
312. Preferential
payments
Subdivision B - Effect of Winding-up on Antecedent and Other Transactions
313. Fraudulent
preference
314. Liabilities and
rights of certain fraudulently preferred
persons
315. Effect of floating
charge
316. Disclaimer of onerous
property in case of company wound
up
317. Restriction of rights of
creditor as to execution or attachment in case of company being wound
up
318.
Duties of court as to goods taken in execution
Subdivision C - Offences Antecedent to or in Course of Winding-up
319. Offences by
officers of companies in
liquidation
320. Penalty for
falsification of books
321. Fraud by
officers of companies which have gone into
liquidation
322. Officers of company
failing to account for loss of part of company's
property
323. Liability where proper
accounts not kept
324.
Responsibility for fraudulent trading of persons
concerned
325. Power of court to
assess damages against delinquent directors,
etc.
326. Prosecution of delinquent
officers and members of company
Subdivision D - Supplementary Provisions as to Winding-up
327.
Disqualification for appointment as
liquidator
328.
Corrupt inducement affecting appointment as
liquidator
329. Enforcement of duty
of liquidator to make returns,
etc.
330. Notification that a
company is in liquidation
331.
Exemption of certain documents from stamp duty on winding-up of
companies
332. Books of company to
be evidence
333. Disposal of books
and papers of
company
334.
Information as to pending
liquidations
335. Unclaimed assets
to be paid to Companies Liquidation
Account
336. Resolutions passed at
adjourned meetings of creditors and contributories
Subdivision E - Supplementary Powers of Court
337. Meetings to
ascertain wishes of creditors or
contributories
338. Swearing of
affidavits and declarations
Subdivision F - Provisions as to Dissolution
339. Power of
Court to declare dissolution of company
void
340.
Registrar may strike defunct company off register.
341. Property of dissolved company to be bona vacantia
342. Power of Crown to disclaim title to property vesting under section 341
Subdivision G - Companies Liquidation Account
343. Companies
Liquidation Account
344. Investment
of surplus funds; Companies Contingency Fund
Subdivision H - Rules and Fees
345. Rules and
fees for winding-up
PART VII-RECEIVERS AND MANAGERS
346.
Disqualification of body corporate for appointment as
receiver
347. Disqualification of
undischarged bankrupt from acting as receiver or
manager
348. Power to appoint
official receiver as receiver for debenture holder or
creditors
349. Receivers and
managers appointed out of court
350.
Notification that receiver or manager
appointed
351. Power of court to fix
remuneration on application of
liquidator
352. Provisions as to
information where receiver or manager
appointed
353. Special provisions as
to statement submitted to
receiver
354. Delivery to registrar
of accounts of receivers and
managers
355. Enforcement of duty of
receivers and managers to make returns,
etc.
356. Construction of references
to receivers and managers
PART VIII-APPLICATION OF ACT TO COMPANIES FORMED
OR
REGISTERED UNDER THE REPEALED ACTS
357. Application
of Act to companies formed and registered under the repealed Acts
PART IX-WINDING-UP OF UNREGISTERED COMPANIES
358. Meaning of
unregistered company
359. Winding-up
of unregistered companies
360.
Foreign companies may be wound up although
dissolved
361. Contributories in
winding-up of unregistered
company
362. Power of court to stay
or restrain proceedings
363. Actions
stayed on winding-up order
364.
Provisions of Part IX
cumulative
365. Saving for
winding-up under the repealed Acts
PART X-COMPANIES INCORPORATED OUTSIDE FIJI
Division 1 - Provisions as to Establishment of Place of Business in Fiji
366. Application
of sections 367
to
376
367. Documents, etc., to
be delivered to registrar by foreign companies carrying on business in
Fiji
368. Certificate of
registration and power to hold
land
369. Returns to be delivered to
registrar by foreign company
370.
Registration of charges created by foreign
companies
371. Accounts of foreign
company
372. Obligation to state
name of foreign company, whether limited and country where
incorporated
373. Service on foreign
company
374. Cessation of business
by foreign company and striking off
register
375.
Penalties
376. Interpretation of
sections 367
to 375
Division 2 - Prospectuses
377. Dating of
prospectus and particulars to be contained
therein
378. Provisions as to
expert's consent and allotment
379.
Registration of prospectus
380.
Penalty for contravention of sections
377 to
379
381.
Civil liability for mis-statements in
prospectus
382. Interpretation of
provisions as to prospectus
PART XI-GENERAL PROVISIONS AS TO REGISTRATION
383. Appointment
of registrar, etc.
384.
Fees
385. Inspection, production and
evidence of documents kept by
registrar
386. Enforcement of duty
of company to make returns to registrar
PART XII-MISCELLANEOUS PROVISIONS WITH RESPECT
TO INSURANCE
COMPANIES, AND CERTAIN SOCIETIES AND PARTNERSHIPS
387. Certain
companies to publish periodical
statement
388. Certain companies
deemed insurance companies
389.
Prohibition of partnerships with more than 25 members
PART XIII-GENERAL
390. Form of
registers, etc.
391. Service of
documents
392. Returns, etc., filed
out of time
393. Penalty for false
statements
394. Penalty for improper
use of word "Limited"
395. Provision
with respect to default fines and meaning of "officer in
default"
396. Production and
inspection of books where offence
suspected
397. Cognizance of
offences
398. Application of
fines
399. Provisions relating to
institution of criminal proceedings by the Director of Public
Prosecutions
400. Proceedings by the
Attorney-General
401. Saving for
privileged communications
402. Costs
in actions by certain limited
companies
403. Power of court to
grant relief in certain cases
404.
Power to enforce orders
405.
Regulations
406. Saving for repealed
Companies Act
407. Provision as to
winding-up commenced prior to appointed
day
408. Repeal
SCHEDULES
First Schedule-Incidental and Ancillary
Powers
Second Schedule- Tables A, B, C, D and E:-
Table A
Part I-Regulations for the Management of a Company
Limited by Shares, not being a Private Company
r. 1 Interpretation
rr. 2-10 Share capital and variation of rights
rr. 11-14 Lien
rr. 15-21 Calls on shares
rr. 22-28 Transfer of shares
rr. 29-32 Transmission of shares
rr. 33-39 Forfeiture of shares
rr. 40-43 Conversion of shares into stock
rr. 44-46 Alteration of capital
rr. 47-49 General Meetings
rr. 50-51 Notice of general meetings
rr. 52-61 Proceedings at general meetings
rr. 62-73 Votes of members
r. 74 Corporations acting by representatives at meetings
rr. 75-78 Directors
r. 79 Borrowing powers
rr. 80-87 Powers and duties of directors
r. 88 Disqualifications of directors
rr. 89-97 Rotation of directors
rr. 98-106 Proceedings of directors
rr. 107-109 Managing Director
r. 110 Secretary
r. 111 The seal
rr. 112-120 Dividends and reserve
rr. 121-125 Accounts
rr. 126-127 Capitalization of profits
rr. 128 Audit
rr. 129-132 Notices
r. 133 Winding-up
r. 134 Indemnity
Part II-Regulations for the Management of a Private,
Company Limited by Shares
Table B-
Form of Memorandum of Association of a Company Limited by Shares
Table C-
Form of Memorandum and Articles of Association of a Company Limited by Guarantee, and not having a Share Capital
Table D-
Form of Memorandum and Articles of Association of a Company Limited by Guarantee, and Having a Share Capital
Table E-
Form of Memorandum and Articles of Association of an Unlimited Company Having a Share Capital
Third Schedule- Form of
Statement in lieu of Prospectus to be Delivered to Registrar by a Private
Company on Becoming a Public Company
and Reports to be Set out
therein.
Fourth Schedule- Matters to be specified in Prospectus and
Reports to be Set out therein.
Fifth Schedule- Form of Statement in lieu
of Prospectus to be Delivered to Registrar by a Company Which does not Issue a
Prospectus
of Which does not Go to Allotment on a Prospectus Issued, and Reports
to be Set out therein.
Sixth Schedule- Contents and Form of Annual Return
of a Company Having a Share Capital.
Seventh Schedule-
Accounts.
Eighth Schedule- Matters to be Expressly Stated in Auditors'
Report
Ninth Schedule- Provisions of This Act Which do no Apply in the
Case of a Winding-up Subject to Supervision of the Court
Tenth Schedule-
Form of Statement to be Published by Insurance Companies and Deposit, Provident
or Benefit Societies
Eleventh Schedule- Provisions Referred to in Section
393
--------------------------------
COMPANIES
AN ACT TO AMEND AND CONSOLIDATE THE LAW RELATING
TO THE
INCORPORATION, REGULATION AND WINDING-UP OF
COMPANIES AND OTHER ASSOCIATIONS,
AND TO MAKE
PROVISION FOR OTHER MATTERS RELATING THERETO
AND CONNECTED
THEREWITH
[1 January 1984*]
PART I-PRELIMINARY
Short title
1. This Act may
be cited as the Companies Act.
Interpretation
2.-(1) In this
Act, except where the context otherwise requires-
"accounts" includes a company's group accounts, whether prepared in the form of accounts or not;
"agent" does not include a person's barrister and solicitor acting as such;
"annual return" means the return required to be made, in the case of a company having a share capital, under section 127 and in the case of a company not having a share capital, under section 128;
"articles" means the articles of association of a company, as originally framed or as altered by special resolution, including, so far as they apply to the company, the regulations contained in Table A in the First Schedule to any of the repealed Acts or in Table A in the Second Schedule to this Act;
"book and paper" and "book or paper" include accounts, deeds, writings and documents;
"certified" means certified in the prescribed manner to be a true copy or to be a correct translation into the English language;
"company" means a company formed and registered under this Act or an existing company;
"company limited by guarantee" and "company limited by shares" have the meanings assigned to them respectively by subsection (2) of section 4;
"contributory" has the meaning assigned to it by section 215;
"court" means the Supreme Court;
"creditors' voluntary winding-up" has the meaning assigned to it by subsection (4) of section 277;
"debenture" includes debenture stock, bonds and any other securities of a company, whether constituting a charge on the assets of the company or not;
"director" includes any person occupying the position of director, by whatever name called;
"document" includes summons, notice, order and other legal process, and registers;
"existing company" means a company formed and registered under any of the repealed Acts;
"financial year" means, in relation to any body corporate, the period in respect of which any profit and loss account of the body corporate laid before it in general meeting is made up, whether that period is a year or not;
"group accounts" has the meaning assigned to it by subsection (1) of section 152;
"holding company" means a holding company as defined by section 156;
"insurance company" means a company which carries on the business of insurance either solely or in conjunction with any other business or businesses;
"issued generally" means, in relation to a prospectus, issued to persons who are not existing members or debenture holders of the company;
"limited company" means a company limited by shares or a company limited by guarantee;
"members' voluntary winding-up" has the meaning assigned to it by subsection (4) of section 277;
"memorandum" means the memorandum of association of a company, as originally framed or as altered from time to time;
"minimum subscription" has the meaning assigned to it by subsection (2) of section 51;
"officer", in relation to an association or a body corporate, includes a director, manager or secretary;
"printed or typewritten" means printed, or typewritten, or reproduced by such other means as may be prescribed;
"private company" has the meaning assigned to it by subsection (1) of section 32;
"prospectus" means any prospectus, notice, circular, advertisement or other invitation, offering to the public for subscription or purchase any shares or debentures of a company;
"registrar" means the registrar of companies, the deputy registrar or any assistant registrar or other officer performing under this Act the duty of registration of companies;
"repealed Acts" means the Companies Act 1913, and includes the Partnership Consolidation and Limited Liability Act 1878 and the repealed Companies Act;
"repealed Companies Act" means the Companies Act repealed by this Act;
"resolution for reducing share capital" has the meaning assigned to it by subsection (2) of section 70;
"resolution for voluntary winding-up" has the meaning assigned to it by subsection (2) of section 272;
"share" means share in the share capital of a company, and includes stock, except where a distinction between stock and shares is expressed or implied;
"share warrant" has the meaning assigned to it by subsection (2) of section 87;
"statutory meeting" means the meeting required to be held by subsection (1) of section 132;
"statutory report" has the meaning assigned to it by subsection (2) of section 132;
"subsidiary" means a subsidiary as defined by section 156;
"Table A" means Table A in the Second Schedule;
"time of the opening of the subscription lists" has the meaning assigned to it by subsection (1) of section 54;
"unlimited company" has the meaning assigned to it by subsection (2) of section 4.
(2)
A person shall not be deemed to be, within the meaning of any provision of this
Act, a person in accordance with whose directions
or instructions the directors
of a company are accustomed to act, by reason only that the directors of the
company act on advice
given by him in a professional capacity.
(3)
References in this Act to a body corporate or to a corporation shall be
construed as not including a corporation sole but as including
a company
incorporated outside Fiji.
(4) Any provision of this Act overriding or
interpreting a company's articles shall, except as provided by this Act, apply
in relation
to articles in force immediately before 1 January 1984, as well as
to articles coming into force thereafter, and shall apply also
in relation to a
company's memorandum as it applies in relation to its articles.
Register of Companies
3. There shall be
kept by the registrar a record called "the Register of Companies" wherein shall
be entered all the matters prescribed
by this Act.
PART II-INCORPORATION OF COMPANIES
AND
MATTERS INCIDENTAL THERETO
Division 1 - Memorandum of Association
Mode of forming incorporated company
4.-(1) Any 7 or
more persons, or, where the company to be formed will be a private company, any
2 or more persons, associated for any
lawful purpose may, by subscribing their
names to a memorandum of association and otherwise complying with the
requirements of this
Act in respect of registration, form an incorporated
company, with or without limited liability.
(2) Such a company may be
either-
(a) a company having the liability of its members limited by the memorandum to the amount, if any, unpaid on the shares respectively held by them (in this Act termed a "company limited by shares"); or
(b) a company having the liability of its members limited by the memorandum to such amount as the members may respectively thereby undertake to contribute to the assets of the company in the event of its being wound up (in this Act termed a "company limited by guarantee"); or
(c) a company not having any limit on the liability of its members (in this Act termed an "unlimited company").
Requirements with respect to memorandum
5.-(1) The
memorandum of every company-
(a) shall be in the English language;
(b) shall be printed or typewritten;
(c) shall be divided into paragraphs numbered consecutively;
(d) shall be dated; and
(e) shall state-
(i) the name of the company, the last word of which shall be the word "Limited" or the abbreviation thereof "Ltd." in the case of a company limited by shares or by guarantee;
(ii) that the registered office of the company is to be situate in Fiji;
and
(iii) the objects of the company.
(2) The memorandum of a company limited by shares
or by guarantee shall also state that the liability of its members is
limited.
(3) The memorandum of a company limited by guarantee shall also
state that each member undertakes to contribute to the assets of the
company in
the event of its being wound up while he is a member, or within 1 year after he
ceases to be a member, for payment of
the debts and liabilities of the company
contracted before he ceases to be a member, and of the costs, charges and
expenses of winding-up,
and for adjustment of the rights of the contributories
among themselves, such amount as may be required, not exceeding a specified
amount.
(4) In the case of a company having a share capital-
(a) the memorandum shall also, unless the company is an unlimited company, state the amount of share capital with which the company proposes to be registered and the division thereof into shares of a fixed amount; and
(b) no subscriber of the memorandum shall take less than 1 share; and
(c) each subscriber shall write opposite to his name the number of shares he takes.
Signature of memorandum
6.-(1) The
memorandum of every company must be signed by each subscriber, or his agent
authorised in writing, in the presence of at least
1 witness, who must attest
the signature and must add to his signature his occupation and postal
address.
(2) Opposite the signature of every subscriber there shall be
written in legible roman characters his full name, his occupation and
postal
address.
(3) In any case where a corporation, whether a company within
the meaning of this Act or not, is the subscriber of the memorandum
of a
company, the memorandum may be signed on behalf of the corporation by any person
or persons acting under its authority expressed
in writing, and it shall not be
necessary in any such case for the seal of the corporation to be fixed to the
memorandum.
Incidental and ancillary powers
7. A company,
whether registered before or after 1 January 1984, shall have, as ancillary and
incidental to the objects stated in its
memorandum, the powers set forth in the
First Schedule, unless such powers or any of them are expressly excluded or
modified by the
memorandum.
Ultra vires transactions
8.-(1) No act of
a company (including the entering into an agreement by the company) and no
conveyance or transfer of property to or
by a company, shall be invalid by
reason only of the fact that the company was without capacity or power to do the
act or to execute
or take the conveyance or transfer.
(2) Any such lack
of capacity or power may be asserted or relied upon only in-
(a) proceedings against the company by a member of the company or, where the company has issued debentures secured by a floating charge over all or any of the property of the company, by the holder of any of those debentures or the trustees for the holders of those debentures to restrain the doing of any act or acts or the conveyance or transfer of any property to or by the company;
(b) proceedings by the company, or by a member of the company, against the present or former officers of the company; or
(c) a petition by the Attorney-General to wind up the company.
(3) If the unauthorized act,
conveyance or transfer sought to be restrained in any proceedings under
paragraph (a) of subsection (2) is
being, or is to be, performed or made pursuant to any contract to which the
company is a party, the court may,
if all the parties to the contract are
parties to the proceedings, and if the court considers it to be just and
equitable, set aside
and restrain the performance of the contract and may allow
to the company and to the other parties to the contract (as the case requires)
compensation for the loss or damage sustained by either of them that may result
from the action of the court in setting aside and
restraining the performance of
the contract, but anticipated profits to be derived from the performance of the
contract shall not
be awarded by the court as a loss or damage
sustained.
Restriction on alteration of memorandum
9. A company
shall not alter the conditions contained in its memorandum, except in the cases,
in the mode and to the extent for which
express provision is made in this
Act.
Mode in which and extent to which objects or powers of company may be altered
10.- (1) A
company may, by special resolution, alter the provisions of its memorandum with
respect to the objects or powers of the company:
Provided that, if an
application is made to the court in accordance with this section for the
alteration to be cancelled, it shall
not have effect, except in so far as it is
confirmed by the court.
(2) An application under this section may be
made-
(a) by the holders of not less in the aggregate than 10 per cent in nominal value of the company's issued share capital or any class thereof or, if the company is not limited by shares, not less than 10 per cent of the company's members; or
(b) by the holders of not less than 10 per cent of the company's debentures entitling the holders to object to alterations of its objects or powers:
Provided that an application shall not
be made by any person who has consented to or voted in favour of the
alteration.
(3) An application under this section shall be made within 30
days after the date on which the resolution altering the company's objects
or
powers was passed and may be made on behalf of the persons entitled to make the
application by such 1 or more of their number
as they may appoint in writing for
the purpose.
(4) On an application under this section, the court may make
an order cancelling the alteration or confirming the alteration either
wholly or
in part and on such terms and conditions as it thinks fit, and may, if it thinks
fit, adjourn the proceedings in order
that an arrangement may be made to the
satisfaction of the court for the purchase of the interests of dissentient
members, and may
give such directions and make such orders as it may think
expedient for facilitating or carrying into effect any such
arrangement:
Provided that no part of the capital of the company shall be
expended in any such purchase.
(5) (a) The debentures entitling the holders to object to alterations of a company's objects or powers shall be any debentures secured by a floating charge which were issued or first issued before 1 January 1984, or form part of the same series as any debentures so issued, and a special resolution altering a company's objects or powers shall require the same notice to the holders of any such debentures as to members of the company.
(b) In default of any provisions regulating the giving of notice to any such debenture holders, the provisions of the company's articles regulating the giving of notice to members shall apply.
(6)
In the case of a company which is, by virtue of a licence from the Minister,
exempt from the obligation to use the word "Limited"
as part of its name, a
resolution altering the company's objects or powers shall also require the same
notice to the Minister as
to members of the company.
(7) Where a company
passes a resolution altering its objects or powers-
(a) if no application is made with respect thereto under this section, it shall, within 14 days from the end of the period for making such an application, deliver to the registrar a printed or typewritten copy of its memorandum as altered; and
(b) if such an application is made, it shall-
(i) forthwith give notice of that fact to the registrar; and
(ii) within 14 days from the date of any order cancelling or confirming the alteration wholly or in part, deliver to the registrar a certified copy of the order and, in the case of an order confirming the alteration wholly or in part, a printed or typewritten copy of the memorandum as altered,
but the court may, by order, at any time, extend the time for the delivery of documents to the registrar under paragraph (b) for such period as the court may think proper.
(8) If a company makes default
in giving notice or delivering any document to the registrar as required by
subsection (7), the company
and every officer of the company who is in default
shall be liable to a default fine of $20.
(9) The validity of an
alteration of the provisions of company's memorandum with respect to the objects
or powers of the company shall
not be questioned on the ground that it was not
authorized by subsection (1), except in proceedings taken for the purpose
(whether
under this section or otherwise) before the expiration of 30 days after
the date of the resolution in that behalf; and, where any
such proceedings are
taken otherwise than under this section, subsections (7) and (8) shall apply in
relation thereto as if they
had been taken under this section and as if an order
declaring the alteration invalid were an order cancelling it and as if an order
dismissing the proceedings were an order confirming the alteration.
(10)
In relation to a resolution for altering the provisions of a company's
memorandum with respect to the objects of the company
passed before 1 January
1984, this section shall have effect as if, in lieu of the proviso to subsection
(1) and subsections (2)
to (9) thereof, there had been enacted herein the
provisions of subsections (2) to (7) of section
7 of the repealed Companies
Act.
Division 2 -Articles of Association
Articles prescribing regulations for companies
11. There may, in
the case of a company limited by shares, and there shall, in the case of a
company limited by guarantee or unlimited,
be registered, with the memorandum,
articles of association prescribing regulations for the company.
Regulations required in case of unlimited company limited by guarantee
12.-(1) In the
case of an unlimited company, the articles shall state the number of members
with which the company proposes to be registered
and, if the company has a share
capital, the amount of share capital with which the company proposes to be
registered.
(2) In the case of a company limited by guarantee, the
articles shall state the number of members with which the company proposes
to be
registered.
(3) (a) Where an unlimited company or a company limited by guarantee has increased the number of its members beyond the registered number, it shall, within 14 days after the increase was resolved on or took place, give to the registrar notice of the increase, and the registrar shall record the increase.
(b) If default is made in complying with this subsection, the company and every officer of the company who is in default shall be liable to a default fine.
Adoption and application of Table A
13.-(1) Articles
of association may adopt all or any of the regulations contained in Table
A.
(2) In the case of a company limited by shares and registered on or
after 1 January 1984, if articles are not registered, or, if articles
are
registered, in so far as the articles do not exclude or modify the regulations
contained in Table A, those regulations shall,
so far as applicable, be the
regulations of the company in the same manner and to the same extent as if they
were contained in duly
registered articles.
Printing and signature of articles
14. Articles
shall be-
(a) in the English language; and
(b) printed or typewritten; and
(c) divided into paragraphs numbered consecutively; and
(d) dated; and
(e) signed by each subscriber to the memorandum or his agent authorised in writing, in the presence of at least 1 witness who must attest the signature, and must add to his signature his occupation and postal address.
Alteration of articles by special resolution
15.-(1) Subject
to the provisions of this Act and to the conditions contained in its memorandum,
a company may by special resolution alter
or add to its articles.
(2) Any
alteration or addition so made in the articles shall, subject to the provisions
of this Act, be as valid as if originally
contained therein, and be subject in
like manner to alteration by special resolution.
Division 3-Form of Memorandum and Articles
Statutory forms of memorandum and articles
16. The form
of-
(a) the memorandum of association of a company limited by shares;
(b) the memorandum and articles of association of a company limited by guarantee and not having a share capital;
(c) the memorandum and articles of association of a company limited by guarantee and having a share capital;
(d) the memorandum and articles of association of an unlimited company having a share capital,
shall be, respectively, in accordance
with the forms set out in Tables B, C, D and E in the Second Schedule, or as
near thereto as
circumstances admit.
Division 4-Registration
Registration of memorandum and articles
17. The
memorandum and the articles, if any, shall be delivered to the registrar for
registration.
Effect of registration
18.-(1) On the
registration of the memorandum of a company, the registrar shall certify under
his hand that the company is incorporated
and, in the case of a limited company,
that the company is limited.
(2) From the date of incorporation mentioned
in the certificate of incorporation, the subscribers to the memorandum, together
with
such other persons as may, from time to time, become members of the
company, shall be a body corporate by the name contained in the
memorandum,
capable of suing and being sued and of exercising all the functions of an
incorporated company, with power to hold land
and having perpetual succession
and a common seal, but with such liability on the part of the members to
contribute to the assets
of the company in the event of its being wound up as is
mentioned in this Act.
Conclusiveness of certificate of incorporation
19.-(1) A
certificate of incorporation given by the registrar in respect of any
association shall be conclusive evidence that all the
requirements of this Act
in respect of registration and of matters of precedent and incidental thereto
have been complied with, and
that the association is a company authorized to be
registered and duly registered under this Act.
(2) A statutory
declaration by a barrister and solicitor engaged in the formation of the
company, or by a person named in the articles
as a director or secretary of the
company, of compliance with all or any of the said requirements shall be
delivered to the registrar,
and the registrar may accept such a declaration as
sufficient evidence of compliance.
Registration of unlimited company as limited
20.-(1) Subject
to the provisions of this section, a company registered as unlimited may
register under this Act as limited, or a company
already registered as a limited
company may re-register under this Act, but the registration of an unlimited
company as a limited
company shall not affect the rights or liabilities of the
company in respect of any debt or obligation incurred, or any contract
entered
into, by, to, with, or on behalf of the company before the
registration.
(2) On registration in pursuance of this section the
registrar shall close the former registration of the company and may dispense
with the delivery to him of copies of any documents with copies of which he was
furnished on the occasion of the original registration
of the company, but, save
as aforesaid, the registration shall take place in the same manner and shall
have effect as if it were
the first registration of the company under this
Act.
Division 5-Provisions with Respect to Names of Companies
Reservation of name and prohibition of undesirable name
21.-(1) (a) The registrar may, on written application, reserve a name pending registration of a company or a change of name by a company.
(b) Any such reservation shall remain in force for a period of 30 days or such longer period, not exceeding 60 days, as the registrar may, for special reasons, allow and, during such period, no other company shall be entitled to be registered with that name.
(2) No name shall
be reserved, and no company shall be registered by a name, which, in the opinion
of the registrar, is undesirable:
Provided that-
(a) no company shall be registered by a name which-
(i) is identical with that by which a company is already registered, or so nearly resembles that name as to be calculated to deceive, except where the company in existence is in the course of being dissolved and signifies its consent in such manner as the registrar requires; or
(ii) contains the words "Chamber of Commerce", unless the company is a company which is to be registered under a licence granted in pursuance of section 23 without the addition of the word "Limited" to its name;
(b) except with the consent of the Minister, no company shall be registered by a name which-
(i) contains the words "Royal" or "Imperial" or, in the opinion of the registrar, suggests, or is calculated to suggest, the patronage of Her Majesty or of any member of the Royal Family, or connection with the Government or any department thereof; or
(ii) contains the words "Municipal" or "Chartered" or, in the opinion of the registrar, suggests, or is calculated to suggest, connection with any municipality or other local authority or with any society or body incorporated by Royal Charter; or
(iii) contains the word "Co-operative"; or
(iv) contains the words "Building Society".
Change of name
22.-(1) A company
may, by special resolution and with the approval of the registrar signified in
writing, change its name.
(2) (a) If, through inadvertence or otherwise, a company, on its first registration or on its registration by a new name, is registered by a name which, in the opinion of the registrar, is too like the name by which a company in existence is previously registered, the first-mentioned company may change its name with the sanction of the registrar and, if he so directs within 6 months of its being registered by that name, shall change it within a period of 6 weeks from the date of the direction or such longer period as the registrar may think fit to allow.
(b) If a company makes default in complying with a direction under this subsection, the company and every officer of the company who is in default shall be liable to a fine not exceeding $10 for every day during which the default continues.
(3) Where a company changes its
name under this section, it shall, within 14 days, give to the registrar notice
thereof and the registrar
shall enter the new name on the register in place of
the former name, and shall issue to the company a certificate of change of name,
and shall notify such change of name in the Gazette.
(4) A change of name
by a company under this section shall not affect any rights or obligations of
the company or render defective
any legal proceedings by or against the company,
and any legal proceedings that might have been continued or commenced against it
by its former name may be continued or commenced against it by its new
name.
Power to dispense with "Limited" in name of charitable and other companies
23.-(1) Where it
is proved to the satisfaction of the Minister that an association about to be
formed as a limited company is to be
formed for promoting commerce, art,
science, religion, charity or any other useful object, and intends to apply its
profits, if any,
or other income in promoting its objects, and to prohibit the
payment of any dividend to its members, the Minister may, by licence,
direct
that the association may be registered as a company with limited liability,
without the addition of the word "Limited" to
its name, and the association may
be registered accordingly and shall, on registration; enjoy all the privileges
and (subject to
the provisions of this section) be subject to all the
obligations of limited companies.
(2) Where it is proved to the
satisfaction of the Minister-
(a) that the objects of a company registered under this Act as a limited company are restricted to those specified in subsection (1) and to objects incidental or conducive thereto; and
(b) that, by its constitution, the company is required to apply its profits, if any, or other income in promoting its objects and is prohibited from paying any dividend to its members,
the Minister may, by licence, authorize the company to make, by special resolution, a change in its name including or consisting of the omission of the word "Limited", and subsections (3) and (4) of section 22 shall apply to a change of name under this subsection as they apply to a change of name under that section.
(3) A licence by the Minister under
this section may be granted on such conditions and subject to such regulations
as the Minister
thinks fit, and those conditions and regulations shall be
binding on the body to which the licence is granted, and (where the grant
is
under subsection (1)) shall, if the Minister so directs, be inserted in the
memorandum and articles, or in 1 of those documents.
(4) An association
or company to which a licence is granted under this section shall be excepted
from the provisions of this Act relating
to the use of the word "Limited" as any
part of its name, the publishing of its name and the sending of lists of members
to the registrar.
(5) The Minister may, upon the recommendation of the
registrar, revoke a licence under this section and, upon revocation, the
registrar
shall enter in the register the word "Limited" at the end of the name
of the association or company to which it was granted, and
the association or
company shall cease to enjoy the exemptions and privileges or, as the case may
be, the exemptions granted by this
section:
Provided that, before
recommendation is made to the Minister, the registrar shall give to the
association or company notice in writing
of his intention, and shall afford it
an opportunity of being heard in opposition to the revocation.
(6) Where
an association or company in respect of which a licence under this section is in
force alters the provisions of its memorandum
with respect to its objects, the
registrar may (unless he sees fit to recommend the revocation of the licence)
recommend to the Minister
the variation of the licence by making it subject to
such conditions and regulations as the Minister may think fit, in lieu of or
in
addition to the conditions and regulations, if any, to which the licence was
formerly subject.
(7) Where a licence granted under this section to an
association or company the name of which contains the words "Chamber of
Commerce"
is revoked, the association or company shall, within a period of 6
weeks from the date of revocation or such longer period as the
registrar may
think fit to allow, change its name to a name which does not contain those
words, and-
(a) the notice to be given under the proviso to subsection (5) to that association or company shall include a statement of the effect of the foregoing provisions of this subsection; and
(b) subsections (3) and (4) of section 22 shall apply to a change of name under this subsection as they apply to a change of name under that section.
(8) If any association or company
makes default in complying with the requirements of subsection (7), the
association or company and
every officer of the association or company who is in
default shall be liable to a fine of not exceeding $100 for every day during
which the default continues.
Division 6-General Provisions with Respect to Memorandum and Articles
Effect of memorandum and articles
24.-(1) Subject
to the provisions of this Act, the memorandum and articles shall, when
registered, bind the company and the members
thereof to the same extent as if
they respectively had been signed and sealed by each member, and contained
covenants on the part
of each member to observe all the provisions of the
memorandum and of the articles.
(2) All money payable by any member to
the company under the memorandum or articles shall be a debt due from him to the
company.
Provision as to memorandum and articles of companies limited by guarantee
25.-(1) In the
case of a company limited by guarantee and not having a share capital, and
registered after 1 February 1914, every provision
in the memorandum or articles
or any resolution of the company purporting to give any person a right to
participate in the divisible
profits of the company otherwise than as a member
shall be void.
(2) For the purpose of the provisions of this Act relating
to the memorandum of a company limited by guarantee and of this section,
every
provision in the memorandum or articles, or in any resolution, of a company
limited by guarantee and registered on or after
the date aforesaid, purporting
to divide the undertaking of the company into shares or interests shall be
treated as a provision
for a share capital, notwithstanding that the nominal
amount or number of the shares or interests is not specified thereby.
Alterations in memorandum or articles increasing liability to contribute to share capital not to bind existing members without consent
26.
Notwithstanding anything in the memorandum or articles of a company, no member
of the company shall be bound by an alteration made
in the memorandum or
articles after the date on which he became a member, if and so far as the
alteration requires him to take or
subscribe for more shares than the number
held by him at the date on which the alteration is made, or in any way increases
his liability
as at that date to contribute to the share capital of, or
otherwise to pay money to, the company:
Provided that this section shall
not apply in any case where the member agrees, in writing, either before or
after the alteration
is made, to be bound thereby.
Power to alter conditions in memorandum which could have been contained in articles
27.-(1) Subject
to the provisions of sections 26 and
212, any condition contained in a
company's memorandum which could lawfully have been contained in articles of
association instead of
in the memorandum may, subject to the provisions of this
section, be altered by the company by special resolution:
Provided that,
if an application is made to the court for the alteration to be cancelled, it
shall not have effect, except in so far
as it is confirmed by the
court.
(2) This section shall not apply where the memorandum itself
provides for or prohibits the alteration of all or any of the said conditions,
and shall not authorize any variation or abrogation of the special rights of any
class of members.
(3) Subsections (2), (3), (4), (7) and (8) of section
10 (except paragraph
(b) of the said subsection (2)) shall
apply in relation to any alteration and to any application made under this
section as they apply
in relation to alterations and to applications made under
that section.
(4) This section shall apply to a company's memorandum
whether registered before or after 1 January 1984.
Copies of memorandum and articles to be given to members
28.-(1) A company
shall, on being so required by any member, send to him a copy of the memorandum
and of the articles, if any, subject
to payment of $2 or such less sum as the
company may specify.
(2) If a company makes default in complying with
this section, the company and every officer of the company who is in default
shall
be liable for each offence to a fine not exceeding $20.
Issued copies of memorandum to embody alterations
29.-(1) Where an
alteration is made in .the memorandum of a company, every copy of the memorandum
issued after the date of the alteration
shall be in accordance with the
alteration.
(2) If, where any such alteration has been made, the company,
at any time after the date of the alteration, issues any copies of the
memorandum which are not in accordance with the alteration, it shall be liable
to a fine not exceeding $10 for each copy so issued,
and every officer of the
company who is in default shall be liable to the like penalty.
Division 7-Membership of Company
Definition of member
30.-(1) The
subscribers to the memorandum of a company shall be deemed to have agreed to
become members of the company and, on its registration,
shall be entered as
members in its register of members.
(2) Every other person who agrees to
become a member of a company, and whose name is entered in its register of
members, shall be
a member of the company.
Membership of holding company
31.-(1) Except in
the cases hereafter in this section mentioned, a body corporate cannot be a
member of a company which is its holding
company, and any allotment or transfer
of shares in a company to its subsidiary shall be void.
(2) Nothing in
this section shall apply where the subsidiary is concerned as personal
representative, or where it is concerned as
trustee, unless the holding company
or a subsidiary thereof is beneficially interested under the trust and is not so
interested only
by way of security for the purposes of a transaction entered
into by it in the ordinary course of business, which includes the lending
of
money.
(3) This section shall not prevent a subsidiary which was,
immediately before 1 January 1984, a member of its holding company from
continuing to be a member but, subject to subsection (2), the subsidiary shall
have no right to vote at meetings of the holding company
or any class of members
thereof.
(4) Subject to subsection (2), subsections (1) and (3) shall
apply in relation to a nominee for a body corporate which is a subsidiary,
as if
references in the said subsections (1) and (3) to such a body corporate included
references to a nominee for it.
(5) In relation to a company limited by
guarantee or unlimited which is a holding company, the reference in this section
to shares,
whether or not the company has a share capital, shall be construed as
including a reference to the interest of its members as such,
whatever the form
of that interest.
Division 8-Private Companies
Meaning of "private company"
32.-(1) For the
purposes of this Act, "private company" means a company which by its
articles-
(a) restricts the right to transfer its shares; and
(b) limits the number of its members to 50, not including persons who are in the employment of the company and persons who, having been formerly in the employment of the company, were, while in that employment and have continued, after the determination of that employment, to be, members of the company; and
(c) prohibits any invitation to the public to subscribe for any shares or debentures of the company.
(2) Where 2 or more persons hold 1 or more shares
in a company jointly, they shall, for the purposes of this section, be treated
as
a single member. Consequences of default in complying with conditions
constituting a company a private company
Consequences
of default in complying with
conditions
constituting a company a
private company
33. Where the
articles of a company include the provisions which, under section
32, are required to be included in the
articles of a company in order to constitute it a private company, but default
is made in complying
with any of those provisions, the company shall cease to be
entitled to any privilege or exemption conferred on private companies
under any
of the, provisions of this Act, and thereupon the provisions of this Act shall
apply to the company as if it not a private
company:
Provided that the
court, on being satisfied that the failure to comply with the conditions was
accidental or due to inadvertence or
to some other sufficient cause, or that, on
other grounds, it is just and equitable to grant relief, may, on the application
of the
company or any other person interested and on such terms and conditions
as seem to the court just and expedient, order that the company
be relieved from
such consequences as aforesaid.
Statement in lieu of prospectus to be delivered to
registrar by company
on ceasing to be private company
34.-(1) If a
company, being a private company, alters its articles in such a manner that they
no longer include the provisions which,
under section
32, are required to be included in the
articles of a company in order to constitute it a private company, the company
shall, on and
from the date of the alteration, cease to be a private company and
shall, within a period of 14 days after the said date, deliver
to the registrar
for registration a statement in lieu of prospectus in the form and containing
the particulars set out in Part I
of the Third Schedule and, in the cases
mentioned in Part II of that Schedule, setting out the reports specified
therein, and the
said Parts I and II shall have effect subject to the provisions
contained in Part III of that Schedule:
Provided that a statement in lieu
of prospectus need not be delivered under this subsection, if, within the said
period of 14 days,
a prospectus relating to the company, which complies with the
Fourth Schedule, is issued and is delivered to the registrar as required
by
section 45.
(2) Every statement
in lieu of prospectus delivered under subsection (1) shall, where the persons
making any such report as aforesaid
have made therein or have, without giving
the reasons, indicated therein any such adjustments as are mentioned in
paragraph 5 of
the Third Schedule, have endorsed thereon or attached thereto a
written statement signed by those persons setting out the adjustments
and giving
the reasons therefor.
(3) If default is made in complying with subsection
(1) or (2), the company and every officer of the company who is in default shall
be liable to a default fine of $100.
(4) Where a statement in lieu of
prospectus delivered to the registrar under subsection (1) includes any untrue
statement, any person
who authorized the delivery of the statement in lieu of
prospectus for registration shall be guilty of an offence and liable to
imprisonment
for a term not exceeding 2 years or to a fine not exceeding $1,000,
or to both such imprisonment and fine, unless he proves either
that the untrue
statement was immaterial or that he had reasonable ground to believe and did, up
to the time of the delivery for
registration of the statement in lieu of
prospectus, believe that the untrue statement was true.
(5) For the
purposes of this section-
(a) a statement included in a statement in lieu of prospectus shall be deemed to be untrue, if it is misleading in the form and context in which it is included; and
(b) a statement shall be deemed to be included in a statement in lieu of prospectus, if it is contained therein or in any report or memorandum appearing on the face thereof or by reference incorporated therein.
Division 9-Reduction of Number of Members Below Legal Minimum
Members severally liable for debts where business carried
on with fewer than 7,
or in case of private company 2, members
35. If, at any
time, the number of members of a company is reduced, in the case of a private
company, below 2, or, in the case of any
other company, below 7, and it carries
on business for more than 6 months while the number is so reduced, every person
who is a member
of the company during the time that it so carries on business
after those 6 months and is cognizant of the fact that it is carrying
on
business with fewer than 2 members, or 7 members, as the case may be, shall be
severally liable for the payment of the whole debts
of the company contracted
during that time, and may be severally sued therefor.
Division 10-Contracts, etc.
Form of contracts
36.-(1) Contracts
on behalf of a company may be made as follows:
(a) a contract which, if made between private persons, would be, by law, required to be in writing, signed by the parties to be charged therewith, may be made on behalf of the company in writing signed by any person acting under its authority, express or implied;
(b) a contract which, if made between private persons, would, by law, be valid although made by parol only, and not reduced into writing, may be made by parol on behalf of the company by any person acting under its authority, express or implied.
(2) A contract made according to this section
shall be effectual in law, and shall bind the company and its successors and all
other
parties thereto.
(3) A contract made according to this section may
be varied or discharged in the same manner in which it is authorized by this
section
to be made.
Bills of exchange and promissory notes
37. A bill of
exchange or promissory note shall be deemed to have been made, accepted or
endorsed on behalf of a company, if made, accepted
or indorsed in the name of,
or by or on behalf of, or on account of, the company by any person acting under
its authority, express
or implied.
Execution of deeds abroad
38.-(1) A company
may, by writing under its common seal, empower any person, either generally or
in respect of any specified matters,
as its attorney, to execute deeds on its
behalf in any place not situate in Fiji.
(2) A deed signed by such an
attorney on behalf of the company and under his seal shall bind the company and
have the same effect
as if it were under its common seal.
Power for company to have official seal for use abroad
39.-(1) A company
whose objects require or comprise the transaction of business outside Fiji may,
if authorized by its articles, have
for use, in any place outside Fiji, an
official seal, which shall be a facsimile of the common seal of the company,
with the addition
on its face of the name of the place where it is to be
used.
(2) A deed or other document to which an official seal is duly
affixed shall bind the-company as if it had been sealed with the common
seal of
the company.
(3) A company having an official seal for use in any place
outside Fiji may, by writing under its common seal, authorize any person
appointed for the purpose in that place to affix the official seal to any deed
or other document to which the company is party in
that place.
(4) The
authority of any such agent shall, as between the company and any person dealing
with the agent, continue during the period,
if any, mentioned in the instrument
conferring the authority, or, if no period is there mentioned, then until notice
of the revocation
or determination of the agent's authority has been given to
the person dealing with him.
(5) The person affixing any such official
seal shall, by writing under his hand, certify on the deed or other instrument
to which
the seal is affixed the date on which and the place at which it is
affixed.
Authentication of documents
40. A document or
proceeding requiring authentication by a company may be signed by a director,
secretary or other authorized officer
of the company, and need not be under its
common seal.
PART III-SHARE CAPITAL AND DEBENTURES
Division 1-Prospectus
Dating of prospectus
41. A prospectus
issued by or on behalf of a company or in relation to an intended company shall
be dated, and that date shall, unless
the contrary is proved, be taken as the
date of publication of the prospectus.
Matters to be stated and reports to be set out in prospectus
42.-(1) Every
prospectus issued by or on behalf of a company, or by or on behalf of any person
who is or has been engaged or interested
in the formation of the company, shall
state the matters specified in Part I of the Fourth Schedule and set out the
reports specified
in Part II of that Schedule, and the said Parts I and II shall
have effect subject to the provisions contained in Part III of that
Schedule.
(2) A condition requiring or binding an applicant for shares in
or debentures of a company to waive compliance with any requirement
of this
section, or purporting to affect him with notice of any contract, document or
matter not specifically referred to in the
prospectus, shall be void.
(3)
It shall not be lawful to issue any form of application for shares in or
debentures of a company, unless the form is issued with
a prospectus which
complies with the requirements of this section:
Provided that this
subsection shall not apply, if it is shown that the form of application was
issued either-
(i) in connection with a bona fide invitation to a person to enter into an underwriting agreement with respect to the shares or debentures; or
(ii) in relation to shares or debentures which were not offered to the public.
(4) If any person acts in
contravention of the provisions of subsection (3), he shall be liable to a fine
not exceeding $1,000.
(5) In the event of non-compliance with or
contravention of any of the requirements of this section, a director or other
person responsible
for the prospectus shall not incur any liability by reason of
the non-compliance or contravention, if-
(a) as regards any matter not disclosed, he proves that he was not cognizant thereof; or
(b) he proves that the non-compliance or contravention arose from an honest mistake of fact on his part; or
(c) the non-compliance or contravention was in respect of matters which, in the opinion of the court dealing with the case, were immaterial or was otherwise such as ought, in the opinion of that court, having regard to all the circumstances of the case, reasonably to be excused:
Provided that, in the event of failure to include in a prospectus a statement with respect to the matters specified in paragraph 16 of the Fourth Schedule, no director or other person shall incur any liability in respect of the failure, unless it be proved that he had knowledge of the matters not disclosed.
(6) This section shall not
apply-
(a) to the issue to existing members or debenture holders of a company of a prospectus or form of application relating to shares in or debentures of the company, whether an applicant for shares or debentures will or will not have the right to renounce in favour of other persons; or
(b) to the issue of a prospectus or form of application relating to shares or debentures which are or are to be, in all respects, uniform with shares or debentures previously issued,
but, subject as aforesaid, this section shall apply to a prospectus or a form of application, whether issued on or with reference to the formation of a company or subsequently.
Provisions of section 42 not to limit any other liability
43. Nothing in
section 42 shall limit or diminish any
liability which any person may incur under the general law or this Act apart
from that section.
Expert's consent to issue of prospectus containing statement by him
44.-(1) A
prospectus inviting persons to subscribe for shares in or debentures of a
company and including a statement purporting to
be made by an expert shall not
be issued, unless-
(a) he has given and has not, before delivery of a copy of the prospectus for registration, withdrawn his written consent to the issue thereof with the statement included in the form and context in which it is included; and
(b) a statement that he has given and has not withdrawn his consent as aforesaid appears in the prospectus.
(2) If any
prospectus is issued in contravention of this section, the company and every
person who is knowingly a party to the issue
thereof shall be liable to a fine
not exceeding $1,000.
(3) In this section, "expert" includes engineer,
valuer, accountant and any other person whose profession gives authority to a
statement
made by him.
Registration of prospectus
45.-(1) No
prospectus shall be issued by or on behalf of a company or in relation to an
intended company unless, on or before the date
of its publication, there has
been delivered to the registrar for registration a copy thereof signed by every
person who is named
therein as a director or proposed director of the company,
or by his agent authorized in writing, and having endorsed thereon or
attached
thereto-
(a) any consent to the issue of the prospectus required by section 44 from any person as an expert; and
(b) in the case of a prospectus issued generally, also-
(i) a copy of any contract required by paragraph 14 of the Fourth Schedule to be stated in the prospectus, or, in the case of a contract not reduced into writing, a memorandum giving full particulars thereof; and
(ii) where the persons making any report required by Part II of that Schedule have made therein, or have, without giving the reasons, indicated therein, any such adjustments as are mentioned in paragraph 29 of that Schedule, a written statement signed by those persons setting out the adjustments and giving the reasons therefor.
(2) The
references in sub-paragraph (i) of paragraph
(b) of subsection (1) to the copy of a
contract required thereby to be endorsed on or attached to a copy of the
prospectus shall, in
the case of a contract wholly or partly in a language other
than English, be taken as references to a copy of a translation of the
contract
in English, or a copy embodying a translation in English, of the parts in a
language other than English, as the case may
be, being a translation certified
in the prescribed manner to be a correct translation.
(3) Every
prospectus shall, on the face of it-
(a) state that a copy has been delivered for registration as required by this section; and
(b) specify, or refer to statements included in the prospectus which specify, any documents required by this section to be endorsed on or attached to the copy so delivered.
(4) The registrar shall not
register a prospectus, unless it is dated and the copy thereof signed in manner
required by this section
and unless it has endorsed thereon or attached thereto
the documents (if any) specified as aforesaid.
(5) If a prospectus is
issued without a copy thereof being delivered under this section to the
registrar or without the copy so delivered
having endorsed thereon or attached
thereto the required documents, the company, and every person who is knowingly a
party to the
issue of the prospectus, shall be liable to a fine not exceeding
$10 for every day from the date of the issue of the prospectus until
a copy
thereof is so delivered with the required documents endorsed thereon or attached
thereto.
Restriction on alteration of terms mentioned in
prospectus
or statement in lieu of prospectus
46.-(1) A company
limited by shares or a company limited by guarantee and having a share capital
shall not, previously to the statutory
meeting, vary the terms of a contract
referred to in the prospectus, or statement in lieu of prospectus, except
subject to the approval
of the statutory meeting.
(2) This section shall
not apply to a private company.
Civil liability for mis-statements in prospectus
47.-(1) Subject
to the provisions of this section, where a prospectus invites persons to
subscribe for shares in or debentures of a
company, the following persons shall
be liable to pay compensation to all persons who subscribe for any shares or
debentures on the
faith of the prospectus for the loss or damage they may have
sustained by reason of any untrue statement included therein, that is
to
say:-
(a) every person who is a director of the company at the time of the issue of the prospectus;
(b) every person who has authorized himself to be named and is named in the prospectus as a director or as having agreed to become a director either immediately or after an interval of time;
(c) every person being a promoter of the company; and
(d) every person who has authorized the issue of the prospectus:
Provided that, where, under section 44, the consent of a person is required to the issue of a prospectus and he has given that consent, he shall not, by reason of his having given it, be liable under this subsection as a person who has authorized the issue of the prospectus, except in respect of an untrue statement purporting to be made by him as an expert.
(2) No person shall be
liable under subsection (1), if he proves-
(a) that, having consented to become a director of the company, he withdrew his consent before the issue of the prospectus, and that it was issued without his authority or consent; or
(b) that the prospectus was issued without his knowledge or consent, and that, on becoming aware of its issue, he forthwith gave reasonable public notice that it was issued without his knowledge or consent; or
(c) that, after the issue of the prospectus and before allotment thereunder, he, on becoming aware of any untrue statement therein, withdrew his consent thereto and gave reasonable public notice of the withdrawal and of the reason therefor; or
(d) that-
(i) as regards every untrue statement not purporting to be made on the authority of an expert or of a public official document or statement, he had reasonable ground to believe, and did, up to the time of the allotment of the shares or debentures, as the case may be, believe, that the statement was true; and
(ii) as regards every untrue statement purporting to be a statement by an expert or contained in what purports to be a copy of or extract from a report or valuation of an expert, if fairly represented the statement, or was a correct and fair copy of or extract from the report or valuation, and he had reasonable ground to believe, and did, up to the time of the issue of the prospectus, believe, that the person making the statement was competent to make it and that person had given the consent required by section 44 to the issue of the prospectus and had not withdrawn that consent before delivery of a copy of the prospectus for registration or, to the defendant's knowledge, before allotment thereunder; and
(iii) as regards every untrue statement purporting to be a statement made by an official person or contained in what purports to be a copy of or extract from a public official document, it was a correct and fair representation of the statement or copy of or extract from the document:
Provided that this subsection shall not apply in the case of a person liable by reason of his having given a consent required of him by section 44 as a person who has authorized the issue of the prospectus in respect of an untrue statement purporting to be made by him as an expert.
(3) A person who, apart
from this subsection would, under subsection (1), be liable, by reason of his
having given a consent required
of him by section
44, as a person who has authorized the
issue of a prospectus in respect of an untrue statement purporting to be made by
him as an expert
shall not be so liable if he proves-
(a) that, having given his consent under section 44 to the issue of the prospectus, he withdrew it, in writing, before delivery of a copy of the prospectus for registration; or
(b) that, after delivery of a copy of the prospectus for registration and before allotment thereunder, he, on becoming aware of the untrue statement, withdrew his consent in writing and gave reasonable public notice of the withdrawal, and of the reason therefor; or
(c) that he was competent to make the statement and that he had reasonable ground to believe, and did, up to the time of the allotment of the shares or debentures, as the case may be, believe, that the statement was true.
(4) Where-
(a) the prospectus contains the name of a person as a director of the company, or as having agreed to become a director thereof, and he has not consented to become a director, or has withdrawn his consent before the issue of the prospectus, and has not authorized or consented to the issue thereof; or
(b) the consent of a person is required under section 44 to the issue of the prospectus and he either has not given that consent or has withdrawn it before the issue of the prospectus, the directors of the company, except any without whose knowledge or consent the prospectus was issued, and any other person who authorized the issue thereof shall be liable to indemnify the person named as aforesaid or whose consent was required as aforesaid, as the case may be against all damages, costs and expenses to which he may be made liable by reason of his name having been inserted in the prospectus or of the inclusion therein of a statement purporting to be made by him as an expert, as the case may be, or in defending himself against any action or legal proceeding brought against him in respect thereof:
Provided that a person shall not be deemed, for the purposes of this subsection, to have authorized the issue of a prospectus by reason only of his having given the consent required by section 44 to the inclusion therein of a statement purporting to be made by him as an expert.
(5) For the purposes of this
section-
(a) "promoter" means a promoter who was a party to the preparation of the prospectus, or of the portion thereof containing the untrue statement, but does not include any person by reason of his acting in a professional capacity for persons engaged in procuring the formation of the company; and
(b) "expert" has the same meaning as in section 44.
Criminal liability for mis-statements in prospectus
48.-(1) Where a
prospectus issued on or after 1 January 1984 includes any untrue statement, any
person who authorized the issue of the
prospectus shall be guilty of an offence
and liable to imprisonment for a term not exceeding 2 years, or to a fine not
exceeding
$1,000, or to both such imprisonment and fine, unless he proves either
that the statement was immaterial or that he had reasonable
grounds to believe,
and did, up to the time of the issue of the prospectus, believe, that the
statement was true.
(2) A person shall not be deemed, for the purpose of
this section, to have authorized the issue of a prospectus by reason only of
his
having given the consent required by section
44 to the inclusion therein of a
statement purporting to be made by him as an expert.
Document containing offer of shares or debentures for
sale
to be deemed prospectus
49.-(1) Where a
company allots or agrees to allot any shares in or debentures of the company
with a view to all or any of those shares
or debentures being offered for sale
to the public, any document by which the offer for sale to the public is made
shall, for all
purposes, be deemed to be a prospectus issued by the company, and
any written law as to the contents of prospectuses and to liability
in respect
of statements in and omissions from prospectuses, or otherwise relating to
prospectuses, shall apply and have effect accordingly,
as if the shares or
debentures had been offered to the public for subscription and as if persons
accepting the offer in respect of
any shares or debentures were subscribers for
those shares or debentures, but without prejudice to the liability, if any, of
the
persons by whom the offer is made, in respect of mis-statements contained in
the document or otherwise in respect thereof.
(2) For the purposes of
this Act, it shall, unless the contrary is proved, be evidence that an allotment
of, or any agreement to allot,
shares or debentures was made with a view to the
shares or debentures being offered for sale to the public, if it is
shown-
(a) that an offer of the shares or debentures or of any of them for sale to the public was made within 6 months after the allotment or agreement to allot; or
(b) that, at the date when the offer was made, the whole consideration to be received by the company in respect of the shares or debentures had not been so received.
(3) Section
42 as applied by this section shall
have effect as, if it required a prospectus to state, in addition to the matters
required by that
section to be stated in a prospectus-
(a) the net amount of the consideration received or to be received by the company in respect of the shares or debentures to which the offer relates; and
(b) the place and time at which the contract under which the said shares or debentures have been or are to be allotted may be inspected, and section 45 as applied by this section shall have effect as though the persons making the offer were persons named in a prospectus as directors of a company.
(4)
Where a person making an offer to which this section relates is a company or a
firm, it shall be sufficient if the document aforesaid
is signed on behalf of
the company or firm by 2 directors of the company or not less than half of the
partners, as the case may be,
and any such director or partner may sign by his
agent authorized in writing.
Interpretation of provisions relating to prospectuses
50. For the
purpose of the foregoing provisions of this Part-
(a) a statement included in a prospectus shall be deemed to be untrue, if it is misleading in the form and context in which it is included; and
(b) a statement shall be deemed to be included in a prospectus, if it is contained therein or in any report or memorandum appearing on the face thereof or by reference incorporated therein or issued therewith.
Division 2-Allotment
Prohibition of allotment unless minimum subscription received
51.-(1) (a) No allotment shall be made of any share capital of a company offered to the public for subscription, unless the amount stated in the prospectus as the minimum amount which, in the opinion of the directors, must be raised by the issue of share capital in order to provide for the matters specified in paragraph 4 of the Fourth Schedule has been subscribed, and the sum payable on application for the amount so stated has been paid to and received by the company.
(b) For the purposes of this subsection, a sum shall be deemed to have been paid to and received by the company, if a cheque for that sum has been received in good faith by the company and the directors of the company have no reason for suspecting that the cheque will not be paid.
(2) The amount so stated in the
prospectus shall be reckoned exclusively of any amount payable otherwise than in
cash and is, in this
Act, referred to as the "minimum subscription".
(3)
The amount payable on application on each share shall not be less than 5 per
cent of the nominal amount of the share.
(4) If the conditions aforesaid
have not been complied with on the expiration of 60 days after the first issue
of the prospectus,
all money received from applicants for shares shall be
forthwith repaid to them without interest, and, if any such money is not so
repaid within 75 days after the issue of the prospectus, the directors of the
company shall be jointly and severally liable to repay
that money with interest
at the rate of 5 per cent per annum from the expiration of the seventy fifth
day:
Provided that a director shall not be liable, if he proves that the
default in the repayment of the money was not due to any misconduct
or
negligence on his part.
(5) Any condition requiring or binding any
applicant for shares to waive compliance with any requirement of this section
shall be
void.
(6) This section, except subsection (3), shall not apply
to any allotment of shares subsequent to the first allotment of shares offered
to the public for subscription.
Prohibition of allotment in certain cases unless
statement
in lieu of prospectus delivered to Registrar
52.-(1) A company
having a share capital which does not issue a prospectus on or with reference to
its formation, or which has issued
such a prospectus but has not proceeded to
allot any of the shares offered to the public for subscription, shall not allot
any of
its shares or debentures, unless, at least 3 days before the first
allotment of either shares or debentures, there has been delivered
to the
registrar for registration a statement in lieu of prospectus signed by every
person who is named therein as a director or
a proposed director of the company
or by his agent authorized in writing, in the form and containing the
particulars set out in Part
I of the Fifth Schedule and, in the case mentioned
in Part II of that Schedule, setting out the reports specified therein, and the
said Parts I and II shall have effect subject to the provisions contained in
Part III of that Schedule.
(2) Every statement in lieu of prospectus
delivered under subsection (1) shall, where the persons making any such report
as aforesaid
have made therein or have, without giving the reasons, indicated
therein any such adjustments as are mentioned in paragraph 5 of
the Fifth
Schedule, have endorsed thereon or attached thereto a written statement signed
by those persons setting out the adjustments
and giving the reasons
therefor.
(3) This section shall not apply to a private
company.
(4) If a company acts in contravention of subsection (1) or
subsection (2), the company and every director of the company who knowingly
and
wilfully authorizes or permits the contravention shall be liable to a fine not
exceeding $200.
(5) Where a statement in lieu of prospectus delivered to
the registrar under subsection (1) includes any untrue statement, any person
who
authorized the delivery of the statement in lieu of prospectus for registration
shall be guilty of an offence and liable to imprisonment
for a term not
exceeding 2 years or to a fine not exceeding $1,000, or to both such
imprisonment and fine, unless he proves either
that the untrue statement was
immaterial or that he had reasonable grounds to believe, and did, up to the time
of the delivery for
registration of the statement in lieu of prospectus,
believe, that the untrue statement was true.
(6) For the purposes of this
section-
(a) a statement included in a statement in lieu of prospectus shall be deemed to be untrue, if it is misleading in the form and context in which it is included; and
(b) a statement shall be deemed to be included in a statement in lieu of prospectus, if it is contained therein or in any report or memorandum appearing on the face thereof or by reference incorporated therein.
Effect of irregular allotment
53.-(1) An
allotment made by a company to an applicant in contravention of the provisions
of section 51 or section
52 shall be voidable at the instance of
the applicant within 1 month after the holding of the statutory meeting of the
company and not
later, or, in any case where the company is not required to hold
a statutory meeting, or where the allotment is made after the holding
of the
statutory meeting, within 1 month after the date of the allotment, and not
later, and shall be so voidable, notwithstanding
that the company is in course
of being wound up.
(2) If any director of a company knowingly
contravenes, or permits or authorizes the contravention of, any of the
provisions of the
said sections with respect to allotment, he shall be liable to
compensate the company and the allottee respectively for any loss,
damages or
costs which the company or the allottee may have sustained or incurred
thereby:
Provided that proceedings to recover any such loss, damages or
costs shall not be commenced after the expiration of 2 years from the
date of
the allotment.
Applications for, and allotment of, shares and debentures
54.-(1) (a) No allotment shall be made of any shares in or debentures of a company in pursuance of a prospectus issued generally and no proceedings shall be taken on applications made in pursuance of a prospectus so issued, until the beginning of the third day after that on which the prospectus is first so issued, or such later time (if any) as may be specified in the prospectus.
(b) The beginning of the said third day or such later time as aforesaid is hereafter in this Act referred to as the "time of the opening of the subscription lists".
(2) In subsection (1),
the reference to the day on which the prospectus is first issued generally shall
be construed as referring
to the day on which it is first so issued as a
newspaper advertisement:
Provided that, if it is not so issued as a
newspaper advertisement before the third day after that on which is it first so
issued
in any other manner, the said reference shall be construed as referring
to the day on which it is first so issued in any manner.
(3) The validity
of an allotment shall not be affected by any contravention of the foregoing
provisions of this section but, in the
event of any such contravention, the
company and every officer of the company who is in default shall be liable to a
fine not exceeding
$1,000.
(4) In the application of this section to a
prospectus offering shares or debentures for sale, subsections (1), (2) and (3)
shall
have effect with the substitution of references to sale for references to
allotment, and with the substitution for the reference
to the company and every
officer of the company who is in default of a reference to any person by or
through whom the offer is made
and who knowingly and wilfully authorizes or per
the contravention.
(5) An application for shares in or debentures of a
company which is made in pursuance of a prospectus issued generally shall not
be
revocable until after the expiration of the third day after the time of the
opening of the subscription lists, or the giving,
before the expiration of the
said third day, by some person responsible under section
47 for the prospectus, of a public
notice having the effect under that section of excluding or limiting the
responsibility of the person
giving it.
(6) In reckoning, for the
purposes of this section and of section
55, the third day after another day,
any intervening day which is a Saturday or Sunday or which is a public holiday
shall be disregarded,
and, if the third day (as so reckoned) is itself a
Saturday or Sunday or such a public holiday, there shall, for the said purposes,
be substituted the first day thereafter which is none of them.
Allotment of shares and debentures to be dealt in on stock exchange
55.-(1) Where a
prospectus, whether issued generally or not, states that application has been or
will be made for permission for the
shares or debentures offered thereby to be
dealt in on any stock exchange, any allotment made on an application in
pursuance of the
prospectus shall, whenever made, be void, if the permission has
not been applied for before the third day after the first issue of
the
prospectus, or if the permission has been refused before the expiration of 3
weeks from the date of the closing of the subscription
lists or such longer
period not exceeding 6 weeks as may, within the said 3 weeks, be notified to the
applicant for permission by
or on behalf of the stock exchange.
(2) Where
the permission has not been applied for as aforesaid, or has been refused as
aforesaid, the company shall forthwith repay
without interest all money received
from applicants in pursuance of the prospectus, and, if any such money is not
repaid within 8
days after the company becomes liable to repay it, the directors
of the company shall be jointly and severally liable to repay that
money with
interest at the rate of 5 per cent per annum from the expiration of the eighth
day:
Provided that a director shall not be liable, if he proves that the
default in the repayment of the money was not due to any misconduct
or
negligence on his part.
(3) All money received as aforesaid shall be kept
in a separate bank account so long as the company may become liable to repay it
under subsection (2); and, if default is made in complying with this subsection,
the company and every officer of the company who
is in default shall be liable
to a fine not exceeding $1,000.
(4) Any condition requiring or binding
any applicant for shares or debentures to waive compliance with any requirement
of this section
shall be void.
(5) For the purposes of this section,
permission shall not be deemed to be refused, if it is intimated that the
application for it,
though not at present granted, will be given further
consideration.
(6) This section shall have effect-
(a) in relation to any shares or debentures agreed to be taken by a person underwriting an offer thereof by a prospectus, as if he had applied therefor in pursuance of the prospectus; and
(b) in relation to a prospectus offering shares for sale, with the following modifications, that is to say:-
(i) references to sale shall be substituted for references to allotment;
(ii) the persons by whom the offer is made, and not the company, shall be liable under subsection (2) to repay money received from applicants, and references to the company's liability under that subsection shall be construed accordingly; and
(iii) for the reference in subsection (3) to the company and every officer of the company who is in default there shall be substituted a reference to any person by or through whom the offer is made and who knowingly and wilfully authorizes or permits the default.
Return as to allotments
56.-(1) Whenever
a company limited by shares or a company limited by guarantee and having a share
capital makes any allotment of its
shares, the company shall, within 60 days
thereafter, deliver to the registrar for registration-
(a) a return of the allotments, stating the number and nominal amount of the shares comprised in the allotment, the names, addresses and descriptions of the allottees, and the amount, if any, paid or due and payable on each share; and
(b) in the case of shares allotted as fully or partly paid up otherwise than in cash, a contract in writing constituting the title of the allottee to the allotment, together with any contract of sale, or for services or other consideration in respect of which that allotment was made, such contracts being duly stamped, and a return stating the number and nominal amount of shares so allotted, the extent to which they are to be treated as paid up, and the consideration for which they have been allotted.
(2) Where such a contract as
above-mentioned is not reduced to writing, the company shall, within 60 days
after the allotment, deliver
to the registrar for registration the prescribed
particulars of the contract stamped with the same stamp duty as would have been
payable if the contract had been reduced to writing, and those particulars shall
be deemed to be an instrument within the meaning
of the Stamp Duties Act.
(Cap. 205)
(3) If default is made in complying with this section,
every officer of the company who is in default shall be liable to a fine not
exceeding $10 for every day during which the default continues.
Division 3-Commissions and Discounts, etc.
Power to pay certain commissions, and prohibition of
payment of
all other commissions, discounts, etc.
57.-(1) It shall
be lawful for a company to pay a commission to any person in consideration of
his subscribing or agreeing to subscribe,
whether absolutely or conditionally,
for any shares in the company, or procuring or agreeing to procure
subscriptions, whether absolute
or conditional, for any shares in the company,
if-
(a) the payment of the commission is authorized by the articles; and
(b) the commission paid or agreed to be paid does not exceed 10 per cent of the price at which the shares are issued or the amount or rate authorized by the articles, whichever is the less; and
(c) the amount or rate per cent of the commission paid or agreed to be paid is-
(i) in the case of shares offered to the public for subscription, disclosed in the prospectus; or
(ii) in the case of shares not offered to the public for subscription, disclosed in the statement in lieu of prospectus, or in a statement in the prescribed form signed in like manner as a statement in lieu of prospectus and delivered, before the payment of the commission, to the registrar for registration, and, where a circular or notice, not being a prospectus, inviting subscription for the shares is issued, also disclosed in that circular or notice; and
(d) the number of shares which persons have agreed for a commission to subscribe absolutely is disclosed in manner aforesaid.
(2) Save as aforesaid, no company
shall apply any of its shares or capital money either directly or indirectly in
payment of any commission,
discount or allowance, to any person in consideration
of his subscribing or agreeing to subscribe, whether absolutely or
conditionally,
for any shares of the company, or procuring or agreeing to
procure subscriptions, whether absolute or conditional, for any shares
in the
company, whether the shares or money be so applied by being added to the
purchase money of any property acquired by the company
or to the contract price
of any work to be executed for the company, or the money be paid out of the
nominal purchase money or contract
price, or otherwise.
(3) Nothing in
this section shall affect the power of any company to pay such brokerage as it
has heretofore been lawful fox a company
to pay.
(4) A vendor to, or
promoter of, or other person who receives payment in money or shares from, a
company shall have, and shall be
deemed always to have had, power to apply any
part of the money or shares so received in payment of any commission, the
payment of
which, if made directly by the company, would have been legal under
this section.
(5) If default is made in complying with the provisions of
this section relating to the delivery to the registrar of the statement
in the
prescribed form, the company and every officer of the company who is in default
shall be liable to a fine not exceeding $50.
Prohibition
of provision of financial assistance by company for purchase
of
or subscription for its own or
its holding company's shares
58.-(1) Subject
as provided in this section, it shall not be lawful for a company to 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, where the company is a
subsidiary company, in its holding company:
Provided that nothing in this
section shall be taken to prohibit-
(i) where the lending of money is part of the ordinary business of a company, the lending of money by the company in the ordinary course of its business;
(ii) the provision by a company, in accordance with any scheme for the time being in force, of money for the purchase of, or subscription for, fully-paid shares in the company or its holding company, being a purchase or subscription by trustees of or for shares to be held by or for the benefit of employees of the company, including any director holding a salaried employment or office in the company;
(iii) the making by a company of loans to persons, other than directors, bona fide in the employment of the company with a view to enabling those persons to purchase or subscribe for fully-paid shares in the company or its holding company to be held by themselves by way of beneficial ownership;
(iv) the making by a private company of a loan to a shareholder or director with a view to enabling him to purchase shares in the company held by an existing shareholder or by a person entitled thereto by reason of the death or bankruptcy of a shareholder.
(2) If a company acts in
contravention of this section, the company and every officer of the company who
is in default shall be liable
to a fine not exceeding $2,000.
Division 4-Construction of References to Offering Shares or Debentures to the Public
Construction of references to offering shares or debentures to the public
59.-(1) Any
reference in this Act to offering shares or debentures to the public shall,
subject to any provision to the contrary contained
therein, be construed as
including a reference to offering them to any section of the public, whether
selected as members or debenture
holders of the company concerned or as clients
of the person issuing the prospectus or in any other manner, and references in
this
Act or in a company's articles to invitations to the public to subscribe
for shares or debentures shall, subject as aforesaid, be
similarly
construed.
(2) Subsection (1) shall not be taken as requiring any offer
or invitation to be treated as made to the public, if it can properly
be
regarded, in all the circumstances, as not being calculated to result, directly
or indirectly, in the shares or debentures becoming
available for subscription
or purchase by persons other than those receiving the offer or invitation, or
otherwise as being a domestic
concern of the persons making and receiving it,
and, in particular-
(a) a provision in a company's articles prohibiting invitations to the public to subscribe for shares or debentures shall not be taken as prohibiting the making to members or debenture holders of an invitation which can properly be regarded as aforesaid; and
(b) the provisions of this Act relating to private companies shall be construed accordingly.
Division 5-Issue of Shares at Premium and Discount and Redeemable Preference Shares
Application of premiums received on issue of shares
60.-(1) Where a
company issues shares at a premium, whether for cash or otherwise, a sum equal
to the aggregate amount or value of the
premiums on those shares shall be
transferred to an account, to be called the "share premium account" and the
provisions of this
Act relating to the reduction of the share capital of a
company shall, except as provided in this section, apply as if the share
premium
account were paid-up share capital of the company.
(2) The share premium
account may, notwithstanding anything in subsection (1), be applied by the
company in paying up unissued shares
of the company to be issued to members of
the company as fully-paid bonus shares, in writing off-
(a) the preliminary expenses of the company; or
(b) the expenses of, or the commission paid or discount allowed on, any issue of shares or debentures of the company, or in providing for the premium payable on redemption of any redeemable preference shares or of any debentures of the company.
(3) Where a company has, before 1
January 1984, issued any shares at a premium, this section shall apply as if the
shares had been
issued on or after that date:
Provided that any part of
the premiums which has been so applied that it does not, at that date, form an
identifiable part of the
company's reserves within the meaning of the Seventh
Schedule shall be disregarded in determining the sum to be included in the share
premium account.
Powers to issue shares at a discount
61.-(1) Subject
as provided in this section, it shall be lawful for a company to issue at a
discount shares in the company of a class
already issued:
Provided
that-
(i) the issue of the shares at a discount shall be authorized by resolution passed in general meeting of the company, and shall be sanctioned by the court; and
(ii) the resolution shall specify the maximum rate of discount at which the shares are to be issued; and
(iii) not less than 1 year shall, at the date of the issue, have elapsed since the date on which the company was entitled to commence business; and
(iv) the shares to be issued at a discount shall be issued within 1 month after the date on which the issue is sanctioned by the court or within such extended time as the court may allow.
(2) Where a
company has passed a resolution authorizing the issue of shares at a discount,
it may apply to the court for an order
sanctioning the issue, and, on any such
application, the court, if, having regard to all the circumstances of the case,
it thinks
proper so to do, may make an order sanctioning the issue on such terms
and conditions as it thinks fit.
(3) (a) Every prospectus relating to the issue of the shares must contain particulars of the discount allowed on the issue of the shares or of so much of that discount as has not been written off at the date of the issue of the prospectus.
(b) If default is made in complying with this subsection, the company and every officer of the company who is in default shall be liable to a default fine.
Power to issue redeemable preference shares
62.-(1) Subject
to the provisions of this section, a company limited by shares may, if so
authorized by its articles, issue preference
shares which are, or at the option
of the company are to be liable, to be redeemed:
Provided that-
(i) no such shares shall be redeemed, except out of profits of the company which would otherwise be available for dividend or out of the proceeds of a fresh issue of shares made for the purposes of the redemption;
(ii) no such shares shall be redeemed, unless they are fully paid;
(iii) the premium, if any, payable on redemption, must have been provided for out of the profits of the company or out of the company's share premium account before the shares are redeemed;
(iv) where any such shares are redeemed otherwise than out of the proceeds of a fresh issue, there shall, out of profits which would otherwise have been available for dividend, be transferred to a reserve fund, to be called the "capital redemption reserve fund", a sum equal to the nominal amount of the shares redeemed, and the provisions of this Act relating to the reduction of the share capital of a company shall, except as provided in this section, apply as if the capital redemption reserve fund were paid-up share capital of the company.
(2) Subject to the provisions of this
section, the redemption of preference shares thereunder may be effected on such
terms and in
such manner as may be provided by the articles of the
company.
(3) The redemption of preference shares under this section by a
company shall not be taken as reducing the amount of the company's
authorized
share capital.
(4) Where, in pursuance of this section, a company has
redeemed or is about to redeem any preference shares, it shall have power to
issue shares up to the nominal amount of the shares redeemed or to be redeemed
as if those shares had never been issued, and accordingly
the share capital of
the company shall not, for the purpose of any enactments relating to stamp duty,
be deemed to be increased by
the issue of shares in pursuance of this
subsection:
Provided that, where new shares are issued before the
redemption of the old shares, the new shares shall not, so far as relates to
stamp duty, be deemed to have been issued in pursuance of this subsection,
unless the old shares are redeemed within 1 month after
the issue of the new
shares.
(5) The capital redemption reserve fund may, notwithstanding
anything in this section, be applied by the company in paying up unissued
shares
of the company to be issued to members of the company as fully paid bonus
shares.
Division 6-Miscellaneous Provisions as to Share Capital
Power of company to arrange for different amounts being paid on shares
63. A company, if
so authorized by its articles, may do any 1 or more of the following
things:-
(a) make arrangements, on the issue of shares, for a difference between the shareholders in the amounts and times of payment of calls on their shares;
(b) accept from any member the whole or a part of the amount remaining unpaid on any shares held by him, although no part of that amount has been called up;
(c) pay dividend in proportion to the amount paid up on each share, where a larger amount is paid up on some shares than on others.
Reserve liability of limited company
64. A limited
company may, by special resolution, determine that any portion of its share
capital which has not been already called
up shall not be capable of being
called up, except in the event and for the purposes of the company being wound
up, and thereupon
that portion of its share capital shall not be capable of
being called up, except in the event and for the purposes aforesaid.
Power of company limited by shares to alter its share capital
65.-(1) A company
limited by shares or a company limited by guarantee and having a share capital,
if so authorized by its articles,
may alter the conditions of its memorandum as
follows, that is to say, it may-
(a) increase its share capital by new shares of such amount as it thinks expedient;
(b) consolidate and divide all or any of its share capital into shares of larger amount than its existing shares;
(c) convert all or any of its paid-up shares into stock, and reconvert that stock into paid-up shares of any denomination;
(d) subdivide its shares, or any of them, into shares of smaller amount than is fixed by the memorandum, so, however, that in the subdivision the proportion between the amount paid and the amount, if any, unpaid on each reduced share shall be the same as it was in the case of the share from which the reduced share is derived;
(e) cancel shares which, at the date of the passing of the resolution in that behalf, have not been taken or agreed to be taken by any person, and diminish the amount of its share capital by the amount of the shares so cancelled.
(2) The powers conferred by this
section shall be exercised by the company in general meeting.
(3) A
cancellation of shares in pursuance of this section shall not be deemed to be a
reduction of share capital within the meaning
of this Act.
Notice to registrar of consolidation of share
capital,
conversion of shares into stock, etc.
66.-(1) If a
company having a share capital has-
(a) consolidated and divided its share capital into shares of larger amount than its existing shares; or
(b) converted any shares into stock; or
(c) reconverted stock into shares; or
(d) subdivided its shares or any of them; or
(e) redeemed any redeemable preference shares; or
(f) cancelled any shares, otherwise than in connection with a reduction of share capital under section 70,
it shall, within 30 days after so doing, give notice thereof to the registrar specifying, as the case may be, the shares consolidated, divided, converted, subdivided, redeemed or cancelled, or the stock reconverted.
(2) If default is made in
complying with this section, the company and every officer of the company who is
in default shall be liable
to a default fine.
Notice of increase of share capital
67.-(1) Where a
company having a share capital, whether its shares have or have not been
converted into stock, has increased its share
capital beyond the registered
capital, it shall, within 30 days after the passing of the resolution
authorizing the increase, give
to the registrar notice of the increase, and the
registrar shall record the increase.
(2) The notice to be given as
aforesaid shall include such particulars as may be prescribed with respect to
the classes of shares
affected and the conditions subject to which the new
shares have been or are to be issued, and there shall be forwarded to the
registrar,
together with the notice, a printed copy of the resolution
authorizing the increase.
(3) If default is made in complying with this
section, the company and every officer of the company who is in default shall be
liable
to a default fine.
Power of unlimited company to provide for
reserve share
capital on re-registration
68. An unlimited
company having a share capital may, by its resolution for registration as a
limited company in pursuance of this Act,
do either or both of the following
things, namely-
(a) increase the nominal amount of its share capital by increasing the nominal amount of each of its shares, but subject to the condition that no part of the increased capital shall be capable of being called up, except in the event and for the purposes of the company being wound up;
(b) provide that a specified portion of its uncalled share capital shall not be capable of being called up, except in the event and for the purposes of the company being wound up.
Power of company to pay interest out of capital in certain cases
69. Where any
shares of a company are issued for the purpose of raising money to defray the
expenses of the construction of any works
or buildings or the provision of any
plant which cannot be made profitable for a lengthened period, the company may
pay interest
on so much of that share capital as is, for the time being, paid up
for the period and subject to the conditions and restrictions
in this section
mentioned, and may charge the sum so paid by way of interest to capital, as part
of the cost of construction of the
work or building, or the provision of
plant:
Provided that-
(i) no such payment shall be made, unless it is authorized by the articles or by special resolution;
(ii) no such payment, whether authorized by the articles or by special resolution, shall be made without the previous sanction of the registrar;
(iii) before sanctioning any such payment, the registrar may, at the expense of the company, appoint a person to inquire and report to him as to the circumstances of the case, and may, before making the appointment, require the company to give security for the payment of the costs of the inquiry;
(iv) the payment shall be made only for such period as may be determined by the registrar, and that period shall, in no case, extend beyond the close of the half year next after the half-year during which the works or buildings have been actually completed or the plant provided;
(v) the rate of interest shall, in no case, exceed 5 per cent per annum or such other rate as the Minister may, for the time being, by notice in the Gazette, prescribe;
(vi) the payment of the interest shall not operate as a reduction of the amount paid up on the shares in respect of which it is paid.
Division 7-Reduction of Share Capital
Special resolution for reduction of share capital
70.-(1) Subject
to confirmation by the court, a company limited by shares or a company limited
by guarantee and having a share capital
may, if so authorized by its articles,
by special resolution, reduce its share capital in any way and, in particular,
without prejudice
to the generality of the foregoing power, may-
(a) extinguish or reduce the liability on any of its shares in respect of share capital not paid up; or
(b) either with or without extinguishing or reducing liability on any of its shares, cancel any paid-up share capital which is lost or unrepresented by available assets; or
(c) either with or without extinguishing or reducing liability on any of its shares, pay off any paid-up share capital which is in excess of the wants of the company,
and may, if and so far as is necessary, alter its memorandum by reducing the amount of its share capital and of its shares accordingly.
(2) A special resolution under
this section is in this Act referred to as a "resolution for reducing share
capital".
Application to court for confirming order, objections by
creditors,
and settlement of list of objecting creditors
71.-(1) Where a
company has passed a resolution for reducing share capital, it shall apply by
petition to the court for an order confirming
the reduction.
(2) Where
the proposed reduction of share capital involves either diminution of liability
in respect of unpaid share capital or the
payment to any shareholder of any
paid-up share capital, and, in any other case, if the court so directs, the
following provisions
shall have effect, subject nevertheless to subsection
(3):-
(a) every creditor of the company who, at the date fixed by the court, is entitled to any debt or claim which, if that date were the commencement of the winding-up of the company, would be admissible in proof against the company, shall be entitled to object to the reduction;
(b) the court shall settle a list of creditors so entitled to object and, for that purpose, shall ascertain, as far as possible without requiring an application from any creditor, the names of those creditors and the nature and amount of their debts or claims, and may publish notices fixing a day or days within which creditors not entered on the list are to claim to be so entered or are to be excluded from the right of objecting to the reduction;
(c) where a creditor entered on the list whose debt or claim is not discharged or has not determined does not consent to the reduction, the court may, if it thinks fit, dispense with the consent of that creditor, on the company securing payment of his debt or claim by appropriating, as the court may direct, the following amount-
(i) if the company admits the full amount of the debt or claim, or, though not admitting it, is willing to provide for it, then the full amount of the debt or claim;
(ii) if the company does not admit and is not willing to provide for the full amount of the debt or claim, or if the amount is contingent or not ascertained, then an amount fixed by the court after the like inquiry and adjudication as if the company were being wound up by the court.
(3) Where a proposed
reduction of share capital involves either the diminution of any liability in
respect of unpaid share capital
or the payment to any shareholder of any paid-up
share capital, the court may, if, having regard to any special circumstances of
the case, it thinks proper so to do, direct that subsection (2) shall not apply
as regards any class or classes of creditors.
Order confirming reduction and powers of court on making such order
72.-(1) The
court, if satisfied, with respect to every creditor of the company who under
section 71 is entitled to object to the
reduction, that either his consent to the reduction has been obtained or his
debt or claim has been
discharged or has determined, or has been secured, may
make an order confirming the reduction on such terms and conditions as it
thinks
fit.
(2) Where the court makes any such order, it may-
(a) if, for any special reason, it thinks proper so to do, make an order directing that the company shall, during such period, commencing on or at any time after the date of the order, as is specified in the order, add to its name as the last words thereof the words "and reduced"; and
(b) make an order requiring the company to publish, as the court directs, the reason for reduction or such other information in regard thereto as the court may think expedient with a view to giving proper information to the public, and, if the court thinks fit, the causes which led to the reduction.
(3) Where a company is ordered to
add to its name the words "and reduced", those words shall, until the expiration
of the period specified
in the order, be deemed to be part of the name of the
company.
Registration of order and minute of reduction
73.-(1) The
registrar, on production to him of an order of the court confirming the
reduction of the share capital of a company, and
the delivery to him of a copy
of the order and of a minute approved by the court, showing, with respect to the
share capital of the
company, as altered by the order, the amount of the share
capital, the number of shares into which it is to be divided, the amount
of each
share, and the amount, if any, at the date of the registration deemed to be paid
up on each share, shall register the order
and minute.
(2) On the
registration of the order and minute, and not before, the resolution for
reducing share capital as confirmed by the order
so registered shall take
effect.
(3) Notice of the registration shall be published in such manner
as the court may direct.
(4) The registrar shall certify under his hand
the registration of the order and minute, and his certificate shall be
conclusive evidence
that all the requirements of this Act with respect to
reduction of share capital have been complied with, and that the share capital
of the company is such as is stated in the minute.
(5) The minute, when
registered, shall be deemed to be substituted for the corresponding part of the
memorandum, and shall be valid
and may be altered as if it had been originally
contained therein.
(6) The substitution of any such minute as aforesaid
for part of the memorandum of the company shall be deemed to be an alteration
of
the memorandum within the meaning of section
29.
Liability of members in respect of reduced shares
74.-(1) In the
case of a reduction of share capital, a member of the company, past or present,
shall not be liable, in respect of any
share, to any call or contribution
exceeding in amount the difference, if any, between the amount of the share as
fixed by the minute
and the amount paid, or the reduced amount, if any, which is
to be deemed to have been paid, on the share, as the case may
be:
Provided that, if any creditor, entitled in respect of any debt or
claim to object to the reduction of share capital, is, by reason
of his
ignorance of the proceedings for reduction, or of their nature and effect with
respect to his claim, not entered on the list
of creditors, and, after the
reduction, the company is unable, within the meaning of the provisions of this
Act with respect to winding-up
by the court, to pay the amount of his debt or
claim, then-
(i) every person who was a member of the company at the date of the registration of the order for reduction and minute shall be liable to contribute for the payment of that debt or claim an amount not exceeding the amount which he would have been liable to contribute if the company had commenced to be wound up on the day before the said date; and
(ii) if the company is wound up, the court, on the application of any such creditor and proof of his ignorance as aforesaid, may, if it thinks fit, settle accordingly a list of persons so liable to contribute, and make and enforce calls and orders on the contributories settled on the list, as if they were ordinary contributories in a winding-up.
(2)
Nothing in this section shall affect the rights of the contributories among
themselves.
Penalty for concealing name of creditor, etc.
75. In any
officer of the company-
(a) wilfully conceals the name of any creditor entitled to object to the reduction; or
(b) wilfully misrepresents the nature or amount of the debt or claim of any creditor; or
(c) aids, abets or is privy to any such concealment or misrepresentation as aforesaid,
he shall be liable to imprisonment for a term not exceeding 1 year or to a fine not exceeding $200, or to both such imprisonment and fine.
Division 8-Variation of Shareholders' Rights
Rights of holders of special classes of shares
76.-(1) If, in
the case of a company the share capital of which is divided into different
classes of shares, provision is made by the
memorandum or articles for
authorizing the variation of the rights attached to any class of shares in the
company, subject to the
consent of any specified proportion of the holders of
the issued shares of that class or the sanction of a resolution passed at a
separate meeting of the holders of those shares, and, in pursuance of the said
provision, the rights attached to any such class of
shares are at any time
varied, the holders of not less in the aggregate than 15 per cent of the issued
shares of that class, being
persons who did not consent to or vote in favour of
the resolution for the variation, may apply to the court to have the variation
cancelled, and, where any such application is made, the variation shall not have
effect unless and until it is confirmed by the court.
(2) An application
under this section shall be made by petition within 30 days after the date on
which the consent was given or the
resolution was passed, as the case may be,
and may be made on behalf of the shareholders entitled to make the application
by such
1 or more of their number as they may appoint, in writing, for the
purpose.
(3) On any such application, the court, after hearing the
applicant and any other persons who apply to the court to be heard and appear
to
the court to be interested in the application, may, if it is satisfied, having
regard to all the circumstances of the case, that
the variation would unfairly
prejudice the shareholders of the class represented by the applicant, disallow
the variation, and shall,
if not so satisfied, confirmed the
variation.
(4) The decision of the court on any such application shall be
final.
(5) The company shall, within 30 days after the making of an order
by the court on any such application, forward a certified copy
of the order to
the registrar, and, if default is made in complying with this provision, the
company and every officer of the company
who is in default shall be liable to a
default fine.
(6) In this section, "variation" includes abrogation, and
"varied" shall be construed accordingly.
Division 9-Transfer of Shares and Debentures, Evidence of Title, etc.
Nature of shares
77.-The shares or
other interest of any member in a company shall be personal property
transferable in manner provided by the articles
of the company.
Numbering of shares
78. Each share in
a company having a share capital shall be distinguished by its appropriate
number:
Provided that, if, at any time, all the issued shares in a
company, or all the issued shares therein of a particular class, are fully
paid
up and rank pari passu for all
purposes, none of those shares need thereafter have a distinguishing number so
long as it remains fully paid up and ranks
pari passu, for all purposes, with all
shares of the same class for the time being issued and fully paid up.
Transfer not to be registered except on production of instrument of transfer
79.
Notwithstanding anything in the articles of a company, it shall not be lawful
for the company to register a transfer of shares in
or debentures of the
company, unless a proper instrument of transfer has been delivered to the
company:
Provided that nothing in this section shall prejudice any power
of the company to register as shareholder or debenture holder any
person to whom
the right to any shares in or debentures of the company has been transmitted by
operation of law.
Transfer by personal representative
80. A transfer of
the share or other interest of a deceased member of a company made by his
personal representative shall, although the
personal representative is not
himself a member of the company, be as valid as if he had been such a member at
the time of the execution
of the instrument of transfer.
Registration of transfer at request of transferor
81. On the
application of the transferor of any share or interest in a company, the company
shall enter in its register of members the
name of the transferee in the same
manner and subject to the same conditions as if the application for the entry
were made by the
transferee.
Notice of refusal to register transfer
82.-(1) If a
company refuses to register a transfer of any shares or debentures, the company
shall, within 60 days after the date on
which the transfer was lodged with the
company, send to the transferee notice of the refusal.
(2) If default is
made in complying with this section, the company and every officer of the
company who is in default shall be liable
to a default fine.
Certification of transfers
83.-(1) The
certification by a company of any instrument of transfer of shares in or
debentures of the company shall be taken as a representation
by the company to
any person acting on the faith of the certification that there have been
produced to the company such documents
as on the face of them show a
prima facie title to the shares or
debentures in the transferor named in the instrument of transfer, but not as a
representation that the transferor
has any title to the shares or
debentures.
(2) Where any person acts on the faith of a false
certification by a company made negligently, the company shall be under the same
liability to him as if the certification had been made fraudulently.
(3)
For the purposes of this section-
(a) an instrument of transfer shall be deemed to be certificated if it bears the words "certificate lodged" or words to the like effect;
(b) the certification of an instrument of transfer shall be deemed to be made by a company, if-
(i) the person issuing the instrument is a person authorized to issue certificated instruments of transfer on the company's behalf; and
(ii) the certification is signed by a person authorized to certificate transfers on the company's behalf or by any officer or servant either of the company or of a body corporate so authorized;
(c) a certification shall be deemed to be signed by any person, if-
(i) it purports to be authenticated by his signature or initials (whether handwritten or not); and
(ii) it is not shown that the signature or initials was or were placed there neither by himself nor by any person authorized to use the signature or initials for the purpose of certificating transfers on the company's behalf.
Duties of company with respect to issue of certificates
84.-(1) (a) Every company shall, within 90 days after the allotment of any of its shares, debentures or debenture stock and within 90 days after the date on which a transfer of any such shares, debentures or debenture stock is lodged with the company, complete and have ready for delivery the certificates of all shares, the debentures and the certificates of all debenture stock allotted or transferred, unless the conditions of issue of the shares, debentures or debenture stock otherwise provide.
(b) For the purposes of this subsection, "transfer" means a transfer duly stamped and otherwise valid, and does not include such a transfer as the company is, for any reason, entitled to refuse to register and does not register.
(2) If default is made in complying
with this section, the company and every officer of the company who is in
default shall be liable
to a default fine.
(3) If any company, on whom a
notice has been served requiring the company to make good any default in
complying with the provisions
of subsection (1), fails to make good the default
within 14 days after the service of the notice, the court may, on the
application
of the person entitled to have the certificates or the debentures
delivered to him, make an order directing the company and any officer
of the
company to make good the default within such time as may be specified in the
order, and any such order may provide that all
costs of and incidental to the
application shall be borne by the company or by any officer of the company
responsible for the default.
Certificate to be evidence of title
85. A
certificate, under the common seal of the company, specifying any shares held by
any member shall be prima facie
evidence of the title of the member to the shares.
Evidence of grant of probate
86. The
production to a company of any document which is, by law, sufficient evidence
of-
(a) probate of the will, or letters or certificate of administration of the estate, of a deceased person having been granted to some person; or
(b) the Public Trustee having undertaken administration of an estate under the Public Trustee Act,
shall be accepted by the company, notwithstanding anything in its articles, as sufficient evidence of such grant or undertaking.
(Cap. 64)
Issue and effect of share warrants to bearer
87.-(1) A company
limited by shares, if so authorized by its articles, may, with respect to any
fully paid-up shares, issue under its
common seal a warrant stating that the
bearer of the warrant is entitled to the shares therein specified, and may
provide, by coupons
or otherwise, for the payment of the future dividends on the
shares included in the warrant.
(2) Such a warrant as aforesaid is, in
this Act, termed a "share warrant".
(3) A share warrant shall entitle the
bearer thereof to the shares therein specified, and the shares may be
transferred by delivery
of the warrant.
Penalty for personation of shareholder
88. If any person
falsely and deceitfully personates any owner of any share or interest in any
company, or of any share warrant or coupon,
issued in pursuance of this Act, and
thereby obtains or endeavours to obtain any such share or interest or share
warrant or coupon,
or receives or endeavours to receive any money due to any
such owner, as if the offender were the true and lawful owner, he shall
be
liable to imprisonment for a term not exceeding 7 years.
Offences in connection with share warrants
89.-(1) If any
person-
(a) with intent to defraud, forges or alters, or offers, utters, disposes of or puts off, knowing the same to be forged or altered, any share warrant or coupon, or any document purporting to be a share warrant or coupon, issued in pursuance of this Act; or
(b) by means of any such forged or altered share warrant, coupon or document, purporting as aforesaid, demands or endeavours to obtain or receive any share or interest in any company under this Act, or to receive any dividend or money payable in respect thereof, knowing the warrant, coupon or document to be forged or altered,
he shall be guilty of an offence and liable to imprisonment for a term not exceeding 14 years.
(2) If any person, without
lawful authority or excuse, proof whereof shall lie on him-
(a) engraves or makes on any plate, wood, stone or other material any share warrant or coupon purporting to be-
(i) a share warrant or coupon issued or made by any particular company in pursuance of this Act; or
(ii) a blank share warrant or coupon so issued or made; or
(iii) a part of such a share warrant or coupon; or
(b) uses any such plate; wood, stone or other material for the making or printing of any such share warrant or coupon, or of any such blank share warrant or coupon, or any part thereof respectively; or
(c) knowingly has in his custody or possession any such plate, wood, stone or other material, he shall be guilty of an offence and liable to imprisonment for a term not exceeding 7 years.
Division 10-Special Provisions as to Debentures
Provisions as to registers of debenture holders
90.-(1)
Every company which, on or after 1 January 1984, issues a series of
debentures shall keep at the registered office of the company
a register of
holders of such debentures:
Provided that-
(i) where the work of making up such register is done at some office of the company other than the registered office, such register may be kept at such office; and
(ii) where the work of making up such register is, by arrangement by the company, undertaken by some person on behalf of the company, such register may be kept at the office of that person at which the work is done.
(2) Every company shall give notice to
the registrar of the place where the register is kept and of any change in that
place:
Provided that a company shall not be bound to give notice under
this subsection, if the register has been kept at the registered office
of the
company.
Rights of debenture-holders and shareholders to
inspect
register of debenture-holders and to have copies of trust deed
91.-(1) Every
register of holders of debentures of a company shall, except when duly closed
(but subject to such reasonable restrictions
as the company may, in general
meeting, impose so that not less than 2 hours in each day shall be allowed for
inspection), be open
to the inspection of the registered holder of any such
debentures or any holder of shares in the company without fee, and of any
other
person on payment of a fee of 50 cents or such less sum as may be specified by
the company.
(2) Every registered holder of debentures and every holder
of shares in a company may require a copy of the register of the holders
of
debentures of the company or any part thereof on payment of 50 cents for every
100 words required to be copied.
(3) A copy of any trust deed for
securing any issue of debentures shall be forwarded to every holder of any such
debentures, at his
request, on payment, in the case of a printed trust deed, of
the sum of 50 cents or such less sum as may be specified by the company,
or,
where the trust deed has not been printed, on payment of 50 cents for every 100
words required to be copied.
(4) If inspection is refused, or a copy is
refused or not forwarded, the company and every officer of the company who is in
default
shall be liable to a fine not exceeding $10, and further shall be liable
to a default fine of $4.
(5) Where a company is in default as aforesaid,
the court may, by order, compel an immediate inspection of the register or
direct
that the copies required shall be sent to the person requiring
them.
(6) For the purposes of this section, a register shall be deemed to
be duly closed, if closed in accordance with provisions contained
in the
articles or in the debentures or, in the case of debenture stock, in the stock
certificates, or in the trust deed or other
document securing the debentures or
debenture stock, during such period or periods, not exceeding in the whole 30
days in any year,
as may be therein specified.
Liability of trustees for debenture holders
92.-(1) Subject
to the following provisions of this section, any provision contained in a trust
deed for securing an issue of debentures,
or in any contract with the holders of
debentures secured by a trust deed, shall be void in so far as it would have the
effect of
exempting a trustee thereof from or indemnifying him against liability
for breach of trust, where he fails to show the degree of
care and diligence
required of him as trustee, having regard to the provisions of the trust deed
conferring on him any powers, authorities
or discretions.
(2) Subsection
(1) shall not invalidate-
(a) any release otherwise validly given in respect of anything done or omitted to be done by a trustee before the giving of the release; or
(b) any provision enabling such a release to be given-
(i) on the agreement thereto of a majority of not less than three-fourths in value of the debenture holders present and voting in person or, where proxies are permitted, by proxy at a meeting summoned for the purpose; and
(ii) either with respect to specific acts or omissions or on the trustee dying or ceasing to act.
(3) Subsection
(1) shall not operate-
(a) to invalidate any provision in force immediately before 1 January 1984, so long as any person then entitled to the benefit of that provision, or afterwards given the benefit thereof under subsection (4), remains a trustee of the deed in question; or
(b) to deprive any person of any exemption or right to be indemnified in respect of anything done or omitted to be done by him while any such provision was in force.
(4) While any trustee of a trust deed
remains entitled to the benefit of a provision saved by subsection (3), the
benefit of that
provision may be given either-
(a) to all trustees of the deed, present and future; or
(b) to any named trustees or proposed trustees thereof,
by a resolution passed by a majority of not less than three-fourths in value of the debenture holders present in person or, where proxies are permitted, by proxy at a meeting summoned for the purpose in accordance with the provisions of the deed or, if the deed makes no provision for summoning meetings, a meeting summoned for the purpose in any manner approved by the court.
Perpetual debentures
93. A condition
contained in any debentures or in any deed for securing any debentures, whether
issued or executed before or after 1
January 1984, shall not be invalid by
reason only that the debentures are thereby made irredeemable or redeemable only
on the happening
of a contingency, however remote, or on the expiration of a
period, however long, any rule of equity to the contrary
notwithstanding.
Power to reissue redeemed debentures in certain cases
94.-(1) Where,
either before or after 1 January 1984,
a company has redeemed any debentures previously issued, then-
(a) unless any provision to the contrary, whether express or implied, is contained in the articles or in any contract entered into by the company; or
(b) unless the company has, by passing a resolution to that effect or by some other act, manifested its intention that the debentures shall be cancelled, the company shall have, and shall be deemed always to have had, power to reissue the debentures, either by reissuing the same debentures or by issuing other debentures in their place.
(2) Subject to the
provisions of section 95, on a reissue
of redeemed debentures, the person entitled to the debentures shall have, and
shall be deemed always to have had, the
same priorities as if the debentures had
never been redeemed.
(3) Where a company has, either before or after 1
January 1984, deposited any of its debentures to secure advances, from time to
time,
on current account or otherwise, the debentures shall not be deemed to
have been redeemed by reason only of the account of the company
having ceased to
be in debit whilst the debentures remained so deposited.
(4) The reissue
of a debenture or the issue of another debenture in its place under the power by
this section given to, or deemed
to have been possessed by, a company, whether
the reissue or issue was made before or after 1 January 1984, shall be treated
as the
issue of a new debenture for the purposes of stamp duty, but it shall not
be so treated for the purposes of any provision limiting
the amount or number of
debentures to be issued:
Provided that any person lending money on the
security of a debenture reissued under this section which appears to be duly
stamped
may give the debenture in evidence in any proceedings for enforcing his
security without payment of the stamp duty or any penalty
in respect thereof,
unless he had notice or, but for his negligence, might have discovered, that the
debenture was not duly stamped,
but, in any such case, the company shall be
liable to pay the proper stamp duty and penalty.
Saving, in case of reissue of debentures, of rights of certain mortgagees
95. Where any
debentures which were redeemed before 1 May 1945 have been reissued after that
day and before 1 January 1984, or are
reissued on or after 1 January 1984,
the reissue of the debentures shall not prejudice, and shall be deemed
never to have prejudiced, any right or priority which any person
would have had
under or by virtue of any mortgage or charge created before 1 May
1945.
Specific performance of contracts to subscribe for debentures
96. A contract
with a company to take up and pay for any debentures of the company may be
enforced by an order for specific performance.
Payment of certain debts out of assets subject to floating
charge
in priority to claims under the charge
97.-(1) Where,
either a receiver is appointed on behalf of the holders of any debentures of a
company secured by a floating charge,
or possession is taken by or on behalf of
those debenture holders of any property comprised in or subject to the charge,
then, if
the company is not, at the time, in course of being wound up, the debts
which, in every winding-up, are under the provisions of Part
VI relating to
preferential payments to be paid in priority to all other debts, shall be paid
out of any assets coming to the hands
of the receiver or other person taking
possession as aforesaid in priority to any claim for principal or interest in
respect of the
debentures.
(2) The periods of time mentioned in the said
provisions of Part VI shall be reckoned from the date of the appointment of the
receiver
or of possession being taken as aforesaid, as the case may
be.
(3) Where the date referred to in subsection (2) occurred before 1
January 1984, subsections (1) and (2) shall have effect with the
substitution,
for references to the provisions of Part VI, of references to the provisions
which, by virtue of subsection (9) of
section
312, are deemed to remain in force in
the case therein mentioned.
(4) Any payments made under this section
shall be recouped, as far as may be, out of the assets of the company available
for payment
of general creditors.
PART IV-REGISTRATION OF CHARGES
Division 1-Registration of Charges with Registrar
Registration of charges
98.-(1) Subject
to the provisions of this Part, every charge created after the fixed date by a
company registered in Fiji and being
a charge to which this section applies
shall, so far as any security on the company's property or undertaking is
conferred thereby,
be void against the liquidator and any creditor of the
company, unless the prescribed particulars of the charge, together with the
original or a copy certified in the prescribed manner of the instrument, if any,
by which the charge is created or evidenced, are
delivered to or received by the
registrar for registration within 42 days after the date of its creation, but
without prejudice to
any contract or obligation for repayment of the money
thereby secured, and, when a charge becomes void under this section, the money
secured thereby shall immediately become payable.
(2) This section
applies to the following charges:-
(a) a charge for the purpose of securing any issue of debentures;
(b) a charge on uncalled share capital of the company;
(c) a charge created or evidenced by an instrument which, if executed by an individual, would require registration as an instrument under the Bills of Sale Act;
(Cap. 225.)
(d) a charge on real property, wherever situate, or any interest therein;
(e) a charge on book debts of the company;
(f) a floating charge on the undertaking or property of the company;
(g) a charge on calls made but not paid;
(h) a charge on a ship or any share in a ship;
(i) a charge on goodwill, on a patent or a licence under a patent, on a trade mark or on a copyright or a licence under a copyright.
(3) In the case of a charge created out of Fiji
comprising property situate outside Fiji, 42 days after the date on which the
instrument
or copy could, in due course of post, and if despatched with due
diligence, have been received in Fiji, shall be substituted for
42 days after
the creation of the charge, as the time within which the particulars and
instrument or copy are to be delivered to
the registrar.
(4) Where a
charge is created in Fiji but comprises property outside Fiji, the instrument
creating or purporting to create a charge
or the copy thereof, as the case may
be, may be sent for registration under this section, notwithstanding that
further proceedings
may be necessary to make the charge valid or effectual
according to the law of the place in which the property is situated.
(5)
Where a negotiable instrument has been given to secure the payment of any book
debts of a company, the deposit of the instrument
for the purpose of securing an
advance to the company shall not, for the purposes of this section, be treated
as a charge on those
book debts.
(6) The holding of debentures entitling
the holder to a charge on real property shall not, for the purposes of this
section, be deemed
to be an interest in real property.
(7) Where a series
of debentures containing, or giving by reference to any other instrument, any
charge to the benefit of which the
debenture holders of that series are entitled
pari passu is created by a company, it
shall, for the purposes of this section, be sufficient, if there are delivered
to or received by the
registrar within 42 days after the execution of the deed
containing the charge or, if there is no such deed, after the execution
of any
debentures of the series, the following particulars:-
(a) the total amount secured by the whole series; and
(b) the dates of the resolutions authorizing the issue of the series and the date of the covering deed, if any, by which the security is created or defined; and
(c) a general description of the property charged; and
(d) the names of the trustees, if any, for the debenture holders, together with the deed containing the charge or a copy thereof certified in the prescribed manner, or, if there is no such deed, 1 of the debentures of the series:
Provided that, where more than 1 issue is made of debentures in the series, there shall be delivered to the registrar for registration, within 42 days after the date of its issue, particulars of the date and amount of each issue, but an omission to do this shall not affect the validity of the debentures issued.
(8) Where any commission, allowance or
discount has been paid or made either directly or indirectly by a company to any
person in
consideration of his subscribing or agreeing to subscribe, whether
absolutely or conditionally, for any debentures of the company,
or procuring or
agreeing to procure subscriptions, whether absolute or conditional, for any such
debentures, the particulars required
to be sent for registration under this
section shall include particulars as to the amount or rate per cent of the
commission, discount
or allowance so paid or made, but omission to do this shall
not affect the validity of the debentures issued:
Provided that the
deposit of any debentures as security for any debt of the company shall not, for
the purposes of this subsection,
be treated as the issue of the debentures at a
discount.
(9) In this Part-
(a) "charge" includes mortgage;
(b) "the fixed date" means, in relation to the charges specified in paragraphs (a) to (f), both inclusive, of subsection (2), 1 February 1914 and, in relation to the charges specified in paragraphs (g) to (i), both inclusive, of that subsection, 1 May 1945;
(c) a charge shall be deemed to be created, in the case of an instrument creating a charge, on the date of the execution thereof by or on behalf of the company and, in the case of a charge created by deposit of title deeds, on the date of the deposit thereof.
Duty of company to register charges created by company
99.-(1)
It shall be the duty of a company to deliver to the registrar, for
registration, the particulars of every charge created by the company
and of the
issues of debentures of a series, requiring registration under section
98, but registration of any such charge
may be effected on the application of any person interested therein.
(2)
Where registration is effected on the application of some person other than the
company, that person shall be entitled to recover
from the company the amount of
any fees properly paid by him to the registrar on registration.
(3) If
any company fails for a period of 42 days, or such extended period as the court
may have ordered, to deliver to the registrar,
for registration, the particulars
of any charge created by the company, or of the issues of debentures of a
series, requiring registration
as aforesaid, then, unless the registration has
been effected on the application of some other person, the company and every
officer
or other person who is a party to the default shall be liable to a
default fine of $100.
Duty of company to register charges existing on property acquired
100.-(1) Where,
on or after 1 January, 1984, a company acquires any property which is subject to
a charge of any such kind as would,
if it had been created by the company after
the acquisition of the property; have been required to be registered under this
Part,
the company shall cause the prescribed particulars of the charge, together
with a copy (certified in the prescribed manner to be
a correct copy) of the
instrument, if any, by which the charge was created or evidenced, to be
delivered to the registrar, for registration,
within 42 days after the date on
which the acquisition is completed:
Provided that, if the property is
situate and the charge was created outside Fiji, 42 days after the date on which
the copy of the
instrument could in due course of post, and if despatched with
due diligence, have been received in Fiji shall be substituted for
42 days after
the completion of the acquisition as the time within which the particulars and
the copy of the instrument are to be
delivered to the registrar.
(2) If
default is made in complying with this section, the company and every officer of
the company who is in default shall be liable
to a default fine of $100.
Certificate of registration of charge
101. The
registrar shall give a certificate under his hand of the registration of any
charge registered in pursuance of and within any
period allowed under this Part,
stating the amount thereby secured, and the certificate shall be conclusive
evidence that the requirements
of this Part as to registration have been
complied with.
Endorsement of certificate of registration on debentures
102.-(1) The
company shall cause a copy of every certificate of registration given under
section 101 to be endorsed on every
debenture or certificate of debenture stock which is issued by the company, and
the payment of which is secured
by the charge so registered:
Provided
that nothing in this subsection shall be construed as requiring a company to
cause a certificate of registration of any charge
so given to be endorsed on any
debenture or certificate of debenture stock issued by the company before the
charge was created.
(2) If any person knowingly and wilfully authorizes
or permits the delivery of any debenture or certificate of debenture stock
which,
under the provisions of this section, is required to have endorsed on it
a copy of a certificate of registration without the copy
being so endorsed upon
it, he shall, without prejudice to any other liability, be liable to a fine not
exceeding $200.
Registration of satisfaction and release of property from charge
103. The
registrar, on evidence being given to his satisfaction with respect to any
registered charge-
(a) that the debt for which the charge was given has been paid or satisfied in whole or in part; or
(b) that part of the property or undertaking charged has been released from the charge or has ceased to form part of the company's property or undertaking,
may register a memorandum of satisfaction in whole or in part, or of the fact that part of the property or undertaking has been released from the charge or has ceased to form part of the company's property or undertaking, as the case may be, and, where he registers a memorandum of satisfaction in whole, he shall, if required, furnish the company with a copy thereof.
Extension of time to register charges
104. The court,
on being satisfied that the omission to register a charge within the time
required by this Act, or that the omission or
mis-statement of any particular
with respect to any such charge or in a memorandum of satisfaction, was
accidental, or due to inadvertence
or to some other sufficient cause, or is not
of a nature to prejudice the position of creditors or shareholders of the
company, or
that, on other grounds, it is just and equitable to grant relief,
may, on the application of the company or any person interested
and on such
terms and conditions as seem to the court just and expedient, order that the
time for registration shall be extended,
or, as the case may be, that the
omission or mis-statement shall be rectified.
Registration of enforcement of security
105.-(1) If any
person obtains an order for the appointment of a receiver or manager of the
property of a company, or appoints such a
receiver or manager under any powers
contained in any instrument, he shall, within 7 days from the date of the order
or of the appointment
under the said powers, give notice of the fact to the
registrar.
(2) Where any person appointed receiver or manager of the
property of a company under the powers contained in any instrument ceases
to act
as such receiver or manager, he shall, within 7 days of so ceasing, give the
registrar notice to that effect.
(3) If any person makes default in
complying with the requirements of this section, he shall be liable to a fine
not exceeding $10
for every day during which the default continues.
Division 2-Provisions as to Company's Register of Charges
and as to
Copies of Instruments Creating Charges
Copies of instruments creating charges to be kept by company
106. Every
company shall cause a copy of every instrument creating any charge requiring
registration under this Part to be certified in
the prescribed manner and kept
at the registered office of the company:
Provided that, in the case of a
series of uniform debentures, a copy certified as aforesaid of 1 debenture of
the series shall be
sufficient.
Company's register of charges
107.-(1) Every
limited company shall keep, at the registered office of the company, a register
of charges and enter therein all charges
specifically affecting property of the
company and all floating charges on the undertaking or any property of the
company, giving,
in each case, a short description of the property charged, the
amount of the charge, and, except in the case of securities to bearer,
the names
of the persons entitled thereto.
(2) If any director, manager, or other
officer of the company knowingly and wilfully authorizes or permits the omission
of any entry
required to be made in pursuance of this section, he shall be
liable to a fine not exceeding $100.
Right to inspect copies of instruments creating charges and company's register of charges
108.-(1) The
copies of instruments creating any charge requiring registration under this Part
with the registrar, and the register of
charges kept in pursuance of section
107, shall be open during business
hours (but subject to such reasonable restrictions as the company in general
meeting may impose, so
that not less than 2 hours in each day shall be allowed
for inspection) to the inspection of any creditor or member of the company
without fee, and the register of charges shall also be open to the inspection of
any other person on payment of such fee, not exceeding
50 cents for each
inspection, as the company may specify.
(2) If inspection of the said
copies or register is refused, any officer of the company refusing inspection,
and every director and
manager of the company authorizing or knowingly and
wilfully permitting the refusal, shall be liable to a fine not exceeding $10,
and a further fine not exceeding $4 for every day during which the refusal
continues, and the court may, by order, compel an immediate
inspection of the
copies or register.
PART V-MANAGEMENT AND ADMINISTRATION
Division 1-Registered Office and Name
Registered office of company
109.-(1) A
company shall, as from the day on which it begins to carry on business or as
from the fourteenth day after the date of its
incorporation, whichever is the
earlier, have a registered office and a registered postal address to which all
communications and
notices may be addressed.
(2) If default is made in
complying with this section, the company and every officer of the company who is
in default shall be liable
to a default fine.
Notification of situation of registered office and of change therein
110.-(1)
Notice of the situation of the registered office and the registered
postal address, and of any change therein, shall be given within
14 days after
the date of incorporation of the company or of the change, as the case may be,
to the registrar for registration.
(2) The inclusion in the annual return
of a company of a statement as to the situation of its registered office or as
to its registered
postal address shall not be taken to satisfy the obligations
imposed by this section.
(3) If default is made in complying with this
section, the company and every officer of the company who is in default shall be
liable
to a default fine.
Publication of name by company
111.-(1) Every
company-
(a) shall paint or affix, and keep painted or affixed, its name on the outside of every office or place in which its business is carried on, in a conspicuous position, in easily legible roman letters; and
(b) shall have its name engraven or otherwise permanently marked in legible roman letters on its seal; and
(c) shall have its name mentioned in legible roman letters in all business letters of the company and in all notices and other official publications of the company, and in all bills of exchange, promissory notes, endorsements, cheques and orders for money or goods purporting to be signed by or on behalf of the company, and in all bills of parcels, invoices, receipts and letters of credit of the company.
(2) For the purposes of
paragraphs (a) and
(c) of subsection (1), it shall be
lawful to use-
(a) the abbreviation "Co." or "Coy." in lieu of the word "Company" contained in the name of the company;
(b) the abbreviation "Ltd." in lieu of the word "Limited" contained in the name of the company;
(c) the symbol "&" in lieu of the word "and" contained in the name of the company; or
(d) any of those words in lieu of the corresponding abbreviation or symbol contained in the name of the company.
(3) If a
company does not paint or affix its name in manner directed by this Act, the
company and every officer of the company who
is in default shall be liable to a
fine not exceeding $10 and, if a company does not keep its name painted or
affixed in manner so
directed, the company and every officer of the company who
is in default shall be liable to a default fine.
(4) If a company fails
to comply with paragraph (b) or
(r) of subsection (1), the company
shall be liable to a fine not exceeding $100.
(5) If an officer of a
company or any person on its behalf-
(a) uses or authorizes the use of any seal purporting to be a seal of the company whereon its name is not so engraven or marked as aforesaid; or
(b) issues or authorizes the issue of any business letter of the company or any notice or other official publication of the company, or signs or authorizes to be signed on behalf of the company any bill of exchange, promissory note, endorsement, cheque or order for money or goods, wherein its name is not mentioned in manner aforesaid; or
(c) issues or authorizes the issue of any bill of parcels, invoice, receipt or letter of credit of the company wherein its name is not mentioned in manner aforesaid,
he shall be liable to a fine not exceeding $100, and shall further be personally liable to the holder of the bill of exchange, promissory note, cheque or order for money or goods for the amount thereof, unless it is duly paid by the company.
Division 2-Statement of Amount of Paid-up Capital
Statement of amount of capital subscribed and amount paid up
112.-(1) Where
any notice, advertisement or other official publication of a company contains a
statement of the amount of the authorized
capital of the company, such notice,
advertisement, or other official publication shall also contain a statement, in
an equally prominent
position and in equally conspicuous characters, of the
amount of the capital which has been subscribed and the amount paid
up.
(2) Any company which makes default in complying with the
requirements of this section and every officer who is in default shall be
liable
to a fine not exceeding $100.
Division 3-Restrictions on Commencement of Business
Restrictions on commencement of business
113.-(1) Where a
company having a share capital has issued a prospectus inviting the public to
subscribe for its shares, the company
shall not commence any business or
exercise any borrowing powers, unless-
(a) shares held subject to the payment of the whole amount thereof in cash have been allotted to an amount not less in the whole than the minimum subscription; and
(b) every director of the company has paid to the company, on each of the shares taken or contracted to be taken by him and for which he is liable to pay in cash, a proportion equal to the proportion payable on application and allotment on the shares offered for public subscription; and
(c) no money is or may become liable to be repaid to applicants for any shares or debentures which have been offered for public subscription by reason of any failure to apply for or to obtain permission for the shares or debentures to be dealt in on any stock exchange; and
(d) there has been delivered to the registrar, for registration, a statutory declaration by a secretary or 1 of the directors, in the prescribed form, that the aforesaid conditions have been complied with.
(2) Where a company having a share
capital has not issued a prospectus inviting the public to subscribe for its
shares, or has issued
a prospectus but has failed to raise the minimum
subscription, the company shall not commence any business or exercise any
borrowing
powers, unless-
(a) there has been delivered to the registrar, for registration, a statement in lieu of prospectus; and
(b) every director of the company has paid to the company, on each of the shares taken or contracted to be taken by him and for which he is liable to pay in cash, a proportion equal to the proportion payable on application and allotment on the shares payable in cash; and
(c) there has been delivered to the registrar, for registration, a statutory declaration by a secretary or 1 of the directors, in the prescribed form, that paragraph (b) of this subsection has been complied with.
(3) The registrar shall,
on the delivery to him of the said statutory declaration, and, in the case of a
company which is required
by this section to deliver a statement in lieu of
prospectus, of such a statement, certify that the company is entitled to
commence
business, and that certificate shall be conclusive evidence that the
company is so entitled.
(4) Any contract made by a company before the
date at which it is entitled to commence business shall be provisional only, and
shall
not be binding on the company until that date and, on that date, it shall
become binding.
(5) Nothing in this section shall prevent the
simultaneous offer for subscription or allotment of any shares and debentures or
the
receipt of any money payable on application for debentures.
(6) If
any company commences business or exercises borrowing powers in contravention of
this section, every person who is responsible
for the contravention shall,
without prejudice to any other liability, be liable to a fine not exceeding $100
for every day during
which the contravention continues.
(7) This section
shall not apply to a private company.
Division 4-Register of Members
Register of members
114.-(1) Every
company shall keep a register of its members and enter therein the following
particulars:-
(a) the names and postal addresses of the members, and, in the case of a company having a share capital, a statement of the shares held by each member, distinguishing each share by its number so long as the share has a number, and of the amount paid or agreed to be considered as paid on the shares of each member;
(b) the date at which each person was entered in the register as a member;
(c) the date at which any person ceased to be a member:
Provided that, where the company has converted any of its shares into stock, the register shall show the amount of stock held by each member instead of the amount of shares and the particulars relating to shares specified in paragraph (a).
(2)
The register of members shall be kept at the registered office of the
company:
Provided that-
(i) if the work of making it up is done at another office of the company, it may be kept at that other office; and
(ii) if the company arranges with some other person for the making up of the register to be undertaken on behalf of the company by that other person, it may be kept at the office of that other person at which the work is done, so, however, that it shall not be kept at a place outside Fiji.
(3) Every company shall send notice to
the registrar of the place where its register of members is kept and of any
change in that
place:
Provided that a company shall not be bound to send
notice under this subsection where the register has, at all times since it came
into existence or, in the case of a register in existence immediately before 1
January 1984, at all times since then, been kept at
the registered office of the
company.
(4) Where a company makes default in complying with subsection
(1) or makes default for 14 days in complying with subsection (3),
the company
and every officer of the company who is in default shall be liable to a default
fine.
Index of members
115.-(1) Every
company having more than 50 members shall, unless the register of members is in
such a form as to constitute in itself
an index, keep an index of the names of
the members of the company and shall, within 14 days after the date on which any
alteration
is made in the register of members, make any necessary alteration in
the index.
(2) The index, which may be in the form of a card index,
shall, in respect of each member, contain a sufficient indication to enable
the
account of that member in the register to be readily found.
(3) The index
shall be, at all times, kept at the same place as the register of
members.
(4) If default is made in complying with this section, the
company and every officer of the company who is in default shall be liable
to a
default fine.
Provisions as to entries in register in relation to share warrants
116.-(1) On the
issue of a share warrant, the company shall strike out of its register of
members the name of the member then entered
therein as holding the shares
specified in the warrant as if he had ceased to be a member, and shall enter in
the register the following
particulars, namely:-
(a) the fact of the issue of the warrant;
(b) a statement of the shares included in the warrant, distinguishing each share by its number; and
(c) the date of the issue of the warrant.
(2)
The bearer of a share warrant shall, subject to the articles of the company, be
entitled, on surrendering it for cancellation,
to have his name entered as a
member in the register of members.
(3) The company shall be responsible
for any loss incurred by any person by reason of the company entering in the
register the name
of a bearer of a share warrant in respect of the shares
therein specified without the warrant being surrendered and
cancelled.
(4) Until the warrant is surrendered, the particulars
specified in subsection (1) shall be deemed to be the particulars required by
this Act to be entered in the register of members, and, on the surrender, the
date of the surrender shall be entered.
(5) Subject to the provisions of
this Act, the bearer of a share warrant may, if the articles of the company so
provide, be deemed
to be a member of the company, within the meaning of this
Act, either to the full extent or for any purpose defined in the
articles,
Inspection of register and index
117.-(1) Except
when the register of members is closed under the provisions of this Act, the
register, and index of the names, of the
members of a company shall, during
business hours (subject to such reasonable restrictions as the company in
general meeting may
impose, so that not less than 2 hours in each day be allowed
for inspection), be open to the inspection of any member without charge
and of
any other person on payment of 50 cents, or such less sum as the company may
specify, for each inspection.
(2) (a) Any member or other person may require a copy of the register, or of any part thereof, on payment of 50 cents or such less sum as the company may specify, for every 100 words or fractional part thereof required to be copied.
(b) The company shall cause any copy so required by any person to be sent to that person within a period of 14 days commencing on the day next after the day on which the requirement is received by the company.
(3) If any inspection required
under this section is refused, or if any copy required under this section is not
sent within the proper
period, the company and every officer of the company who
is in default shall be liable, in respect of each offence, to a fine not
exceeding $4 and further to a default fine of $4.
(4) In the case of any
such refusal or default, the court may, by order, compel an immediate inspection
of the register and index
or direct that the copies required shall be sent to
the person requiring them.
Consequences of failure to comply with requirements
as
to register owing to agent's default
118. Where by
virtue of paragraph (ii) of the proviso to subsection (2) of section
114, the register of members is kept at
the office of some person other than the company and, by reason of any default
of his, the company
fails to comply with subsection (3) of that section,
subsection (3) of section 115, or
section 117 or with any requirements of
this Act as to the production of the register, that other person shall be liable
to the same penalties
as if he were an officer of the company who was in
default, and the power of the court under subsection (4) of section
117 shall extend to the making of
orders against that other person and his officers and servants.
Power to close register
119. A company
may, on giving notice by advertisement in some newspaper published and
circulating in Fiji or in that area of Fiji in
which the registered office of
the company is situate, close the register of members for any time or times, not
exceeding in the
whole 30 days in each year.
Power of court to rectify register
120.-(1)
If-
(a) the name of any person is, without sufficient cause, entered in or omitted from the register of members of a company; or
(b) default is made or unnecessary delay takes place in entering on the register the fact of any person having ceased to be a member,
the person aggrieved, or any member of the company, or the company, may apply to the court for rectification of the register.
(2) Where an application is made
under this section, the court may either refuse the application or may order
rectification of the
register and payment by the company of any damages
sustained by any party aggrieved.
(3) On an application under this
section, the court may decide any question relating to the title of any person
who is a party to
the application to have his name entered in or omitted from
the register, whether the question arises between members or alleged
members, or
between members or alleged members on the one hand and the company on the other
hand, and generally may decide any question
necessary or expedient to be decided
for rectification of the register.
(4) In the case of a company required
by this Act to send a list of its members to the registrar, the court, when
making an order
for rectification of the register, shall, by its order, direct
notice of the rectification to be given to the registrar.
Trusts not to be entered on register
121. No notice of
any trust, expressed, implied or constructive, shall be entered on the register,
or be receivable by the registrar.
Register to be evidence
122. The register
of members shall be prima facie
evidence of any matters by this Act directed or authorized to be inserted
therein.
Division 5-Branch Register
Power for company to keep branch register
123.-(1)
A company having a share capital may, if so authorized by its articles,
cause to be kept in any part of the Commonwealth outside Fiji
a branch register
of members resident in that part of the Commonwealth (in this Act called a
"branch register").
(2) The company shall give to the registrar notice of
the situation of the office where any branch register is kept, and of any change
in its situation, and, if it is discontinued, of its discontinuance, and any
such notice shall be given within 1 month of the opening
of the office or of the
change or discontinuance, as the case may be.
(3) If default is made in
complying with subsection (2), the company and every officer of the company who
is in default shall be liable
to a default fine.
Regulations as to branch register
124.-(1) A branch
register shall be deemed to be part of the company's register of members (in
this section called the "principal register".)
(2) A branch register
shall be kept in the same manner in which the principal register is, by this
Act, required to be kept, except
that the advertisement required by section
119
to be given before closing the register shall be inserted in some
newspaper circulating in the area where the branch register is kept.
(3)
The company shall-
(a) transmit to its registered office a copy of every entry in its branch register as soon as maybe after the entry is made; and
(b) cause to be kept at the place where the company's principal register is kept a duplicate of its branch register duly entered up from time to time,
and every such duplicate shall, for all
the purposes of this Act, be deemed to be part of the principal
register.
(4) Subject to the provisions of this section with respect to
the duplicate, the shares registered in a branch register shall be distinguished
from the shares registered in the principal register, and no transaction with
respect to any shares registered in a branch register
shall, during the
continuance of that registration, be registered in any other
register.
(5) A company may discontinue to keep a branch register, and
thereupon all entries in that register shall be transferred to the principal
register.
(6) Subject to the provisions of this Act, any company may, by
its articles, make such provisions as it may think fit respecting the
keeping of
branch registers.
(7) If default is made in complying with subsection
(3), the company and every officer of the company who is in default shall be
liable
to a default fine; and where, by virtue of paragraph (ii) of the proviso
to subsection (2)of section 114, the
principal register is kept at the office of some person other than the company
and ,by reason of any default of his ,the company
fails to comply with
paragraph(b) of subsection (3) of this
section ,he shall be liable to the same penalty as if he were an officer of the
company who was in default.
Stamp duty in case of transfer of shares registered in branch registers.
125. An
instrument of transfer of a share registered in a branch register be deemed to
be a transfer of property situate out of Fiji,
and, unless executed in any part
of Fiji, shall be exempt from stamp duty chargeable in Fiji.
Provisions as to branch registers of Commonwealth companies kept in Fiji
126. If , by
virtue of the law in force in any part of the Commonwealth, companies
incorporated under that law have power to keep, in
Fiji ,branch registers of
their members resident in Fiji, the Minister may, by notice in Gazette , direct
that subsection (2) of
section 114,
except the proviso thereto, in sections
117 and
120, shall, subject to any
modifications and adaptations specified in the notice, apply to and in relation
to any such branch registers
kept in Fiji as they apply to and in relation to
the registers of companies within the meaning of this Act.
Division 6-Annual Return
Annual return to be made by company having a share capital
127.-(1)
Every company having a share capital , once at least in every year, make a
return containing, with respect to the registered office
of the registered
company, registers of members and debenture holders, shares in debentures,
indebtedness ,past and present members
and directors and secretary, the matters
specified in Part I of the Sixth Schedule ,and the said return shall be in the
form and
shall be made up to the date set out in Part II of that Schedule or as
near thereto as circumstances admit:
Provided that -
(i) a company need not make a return under this subsection either in the year of its incorporation or ,if it is not required by section 133 to hold an annual general meeting during the following year , in that year;
(ii) where the company has converted any of its shares into stock, the list referred to in paragraph 5 of Part I of the Sixth Schedule shall state the amount of stock held by each of the existing members instead of the amount of shares and the particulars relating to shares required by that paragraph;
(iii) the return may, in any year, if the return for either of the 2 immediately preceding years has given, as at the date of that return, the full particulars required by the said paragraph 5, give only such of the particulars required by that paragraph as relate to persons ceasing to be or becoming members since the date of the last return and to shares transferred the date or to changes as compared with that date in the amount of stock held by a member.
(2) In the case of a company keeping a branch
register-
(a) references in paragraph (iii) of the proviso to subsection (1) to the particulars required by paragraph 5 of Part I of the Sixth Schedule shall be taken as not including any such particulars contained in the branch register, in so far as copies of the entries containing those particulars are not received at the registered office of the company before the date when the return in question is made; and
(b) where an annual return is made between the date when any entries are made in the branch register and the date when copies of those entries are received at the registered office of the company, the particulars contained in those entries, so far as relevant to an annual return, shall be included in the next or a subsequent annual return, as may be appropriate, having regard to the particulars include in that return with the respect to the company's register of members.
(3) If a company fails to comply with
this section, the company and every officer of the company who is in default
shall be liable
to a default fine.
(4) For the purposes of this section
and of Part I of the Sixth Schedule, "director" and "officer" include any person
in accordance
with whose directions or instructions the directors of the company
are accustomed to act.
Annual return to be made by company not having a share capital
128.-(1) Every
company not having a share capital shall, once at least in every calendar year,
make a return stating-
(a) the situation of the registered office of the company and the registered postal address thereof;
(b) in a case in which the register of members is, under the provisions of this Act, kept elsewhere than at the registered office, the address of the place where it is kept;
(c) in a case in which any register of holders of debentures of a company or part of any such register is, under the provisions of this Act, kept, in Fiji, elsewhere than at the registered office of the company, the address of the place where it is kept; and
(d) all such particulars with respect to the persons who, at the date of the return, are the directors of the company and any person who, at that date, is a secretary of the company as are, by this Act, required to be contained with respect to directors and secretaries, respectively, in the register of directors and secretaries of a company:
Provided that a company need not make a return
under this subsection either in the year of is incorporation or, if it is not
required
by section 133 to hold an
annual general meeting during the following year, in that year.
(2) There
shall be annexed to the return a statement containing particulars of the total
amount of the indebtedness of the company
in respect of all mortgages and
charges which are required to be registered with the registrar under this
Act.
(3) If a company fails to comply with this section, the company and
every officer of the company who is in default shall be liable
to a default
fine.
(4) For the purposes of this section, "officer" and "director"
include any person in accordance with whose directions or instructions
the
directors of the company are accustomed to act.
Time for completion of annual return
129.-(1) The
annual return shall be completed within 42 days after the annual general meeting
for the year, whether or not that meeting
is the first or only ordinary general
meeting, or the first or only general meeting, of the company in the year, and
the company
shall, within such period, deliver to the registrar a copy signed
both by a director and by a secretary of the company.
(2) (a) If a company fails to comply with this section, the company and every officer of the company who is in default shall be liable to a default fine.
(b) For the purposes of this subsection, "officer" includes any person in accordance with whose directions or instructions the directors of the company are accustomed to act.
Documents to be annexed to annual return
130.-(1) There
shall be annexed to the annual return-
(a) a copy, certified both by a director and by a secretary of the company to be a true copy, of every balance sheet laid before the company general meeting during the period to which the return relates (including every document required by law to be annexed to the balance sheet); and
(b) a copy, certified as aforesaid, of the report of the auditors on, and of the report of the directors accompanying, each such balance sheet,
and, where any such balance sheet or document required by law to be annexed thereto is in a foreign language, there shall be annexed to that balance sheet a translation in the English language of the balance sheet or document certified, in the prescribed manner, to be a correct translation.
(2) If any such balance sheet as
aforesaid or document required by law to be annexed thereto did not comply with
the requirements
of the law as in force at the date of the audit with respect to
the form of balance sheets or documents aforesaid, as the case may
be, there
shall be made such additions to and corrections in the copy as would have been
required to be made in the balance sheet
or document in order to make it comply
with the said requirements, and the fact that the copy has been so amended shall
be stated
thereon.
(3) (a) If a company fails to comply with this section, the company and every officer of the company who is in default shall be liable to a default fine.
(b) For the purposes of this subsection, "officer" includes any person in accordance with whose directions or instructions the directors of the company are accustomed to act.
(4) This section shall
not apply to a private company, unless any of its shares is held by a company
which is not a private company
or by a company which is a subsidiary of a
company which is not a private company.
Certificates to be sent by private company with annual return
131. A private
company shall send with the annual return required by section
127-
(a) a certificate signed by both a director and a secretary of the company that the company has not, since the date of the last return, or since, in the case of a first return, the date of incorporation of the company, issued any invitation to the public to subscribe for any shares or debentures of the company;
(b) where the annual return discloses the fact that the number of members of the company exceeds 50, also a certificate so signed that the excess consists wholly of persons who, under paragraph (b) of subsection (1) of section 32 are not to be included in reckoning the number of 50;
(c) where the company claims to be a private company to which section 130 does not apply, a certificate so signed in the prescribed form.
Division 7-Meetings and Proceedings
Statutory meeting and statutory report
132.-(1) Every
company limited by shares and every company limited by guarantee and having a
share capital shall, within a period of
not less than 1 month nor more than 3
months from the date at which the company is entitled to commence business, hold
a general
meeting of the members of the company, which shall be called the
"statutory meeting".
(2) The directors shall, at least 14 days before the
day on which the meeting is held, forward a report (in this Act referred to as
the "statutory report") to every member of the company:
Provided that, if
the statutory report is forwarded later than is required by this subsection, it
shall, notwithstanding that fact,
be deemed to have been duly forwarded if it is
so agreed by all the members entitled to attend and vote at the
meeting.
(3) The statutory report shall be certified by not fewer than 2
directors of the company and shall state-
(a) the total number of shares allotted, distinguishing shares allotted as fully or partly paid up otherwise than in cash, and stating, in the case of shares partly paid up, the extent to which they are so paid up, and, in either case, the consideration for which they have been allotted;
(b) the total amount of cash received by the company in respect of all the shares allotted, distinguished as aforesaid;
(c) an abstract of the receipts of the company and of the payments made thereout, up to a date within 7 days of the date of the report, exhibiting under distinctive headings the receipts of the company from shares and debentures and other sources, the payments made thereout, and particulars concerning the balance remaining in hand, and an account or estimate of the preliminary expenses of the company;
(d) the names, postal addresses and descriptions of the directors, auditors, if any, managers, if any, and secretary of the company; and
(e) the particulars of any contract the modification of which is to be submitted to the meeting for its approval, together with the particulars of the modification or proposed modification.
(4) The
statutory report shall, so far as it relates to the shares allotted by the
company, and to the cash received in respect of
such shares, and to the receipts
and payments of the company on capital account, be certified as correct by the
auditors, if any,
of the company.
(5) The directors shall cause a copy of
the statutory report, certified as required by this section, to be delivered to
the registrar,
for registration, forthwith after the sending thereof to the
members of the company.
(6) The directors shall cause a list showing the
names and postal addresses of the members of the company, and the number of
shares
held by them respectively, to be produced at the commencement of the
meeting and to remain open and accessible to any member of the
company during
the continuance of the meeting.
(7) The members of the company present at
the meeting shall be at liberty to discuss any matter relating to the formation
of the company,
or arising out of the statutory report, whether previous notice
has been given or not, but no resolution of which notice has not
been given in
accordance with the articles may be passed.
(8) The meeting may adjourn
from time to time and, at any adjourned meeting, any resolution of which notice
has been given in accordance
with the articles, either before or subsequently to
the former meeting, may be passed, and the adjourned meeting shall have the same
powers as an original meeting.
(9) In the event of any default in
complying with the provisions of this section, every director of the company who
is knowingly and
wilfully guilty of the default, or, in the case of default by
the company, every officer of the company who is in default shall be
liable to a
fine not exceeding $100.
(10) This section shall not apply to a private
company.
Annual general meeting
133.-(1) Every
company shall, in each year, hold a general meeting as its annual general
meeting in addition to any other meetings in
that year, and shall specify the
meeting as such in the notices calling it; and not more than 15 months shall
elapse between the
date of 1 annual general meeting of a company and that of the
next:
Provided that, so long as a company holds its first annual general
meeting within 18 months of its incorporation, it need not hold
it in the year
of its incorporation or in the following year.
(2) If default is made in
holding a meeting of the company in accordance with subsection (1), the
registrar may, on the application
of any member of the company, call or direct
the calling of a general meeting of the company and give such ancillary or
consequential
directions as the registrar thinks expedient, including directions
modifying or supplementing, in relation to the calling, holding
and conducting
of the meeting, the operation of the company's articles; and it is hereby
declared that the directions that may be
given under this subsection include a
direction that 1 member of the company present in person or by proxy shall be
deemed to constitute
a meeting.
(3) A general meeting held in pursuance
of subsection (2) of this section shall, subject to any directions of the
registrar, be deemed
to be an annual general meeting of the company; but, where
a meeting so held is not held in the year in which the default in holding
the
company's annual general meeting occurred, the meeting so held shall not be
treated as the annual general meeting for the year
in which it is held, unless,
at that meeting, the company resolves that it shall be so treated.
(4)
Where a company resolves that a meeting shall be so treated, a copy of the
resolution shall, within 14 days after the passing
thereof, be forwarded to the
registrar for registration.
(5) If default is made in holding a meeting
of the company in accordance with subsection (1), or in complying with any
directions
of the registrar under subsection (2), the company and every officer
of the company who is in default shall be liable to a fine not
exceeding $200
and, if default is made in complying with subsection (4), the company and every
officer of the company who is in default
shall be liable to a default fine of
$4.
Convening of extraordinary general meeting on requisition
134.-(1) The
directors of a company, notwithstanding anything in its articles, shall, on the
requisition of members of the company holding,
at the date of the deposit of the
requisition, not less than one-tenth of such of the paid-up capital of the
company as, at the date
of the deposit, carries the right of voting at general
meetings of the company, or, in the case of a company not having a share
capital,
members of the company representing not less than one-tenth of the
total voting rights of all the members having, at the said date,
a right to vote
at general meetings of the company, forthwith proceed duly to convene an
extraordinary general meeting of the company.
(2) The requisition must
state the objects of the meeting, and must be signed by the requisitionists and
deposited at the registered
office of the company, and may consist of several
documents in like form each signed by 1 or more requisitionists.
(3) If
the directors do not, within 21 days from the date of the deposit of the
requisition, proceed duly to convene a meeting, the
requisitionists, or any of
them representing more than one-half of the total voting rights of all of them,
may themselves convene
a meeting, but any meeting so convened shall not be held
after the expiration of 3 months from the said date.
(4) A meeting
convened under this section by the requisitionists shall be convened in the same
manner, as nearly as possible, as that
in which meetings are to be convened by
directors.
(5) Any reasonable expenses incurred by the requisitionists by
reason of the failure of the directors duly to convene a meeting shall
be repaid
to the requisitionists by the company, and any sum so repaid shall be retained
by the company out of any sums due or to
become due from the company by way of
fees or other remuneration in respect of their services to such of the directors
as were in
default.
(6) For the
purposes of this section, the directors shall, in the case of a meeting at which
a resolution is to be proposed as a special
resolution, be deemed not to have
duly convened the meeting, if they do not give such notice thereof as is
required by section 143.
Length of notice for calling meetings
135.-(1) (a) Any provision of a company's articles shall be void in so far as it provides for the calling of a meeting of the company (other than an adjourned meeting) by a shorter notice than 21 days.
(b) Every such notice shall be in writing.
(2)
Save in so far as the articles of a company make other provision in that behalf
(not being a provision avoided by subsection (1)),
a meeting of the company
(other than an adjourned meeting) may be called by 21 days' notice in
writing.
(3) A meeting of a company shall, notwithstanding that it is
called by shorter notice than that specified in subsection (2) or in
the
company's articles, as the case may be, be deemed to have been duly called, if
it is so agreed-
(a) in the case of a meeting called as the annual general meeting, by all the members entitled to attend and vote thereat; and
(b) in the case of any other meeting, by a majority in number of the members having a right to attend and vote at the meeting, being a majority together holding not less than 95 per cent in nominal value of the shares giving a right to attend and vote at the meeting, or, in the case of a company not having a share capital, together representing not less than 95 per cent of the total voting rights at that meeting of all the members.
General provisions as to meetings and votes
136. The
following provisions shall have effect in so far as the articles of the company
do -not make other provision in that behalf:-
(a) notice of the meeting of a company shall be served on every member of the company in the manner in which notices are required to be served by Table A, and, for the purpose of this paragraph, "Table A" means that Table as for the time being in force;
(b) 2 or more members holding not less than one-tenth of the issued share capital or, if the company has not a share capital, not less than 5 percent in number of the members of the company may call a meeting;
(c) in the case of a private company, 2 members, and, in the case of any other company, 3 members, personally present shall be a quorum;
(d) any member elected by the members present at meeting may be chairman thereof;
(e) in the case of a company originally having a share capital, every member shall have 1 vote in respect of each share or each $20 of stock held by him, and, in any other case, every member shall have 1 vote.
Power of court to order meeting
137.-(1) If, for
any reason, it is impracticable to call a meeting of a company in any manner in
which meetings of that company may be
called, or to conduct the meeting of the
company in manner prescribed by the articles or this Act, the court may, either
of its own
motion or on the application of any director of the company or of any
member of the company who would be entitled to vote at the
meeting, order a
meeting of the company to be called, held and conducted in such manner as the
court thinks fit and, where any such
order is made, may give such ancillary or
consequential directions as it thinks expedient; and it is hereby declared that
the directions
that may be given under this subsection include a direction that
1 member of the company present in person or by proxy shall be deemed
to
constitute a meeting.
(2) Any meeting called, held and conducted in
accordance with an order under subsection (1) shall, for all purposes, be deemed
to
be a meeting of the company duly called, held and conducted.
Proxies
138.-(1) Any
member of a company entitled to attend and vote at a meeting of the company
shall be entitled to appoint another person
(whether a member or not) as his
proxy to attend and vote instead of him, and a proxy appointed to attend and
vote instead of a member
of a private company shall also have the same right as
the member to speak at the meeting:
Provided that, unless the articles
otherwise provide-
(i) this subsection shall not apply in the case of a company not having a share capital; and
(ii) a member of a private company shall not be entitled to appoint more than 1 proxy to attend on the same occasion; and
(iii) a proxy shall not be entitled to vote except on a poll.
(2) In every notice calling a meeting of
a company having a share capital, there shall appear, with reasonable
prominence, a statement
that a member entitled to attend and vote is entitled to
appoint a proxy or, where that is allowed, or more proxies to attend and
vote
instead of him, and that a proxy need not also be a member; and, if default is
made in complying with this subsection as respects
any meeting, every officer of
the company who is in default shall be liable to a fine not exceeding
$100.
(3) Any provision contained in a company's articles shall be void
in so far as it would have the effect of requiring the instrument
appointing a
proxy, or any other document necessary to show the validity of, or otherwise
relating to, the appointment of a proxy,
to be received by the company or any
other person more than 48 hours before a meeting or adjourned meeting in order
that the appointment
may be effective thereat.
(4) If, for the purpose of
any meeting of a company, invitations to appoint as proxy a person or 1 of a
number of persons specified
in the invitations are issued at the company's
expense to some only of the members entitled to be sent a notice of the meeting
and
to vote thereat by proxy, every officer of the company who knowingly and
wilfully authorizes or permits their issue as aforesaid
shall be liable to a
fine not exceeding $200:
Provided that an officer shall not be liable
under this subsection by reason only of the issue to a member, at his request,
in writing,
of a form of appointment naming the proxy or of a list of persons
willing to act as proxy, if the form or list is available, on request,
in
writing, to every member entitled to vote at the meeting by proxy.
(5)
This section shall apply to meetings of any class of members of a company as it
applies to general meetings of the company.
Rights to demand a poll
139.-(1) Any
provision contained in a company's articles shall be void in so far as it would
have the effect either-
(a) of excluding the right to demand a poll at a general meeting on any question other than the election of the chairman of the meeting or the adjournment of the meeting; or
(b) of making ineffective a demand for a poll on any such question which is made either-
(i) by not fewer than 5 members having the right to vote at the meeting; or
(ii) by a member or members representing not less than one-tenth of the total voting rights of all the members having the right to vote at the meeting; or
(iii) by a member or members holding shares in the company conferring a right to vote at the meeting, being shares on which an aggregate sum has been paid up equal to not less than one-tenth of the total sum paid up on all shares conferring that right.
(2) The
instrument appointing a proxy to vote at a meeting of a company shall be deemed
also to confer authority to demand or join
in demanding a poll and, for the
purposes of subsection (1), a demand by a person as proxy for a member shall be
the same as a demand
by the member.
Voting on a poll
140. On a poll
taken at a meeting of a company or a meeting of any class of members of a
company, a member entitled to more than 1 vote
need not, if he votes, use all
his votes or cast all the votes he uses in the same way.
Representation of corporations at meetings of companies and of creditors
141.-(1) A
corporation, whether a company within the meaning of this Act or not,
may-
(a) if it is a member of another corporation, being a company within the meaning of this Act, by resolution of its directors or other governing body, authorize such person as it thinks fit to act as its representative at any meeting of the company or at any meeting of any class of members of the company;
(b) if it is a creditor (including a holder of debentures) of another corporation, being a company within the meaning of this Act, by resolution of its directors or other governing body, authorize such person as it thinks fit to act as its representative at any meeting of any creditors of the company held in pursuance of this Act or of any rules made thereunder, or in pursuance of the provisions contained in any debenture or trust deed, as the case may be.
(2) A person authorized as aforesaid shall
be entitled to exercise the same powers on behalf of the corporation which he
represents
as that corporation could exercise, if it were an individual
shareholder, creditor or holder of debentures of that other company.
Circulation of members' resolutions, etc.
142.-(1) Subject
to the following provisions of this section, it shall be the duty of a company,
on the requisition in writing of such
number of members as is hereinafter
specified and (unless the company otherwise resolves) at the expense of the
requisitionists:-
(a) to give to members of the company entitled to receive notice of the next annual general meeting notice of any resolution which may properly be moved and is intended to be moved at that meeting;
(b) to circulate to members entitled to have notice of any general meeting sent to them any statement of not more than 1,000 words with respect to the matter referred to in any proposed resolution or the business to be dealt with at that meeting.
(2) The number of members necessary
for a requisition under subsection (1) shall be-
(a) any number of members representing not less than one-twentieth of the total voting rights of all the members having, at the date of the requisition, a right to vote at the meeting to which the requisition relates; or
(b) not fewer than 100 members holding shares in the company on which there has been paid up an average sum, per member, of not less than $200.
(3) Notice of any such resolution shall
be given, and any such statement shall be circulated, to members of the company
entitled to
have notice of the meeting sent to them by serving a copy of the
resolution or statement on each such member in any manner permitted
for service
of notice of the meeting, and notice of any such resolution shall be given to
any other member of the company by giving
notice of the general effect of the
resolution in any manner permitted for giving him notice of meetings of the
company:
Provided that the copy shall be served, or notice of the effect
of the resolution shall be given, as the case may be, in the same
manner and, so
far as practicable, at the same time, as notice of the meeting and, where it is
not practicable for it to be served
or given at that time, it shall be served or
given as soon as practicable thereafter.
(4) A company shall not be
bound, under this section, to give notice of any resolution or to circulate any
statement unless-
(a) a copy of the requisition signed by the requisitionists (or 2 or more copies which between them contain the signatures of all the requisitionists) is deposited at the registered office of the company:
(i) in the case of a requisition requiring notice of a resolution, not less than 6 weeks before the meeting; and
(ii) in the case of any other requisition, not less than 1 week before the meeting; and
(b) there is deposited or tendered with the requisition a sum reasonably sufficient to meeting the company's expenses in giving effect thereto:
Provided that, if, after a copy of a requisition requiring notice of a resolution has been deposited at the registered office of the company, an annual general meeting is called for a date 6 weeks or less after the copy has been deposited, the copy, though not deposited within the time required by this subsection, shall be deemed to have been properly deposited for the purposes thereof.
(5) The company shall also not be
bound under this section to circulate any statement, if, on the application
either of the company
or of any other person who claims to be aggrieved, the
court is satisfied that the rights conferred by this section are being abused
to
secure needless publicity for defamatory matter; and the court may order the
company's costs on an application under this section
to be paid in whole or in
part by the requisitionists, notwithstanding that they are not parties to the
application.
(6) Notwithstanding anything in the company's articles, the
business which may be dealt with at an annual general meeting shall include
any
resolution of which notice is given in accordance with this section and, for the
purposes of this subsection, notice shall be
deemed to have been so given,
notwithstanding the accidental omission, in giving it, of 1 or more
members.
(7) In the event of any default in complying with the provisions
of this section, every officer of the company who is in default shall
be liable
to a fine not exceeding $1,000.
Special resolutions
143.-(1)
A resolution shall be a special resolution when it has been passed by a
majority of not less than three-fourths of such members as,
being entitled so to
do, vote in person or, where proxies are allowed, by proxy, at a general meeting
of which notice specifying
the intention to propose the resolution as a special
resolution has been duly given:
Provided that, if it is so agreed by a
majority in number of the members having the right to attend and vote at any
such meeting,
being a majority together holding not less than 95 per cent in
nominal value of the shares giving that right, or, in the case of,
a company not
having a share capital, together representing not less than 95 per cent of the
total voting rights at that meeting
of all the members, a resolution may be
proposed and passed as a special resolution at a meeting of which less than 21
days' notice
has been given.
(2) At any meeting at which a special
resolution is submitted to be passed, a declaration of the chairman that the
resolution is carried
shall, unless a poll is demanded, be conclusive evidence
of the fact without proof of the number or proportion of the votes recorded
in
favour of or against the resolution.
(3) In computing the majority on a
poll demanded on the question that a special resolution be passed, reference
shall be had to the
number of votes cast for and against the
resolution.
(4) For the purposes of this section, notice of a meeting
shall be deemed to be duly given and the meeting to be duly held, when the
notice is given and the meeting held in manner provided by this Act or the
articles.
Resolutions requiring special notice
144. Where, by
any provision hereafter contained in this Act, special notice is required of a
resolution, the resolution shall not be
effective, unless notice of the
intention to move it has been given to the company not less than 28 days before
the meeting at which
it is moved, and the company shall give its members notice
of any such resolution at the same time and in the same manner as it gives
notice of the meeting or, if that is not practicable, shall give them notice
thereof, either by advertisement in a newspaper having
an appropriate
circulation or in any other mode allowed by the articles, not less than 21 days
before the meeting:
Provided that, if, after notice of the intention to
move such a resolution has been given to the company, a meeting is called for
a
date 28 days or less after the notice has been given, the notice, though not
given within the time required by this subsection,
shall be deemed to have been
properly given for the purposes thereof.
Registration and copies of certain resolutions and agreements
145.-(1) A
printed or typewritten copy of every resolution or agreement to which this
section applies shall, within 30 days after the
passing or making thereof, be
delivered to the registrar for registration.
(2) Where articles have been
registered, a printed or typewritten copy of every such resolution or agreement
for the time being in
force shall be embodied in or annexed to every copy of the
articles issued after the passing of the resolution or the making of the
agreement.
(3) Where articles have not been registered, a printed or
typewritten copy of every such resolution or agreement shall be forwarded
to any
member at his request on payment of 50 cents or such less sum as the company may
direct.
(4) This section shall apply to-
(a) special resolutions;
(b) resolutions which have been agreed to by all the members of a company, but which, if not so agreed to, would not have been effective for their purpose, unless they had been passed as special resolutions;
(c) resolutions or agreements which have been agreed to by all the members of some class of shareholders but which, if not so agreed to, would not have been effective for their purpose, unless they had been passed by some particular majority or otherwise in some particular manner, and all resolutions or agreements which effectively bind all the members of any class of shareholders, though not agreed to by all those members;
(d) resolutions requiring a company to be wound up voluntarily, passed under paragraph (a) of subsection (1) of section 272.
(5)
If a company fails to comply with subsection (1), the company and every officer
of the company who is in default shall be liable
to a default fine of
$4.
(6) If a company fails to comply with subsection (2) or subsection
(3), the company and every officer of the company who is in default
shall be
liable to a fine not exceeding $2 for each copy in respect of which default is
made.
(7) For the purposes of subsections (5) and (6), a liquidator of
the company shall be deemed to be an officer of the company.
Resolutions passed at adjourned meetings
146. Where a
resolution is passed at an adjourned meeting of-
(a) a company;
(b) the holders of any class of shares in a company;
(c) the directors of a company,
the resolution shall, for all purposes, be treated as having been passed on the date on which it was in fact passed, and shall not be deemed to have been passed on any earlier date.
Minutes of proceedings of meetings of company and of directors
147.-(1) Every
company shall cause minutes of all proceedings of general meetings, and of all
proceedings at meetings of its directors,
to be entered in books kept for that
purpose.
(2) Any such minute, if purporting to be signed by the chairman
of the meeting at which the proceedings were had, or by the chairman
of the next
succeeding general meeting or meeting of directors, as the case may be, shall be
evidence of the proceedings.
(3) Where, in accordance with the provisions
of this section, minutes have been made of the proceedings at any general
meeting of
the company or meeting of directors then, until the contrary is
proved, the meeting shall be deemed to have been duly held and convened,
and all
proceedings thereat to have been duly transacted, and all appointments of
directors, managers or liquidators shall be deemed
to be valid.
(4) If a
company fails to comply with subsection (1), the company and every officer of
the company who is in default shall be liable
to a default fine.
Inspection of minute books
148.-(1)
The books containing the minutes of proceedings of any general meeting of
a company shall be kept at the registered office of the
company, and shall,
during business hours (subject to such reasonable restrictions as the company
may by its articles or in general
meeting impose, so that not less than 2 hours
in each day be allowed for inspection), be open to the inspection of any member
without
charge.
(2) Any member shall be entitled to be furnished, within
14 days after he has made a request in that behalf to the company, with a
copy
of any such minutes as aforesaid at a charge not exceeding 50 cents for every
100 words.
(3) If any inspection required under this section is refused
or if any copy required under this section is not sent within the proper
time,
the company and every officer of the company who is in default shall be liable
in respect of each offence to a fine not exceeding
$4 and further to a default
fine of $4.
(4) In the case of any such refusal or default, the court
may, by order, compel an immediate inspection of the books in respect of
all
proceedings of general meetings or direct that the copies required shall be sent
to the persons requiring them.
Division 8-Accounts and Audit
Keeping of books of account
149.-(1)
Every company shall cause to be kept, in the English language, proper
books of account with respect to-
(a) all sums of money received and expended by the company and the matters in respect of which the receipt and expenditure takes place;
(b) all sales and purchases of goods by the company;
(c) the assets and liabilities of the company.
(2) For the purposes of this section,
proper books of account shall be deemed not to have been kept with respect to
the matters aforesaid,
if there are not kept such books as are necessary to give
a true and fair view of the state of the company's affairs and to explain
its
transactions.
(3) A company shall retain the books of account kept under
this section, or under section 122 of
the repealed Act, for a period of 7 years after the financial year to which they
relate.
(4) The books of account shall be kept at the registered office
of the company or, at such other place in Fiji as the directors think
fit, and
shall, at all times, be open to inspection by the
directors.
(5) If any person,
being a director of a company, fails to take all reasonable steps to secure
compliance by the company with the requirements
of this section, or has, by his
own wilful act, been the course of any default by the company thereunder, he
shall, in respect of each offence, be
liable to imprisonment for a term not exceeding 12 months or to a fine not
exceeding $1,000 or to both:
Provided that-
(i) in any proceedings against a person in respect of an offence under this section consisting of a failure to take reasonable steps to secure compliance by the company with the requirements of this section, it shall be a defence to prove that he had reasonable ground to believe, and did believe, that a competent and reliable person was charged with the duty of seeing that those requirements were complied with and was in a position to discharge that duty; and
(ii) a person shall not be sentenced to imprisonment for such an offence unless, in the opinion of the court, the offence was committed wilfully.
Profit and loss account and balance sheet
150.-(1) The
directors of every company shall, at some date not later than 18 months after
the incorporation of the company and subsequently
once at least in every
calendar year, lay before the company in general meeting a profit and loss
account or, in the case of a company
not trading for profit, an income and
expenditure account for the period, in the case of the first account, since the
incorporation
of the company, and, in any other case, since the preceding
account, made up to a date not earlier than the date of the meeting by
more than
9 months or, in the case of a company carrying on business or having interests
abroad, by more than 12 months:
Provided that, if the registrar, for any
special reason, thinks fit to do so, he may-
(i) in the case of any company, extend the period of 18 months aforesaid, and, in the case of any company and with respect to any year, extend the period of 9 and 12 months aforesaid; and
(ii) in the case of any company, permit the account to be laid before the company after the end of the calendar year.
(2) The directors shall cause to be made
out in every calendar year, and to be laid before the company in general
meeting, a balance
sheet as at the date to which the profit and loss account or
the income and expenditure account, as the case may be is made up.
(3) If
any person, being a director of a company, fails to take all reasonable steps to
comply with the provisions of this section,
he shall, in respect of each
offence, be liable to a fine not exceeding $1,000.
Provided that, in any
proceedings against a person in respect of an offence under this section, it
shall be a defence to prove that
he had reasonable ground to believe, and did
believe, that a competent and reliable person was charged with the duty of
seeing that
the provisions of this section were complied with and was in a
position to discharge that duty.
General provisions as to contents and form of accounts
151.-(1) Every
balance sheet of a company shall give a true and fair view of the
state-of-affairs of the company as at the end of its
financial year, and every
profit and loss account of a company shall give a true and fair view of the
profit or loss of the company
for the financial year.
(2) A company's
balance sheet and profit and loss account shall comply with the requirements of
the Seventh Schedule so far as applicable
thereto.
(3) Save as expressly
provided in the following provisions of this section or in Part III of the
Seventh Schedule, the requirements
of subsection (2) and the said Schedule shall
be without prejudice either to the general requirements of subsection (1) or to
any
other requirements of this Act.
(4) The registrar may, on the
application, or with the consent of a company's directors, modify, in relation
to that company, any
of the requirements of this Act as to the matters to be
stated in a company's balance sheet or profit and loss account (except the
requirements of subsection (1)) for the purpose of adapting them to the
circumstances of the company.
(5) Subsections (1) and (2) shall not apply
to a company's profit and loss account, if-
(a) the company has subsidiaries; and
(b) the profit and loss account is framed as a consolidated profit and loss account dealing with all or any of the company's subsidiaries as well as the company and-
(i) complies with the requirements of this Act relating to consolidated profit and loss accounts; and
(ii) shows how much of the consolidated profit or loss for the financial year is dealt with in the accounts of the company.
(6) If any person, being
a director of a company, fails to take all reasonable steps to secure
compliance, as respects any accounts
laid before the company in general meeting,
with the provisions of this section and with the other requirements of this Act
as to
the matters to be stated in accounts, he shall, in respect of each
offence, be liable to imprisonment for a term not exceeding 12
months or to a
fine not exceeding $1,000, or to both:
Provided that-
(i) in any proceedings against a person in respect of an offence under this section, it shall be a defence to prove that he had reasonable ground to believe, and did believe, that a competent and reliable person was charged with the duty of seeing that the said provisions or the said other requirements, as the case may be, were complied with and was in a position to discharge that duty; and
(ii) a person shall, not be sentenced to imprisonment for any such offence unless, the opinion of the court, the offence was committed wilfully.
(7) For the purposes of this section
and the following provisions of this Act, except where the context otherwise
requires-
(a) any reference to a balance sheet or profit and loss account shall include any notes thereon or document annexed thereto giving information which is required by this Act and is thereby allowed to be so given; and
(b) any reference to a profit and loss account shall be taken, in the case of a company not trading for profit, as referring to its income and expenditure account, and references to profit or to loss and, if the company has subsidiaries, references to a consolidated profit and loss account shall be construed accordingly.
Obligation to lay group accounts before holding company
152.-(1) Where,
at the end of its financial year, a company has subsidiaries, accounts or
statements (in this Act referred to as "group
accounts") dealing as hereinafter
mentioned with the state-of-affairs and profit or loss of the company and the
subsidiaries shall,
subject to subsection (2), be laid before the company in
general meeting when the company's own balance sheet and profit and loss
account
are so laid.
(2) Notwithstanding anything in subsection (1)-
(a) group accounts shall not be required where the company is, at the end of its financial year, the wholly owned subsidiary of another body corporate incorporated in Fiji; and
(b) group, accounts need not deal with a subsidiary of the company, if the company's directors are of opinion that-
(i) it is impracticable, or would be of no real value to members of the company, in view of the insignificant amounts involved, or would involve expense or delay out of proportion to the value to members of the company; or
(ii) the result would be misleading, or harmful to the business of the company or any of its subsidiaries; or
(iii) the business of the holding company and that of the subsidiary are so different that they cannot reasonably be treated as a single undertaking,
and, if the directors are of such an opinion about each of the company's subsidiaries, group accounts shall not be required:
Provided that the approval of the registrar shall be required for not dealing in group accounts with a subsidiary on the ground that the result would be harmful, or on the ground of the difference between the business of the holding company and that of the subsidiary.
(3) If any person,
being a director of a company, fails to take all reasonable steps to secure
compliance as respects the company
with the provisions of this section, he
shall, in respect of each offence, be liable to a fine not exceeding
$1,000,
Provided that, in any proceedings against a person in respect of
an offence under this section, it shall be a defence to prove that
he had
reasonable ground to believe, and did believe, that a competent and reliable
person was charged with the duty of seeing that
the requirements of this section
were complied with and was in a position to discharge that duty.
(4) For
the purposes of this section, a body corporate shall be deemed to be the wholly
owned subsidiary of another, it has no members
except that other and that
other's wholly owned subsidiaries and its or their nominees.
Form of group accounts
153.-(1) Subject
to subsection (2), the group accounts laid before a holding company shall be
consolidated accounts comprising-
(a) a consolidated balance sheet dealing with the state-of-affairs of the company and all the subsidiaries to be dealt with in group accounts;
(b) a consolidated profit and loss account dealing with the profit or loss of the company and those subsidiaries.
(2) If the
company's directors are of opinion that it is better, for the purpose-
(a) of presenting the same or equivalent information about the state-of-affairs and profit and loss of the company and those subsidiaries; and
(b) of so presenting it that it may be readily appreciated by the company's members,
the group accounts may be prepared in a form other than that required by subsection (1) and, in particular, may consist of more than 1 set of consolidated accounts dealing respectively with the company and 1 group of subsidiaries and with other groups of subsidiaries or of separate accounts dealing with each of the subsidiaries, or of statements expanding the information about the subsidiaries in the company's own accounts, or any combination of those forms.
(3) The group
accounts may be wholly or partly incorporated in the company's own balance sheet
and profit and loss account.
Contents of group accounts
154.-(1) The
group accounts laid before a company shall give a true and fair view of the
state-of-affairs and profit or loss of the company
and the subsidiaries dealt
with thereby as a whole, so far as concerns members of the company.
(2)
Where the financial year of a subsidiary does not coincide with that of the
holding company, the group accounts shall, unless
the registrar, on the
application or with the consent of the holding company's directors, otherwise
directs, deal with the subsidiary's
state-of-affairs as at the end of its
financial year ending with or last before that of the holding company, and with
the subsidiary's
profit or loss for that financial year.
(3) Without
prejudice to subsection (1), the group accounts, if prepared as consolidated
accounts shall comply with the requirements
of the Seventh Schedule, so far as
applicable thereto and, if not so prepared, shall give the same or equivalent
information:
Provided that the registrar may, on the application or with
the consent of a company's directors, modify the said requirements in
relation
to that company for the purpose of adapting them to the circumstances of the
company.
Financial year of holding company and subsidiary
155.-(1) A
holding company's directors shall ensure that, except where, in their opinion,
there are good reasons against it, the financial
year of each of its
subsidiaries shall coincide with the company's own financial year.
(2)
Where it appears to the registrar desirable for a holding company or a holding
company's subsidiary to extend its financial year
so that the subsidiary's
financial year may end with, that of the holding company and, for that purpose,
to postpone the submission
of the relevant accounts to a general meeting from 1
calendar year to the next, the registrar may, on the application or with the
consent of the directors of the company whose financial year is to be extended,
direct that, in the ease of that company, the submission
of accounts to a
general meeting, the holding of an annual general meeting or the making of an
annual return shall not be required
in the earlier of the said calendar
years.
Meaning of "holding company" and "subsidiary"
156.-(1) For the
purposes of this Act, a company shall, subject to the provisions of subsection
(3), be deemed to be a subsidiary of
another if, but only if-
(a) that other either-
(i) is a member of it and controls the composition of its board of directors; or
(ii) holds more than half in nominal value of its equity share capital; or
(b) the first-mentioned company is a subsidiary of any company which is that other's subsidiary.
(2) For the purposes of
subsection (1), the composition of a company's board of directors shall be
deemed to be controlled by another
company if, but only if, that other company,
by the exercise of some power exercisable by it without the consent or
concurrence of
any other person, can appoint or remove the holders of all or a
majority of the directorships; but, for the purposes of this provision,
that
other company shall be deemed to have power to appoint to a directorship with
respect to which any of the following conditions
is satisfied, that is to
say:-
(a) that a person cannot be appointed thereto without the exercise in his favour by that other company of such a power as aforesaid; or
(b) that a person's appointment thereto follows necessarily from his appointment as director of that other company.
(3) In
determining whether 1 company is a subsidiary of another-
(a) any shares held or power exercisable by that other in a fiduciary capacity shall be treated as not held or exercisable by it;
(b) subject to paragraphs (c) and (d), any shares held or power exercisable-
(i) by any person as a nominee for that other (except where that other is concerned only in a fiduciary capacity); or
(ii) by, or by a nominee for, a subsidiary of that other, not being a subsidiary which is concerned only in a fiduciary capacity,
shall be treated as held or exercisable by that other;
(c) any shares held or power exercisable by any person by virtue of the provisions of any debentures of the first-mentioned company or of a trust deed for securing any issue of such debentures shall, be disregarded;
(d) any shares held or power exercisable by, or by a nominee for, that other or its subsidiary (not being held or exercisable as mentioned in paragraph (c)) shall be treated as not held or exercisable by that other, if the ordinary business of that other or its subsidiary, as the case may be, includes the lending of money and the shares are held or power is exercisable as aforesaid by way of security only for the purposes of a transaction entered into in the ordinary course of that, business.
(4) For the purposes of this Act, a
company shall be deemed to be another's holding company if, but only if, that
other is its subsidiary.
(5) In this section, "company" includes anybody
corporate, and "equity share capital" means, in relation to a company, its
issued
share capital, excluding any part thereof which, neither as respects
dividends nor as respects capital, carries any right to participate
beyond a
specified amount in a distribution.
Signing of balance sheet
157.-(1) Every
balance sheet of a company shall be signed on behalf of the board by 2 of the
directors of the company.
(2) In the case of a banking company, the
balance sheet must be signed by a secretary or manager, if any, and, where there
are more
than 3 directors of the company, by at least 3 of those directors, and,
where there are not more than 3 directors, by all the directors.
(3) When
the total number of the directors of the company for the time being in Fiji is
less than the number of directors whose signatures
are required by this section,
the balance sheet shall be signed by all the directors for the time being in
Fiji or, if there is only
1 director for the time being in Fiji, by such
director, but, in any such case, there shall be subjoined to the balance sheet a
statement
signed by such directors or director explaining the reason for
non-compliance with the provisions of this section.
(4) If any copy of a
balance sheet which has not been signed as required by this section is issued,
circulated or published, the company
and every officer of the company who is in
default shall be liable to a fine not exceeding $100.
Accounts and auditors' report to be annexed to balance sheet
158.-(1)
The profit and loss account, and, so far as not incorporated in the
balance sheet or profit and loss account, any group accounts laid
before the
company in general meeting, shall be annexed to the balance sheet, and the
auditors' report, if any, shall be attached
thereto.
(2) Any accounts so
annexed shall be approved by the board of directors before the balance sheet is
signed on their behalf.
(3) If any copy of a balance sheet is issued,
circulated or published without having annexed thereto a copy of the profit and
loss
account or any group accounts required by this section to be so annexed, or
without having attached thereto a copy of the auditors'
report, if any, the
company and every officer of the company who is in default shall be liable to a
fine not exceeding $100.
Directors' report to be attached to balance sheet
159.-(1) There
shall be attached to every balance sheet laid before a company in general
meeting a report by the directors with respect
to the state of the company's
affairs, the amount, if any, which they recommend should be paid by way of
dividend, and the amount,
if any, which they propose to carry to reserves within
the meaning of the Seventh Schedule.
(2) The said report shall deal, so
far as is material for the appreciation of the state of the company's affairs by
its members and
will not, in the directors' opinion, be harmful to the business
of the company or of any of its subsidiaries, with any change during
the
financial year in the nature of the company's business, or in the company's
subsidiaries, or in the classes of business in which
the company has an
interest, whether as member of another company or otherwise.
(3) If any
person, being a director of a company, fails to take all reasonable steps to
comply with the provisions of subsection (1),
he shall, in respect of each
offence, be liable to a fine not exceeding $1,000:
Provided that, in any
proceedings against a person in respect of an offence under subsection (1), it
shall be a defence to prove that
he had reasonable ground to believe, and did
believe, that a competent and reliable person was charged with the duty of
seeing that
the provisions of that subsection were complied with and was in a
position to discharge that duty.
Right to receive copies of balance sheets and auditors' report
160.-(1) A copy
of every balance sheet, including every document required by law to be annexed
thereto, which is to be laid before a company
in general meeting, together with
a copy of the auditors' report, if any, shall, not less than 21 days before the
date of the meeting,
be sent to every member of the company (whether he is or is
not entitled to receive notices of general meetings of the company),
every
holder of debentures of the company (whether he is or is not so entitled) and
all persons other than members or holders of
debentures of the company, being
persons so entitled:
Provided that-
(i) in the case of a company not having a share capital, this subsection shall not require the sending of a copy of the documents aforesaid to a member of the company who is not entitled to receive notices of general meetings of the company or to a holder of debentures of the company who is not so entitled;
(ii) this subsection shall not require a copy of those documents to be sent-
(a) to a member of the company or a holder of debentures of the company, being, in either case, a person who is not entitled to receive notices of general meetings of the company and of whose address the company is unaware;
(b) to more than 1 of the joint holders of any shares or debentures, none of whom are entitled to receive such notices; or
(c)in the case of joint holders of any shares or debentures, some of whom are and some of whom are not entitled to receive such notices, to those who are not so entitled; and
(iii) if the copies of the documents aforesaid are sent less than 21 days before the date of the meeting, they shall, notwithstanding that fact, be deemed to have been duly sent, if it so agreed by all the members entitled to attend and vote at the meeting.
(2) Any member of a
company, whether he is or is not entitled to have sent to him copies of the
company's balance sheets, and any
holder of debentures of the company, whether
he is or is not so entitled, shall be entitled to be furnished, on demand,
without charge,
with a copy of the last balance sheet of the company, including
every document required by law to be annexed thereto, together with
a copy of
the auditors' report, if any, on the balance sheet.
(3) If default is
made in complying with subsection (1), the company and every officer of the
company who is in default shall be liable
to a fine not exceeding $100, and if,
when any person makes a demand for any document with which he is, by virtue of
subsection (2),
entitled to be furnished, default is made in complying with the
demand within a reasonable period after the making thereof, the company
and
every officer of the company who is in default shall be liable to a default
fine, unless it is proved that that person has already
made a demand for and
been furnished with a copy of the document.
(4) The foregoing provisions
of this section shall not have effect in relation to a balance sheet of a
private company laid before
it before 1 January 1984, and the right of any
person to be furnished with a copy of any such balance sheet and the liability
of
the company in respect of a failure to satisfy that right shall be the same
as they would have been if this Act had not passed.
Appointment and remuneration of auditors
161.-(1)
Subject to section 162, every
company shall, at each annual general meeting, appoint auditor or auditors to
hold office from the conclusion of that, until
the conclusion of the next,
annual general meeting.
(2) Notwithstanding the provisions of subsection
(1), at any annual general meeting, a retiring auditor, however appointed, shall
be deemed to be reappointed without any resolution being passed, unless-
(a) he is not qualified for reappointment; or
(b) a resolution has been passed at that meeting appointing somebody instead of him or providing expressly that he shall not be reappointed; or
(c) he has given the company notice in writing of his unwillingness to be reappointed:
Provided that, where notice is given of an intended resolution to appoint some person or persons in place of a retiring auditor, and by reason of the death, incapacity or disqualification of that person or of all those persons, as the case may be, the resolution cannot be proceeded with, the retiring auditor shall not be deemed to be automatically reappointed by virtue of this subsection.
(3) Where, at an annual general
meeting, no auditors are appointed or are deemed to be reappointed, the
registrar may appoint a person
to fill the vacancy.
(4) The company
shall, within 7 days of the registrar's power under subsection (3) becoming
exercisable, give him notice of that fact,
and, if a company fails to give
notice as required by this subsection, the company and every officer of the
company who is in default
shall be liable to a default fine.
(5) Subject
as hereinafter provided, the first auditors of a company may be appointed by the
directors at any time before the first
annual general meeting, and auditors so
appointed shall hold of ice until the conclusion that meeting:
Provided
that-
(i) the company may, at a general meeting, remove any such auditors and appoint in their place any other persons who have been nominated for appointment by any member of the company and of whose nomination notice has been given to the members of the company not less than 14 days before the date of the meeting; and
(ii) if the directors fail to exercise their powers under this subsection, the company in general meeting may appoint the first auditors, and thereupon the said powers of the directors shall cease.
(6)
The directors may fill any casual vacancy in the office of auditor but, while
any such vacancy continues, the surviving or continuing
auditor or auditors, if
any, may act.
(7) (a) the
remuneration of the auditors of a company-
(i) in the case of an auditor appointed by the directors or by the registrar, may be fixed by, the directors or by the registrar as the case may be;
(ii) subject to subparagraph (i), shall be fixed by the company in general meeting or in such manner as the company in general meeting may determine.
(b) For the purposes of this subsection, any sums paid by the company in respect of the auditors' expenses shall be deemed to be included in the expression "remuneration".
Operation of section 161 in relation to private companies
162.-(1) Section
161 shall not apply to a private
company, not being a private company which is required to comply with section
130, in respect of any annual general
meeting, if, at or before that meeting, all the members of the company having
the right to vote
on that resolution pass a unanimous resolution that no auditor
be appointed at that meeting.
(2) Every such resolution shall expire at
the commencement of the next annual general meeting after the meeting to which
it relates.
(3) Where a resolution under this section is passed-
(a) section 145 shall apply to the resolution;
(b) the registrar may, at any time before the next annual general meeting, if he thinks fit, on the application or with the consent of any member or creditor of the company, or of his own motion, appoint an auditor or auditors to hold office until the conclusion of the next annual general meeting;
(c) every balance sheet of the company prepared while the company has no auditor shall include a statement that the accounts have not been audited; and subsection (6) of section 151 shall apply in every case of failure to comply with this paragraph.
Provisions as to resolution relating to appointment and removal of auditors
163.-(1) Special
notice shall be required for a resolution at a company's annual general meeting
appointing as auditor a person other
than a retiring auditor or providing
expressly that a retiring auditor shall not be reappointed.
(2) On
receipt of notice of such an intended resolution as aforesaid, the company shall
forthwith send a copy thereof to the retiring
auditor (if any).
(3) Where
notice is given of such an intended resolution as aforesaid and the retiring
auditor makes, with respect to the intended
resolution, representations in
writing to the company (not exceeding a reasonable length) and requests their
notification to members
of the company, the company shall, unless the
representations are received by it too late for it to do so-
(a) in any notice of the resolution given to members of the company, state the fact of the representations having been made; and
(b) send a copy of the representations to every member of the company to whom notice of the meeting is sent (whether before or after receipt of the representations by the company),
and, if a copy of the representations is not sent as aforesaid because received too late or because of the company's default, the auditor may (without prejudice to his right to be heard orally) require that the representations shall be read out at the meeting:
Provided that copies of the representations need not be sent out and the representations need not be read out at the meeting if, on the application either of the company or of any other person who claims to be aggrieved, the court is satisfied that the rights conferred by this section are being abused to secure needless publicity for defamatory matter; and the court may order the company's costs, on an application under this section, to be paid in whole or in part by the auditor, notwithstanding that he is not a party to the application.
(4) Subsection (3) shall apply to
a resolution to remove the first auditors by virtue of subsection (5) of section
161 as it applies in relation to a
resolution that a retiring auditor shall not be reappointed.
Disqualifications for appointment as auditor
164.-(1) A person
or firm shall not be qualified for appointment as auditor of a company which is
not a private company, or of a private
company to which section
130 applies, unless he, or in the case
of a firm, every partner in the firm, is the holder of a certificate of public
practice issued
by the Fiji Institute of Accountants.
(2) (a) None of the following persons shall be qualified for appointment as auditor of a company-
(i) an officer or servant of the company;
(ii) a person who is a partner of or in the employment of an officer or servant of the company;
(iii) a body corporate.
(b) References in this subsection to an officer or servant shall be construed as not including references to an auditor.
(3) A
person shall also not be qualified for appointment as auditor of a company if he
is, by virtue of subsection (2), disqualified
for appointment as auditor of any
other body corporate which is that company's subsidiary or holding company or a
subsidiary of that
company's holding company, or would be so disqualified, if
the body corporate were a company.
(4) If any person who is not qualified
so to act is appointed as auditor of a company, such person and the company and
every officer
in default shall each be liable to a fine not exceeding
$400.
(5) This section shall not apply to the person who holds office as,
or is for the time being exercising the powers and performing
the duties of, the
Auditor-General.
Auditors' report and right of access to books and to
attend
and be heard at general meetings
165.-(1)
The auditors shall make a report to the members on the accounts examined by
them, and on every balance sheet, every profit and
loss account and all group
accounts laid before the company in general meeting during their tenure of
office, and the report shall
contain statements as to the matters mentioned in
the Eighth Schedule.
(2) The auditors' report shall be read before the
company in general meeting and shall be open to inspection by any
member.
(3) Every auditor of a company shall have a right of access, at
all times, to the books and accounts and vouchers of the company,
and shall be
entitled to require from the officers of the company such information and
explanations as he thinks necessary for the
performance of the duties of the
auditors.
(4) The auditors of a company shall be entitled to attend any
general meeting of the company and to receive all notices of and other
communications relating to any general meeting which any member of the company
is entitled to receive and to be heard at any general
meeting which they attend
on any part of the business of the meeting which concerns them as
auditors.
Construction of references to documents annexed to accounts
166. References
in this Act to a document annexed or required to be annexed to a company's
accounts or any of them do not include the
directors' report or the auditors'
report:
Provided that any information which is required, by this Act, to
be given in accounts, and is thereby allowed to be given in a statement
annexed,
may be given in the directors' report instead of in the accounts and, if any
such information is so given, the report shall
be annexed to the accounts and
this Act shall apply in relation thereto accordingly, except that the auditors
shall report thereon
only so far as it gives the said information.
Division 9-Investigation by the Registrar
Investigation by registrar
167.-(1) (a) Where the registrar has reasonable cause to believe that the provisions of this Act are not being complied with, or where, on perusal of any document which a company is required to submit to him under the provisions of this Act, he is of opinion that the document does not disclose a full and fair statement of the matters to which it purports to relate, he may, by a written order, call on the company concerned to produce all or any of the books of the company or to furnish, in writing, such information or explanation as he may specify in his order.
(b) Such books shall be produced and such information or explanation shall be furnished within such time as may be specified in the order.
(2) On receipt of an
order under subsection (1), it shall be the duty of all persons who are or have
been officers of the company
to produce such books or to furnish such
information or explanation, so far as lies within their power.
(3) If any
such person refuses or neglects to produce such books or to furnish any such
information or explanation he shall be liable
to a fine not exceeding $100 in
respect of each offence.
(4) If, after examination of such books or
consideration of such information or explanation, the registrar is of the
opinion that
an unsatisfactory state-of-affairs is disclosed or that a full and
fair statement has not been disclosed, the registrar shall report
the
circumstances of the case, in writing, to the court.
Division 10-Inspection
Investigation of company's affairs on application of members
168.-(1) The
court may appoint 1 or more competent inspectors to investigate the affairs of a
company and to report thereon in such manner
as the court directs-
(a) in the case of a company having a share capital, on the application either of not fewer than 200 members or of members holding not less than one-tenth of the shares issued;
(b) in the case of a company not having a share capital, on the application of not less than one-fifth in number of the persons on the company's register of members.
(2) The application shall be
supported by such evidence as the court may require for the purpose of showing
that the applicants have
good reason for requiring the investigation, and the
court may, before appointing an inspector, require the applicants to give
security,
to an amount not exceeding $1,000, for payment of the costs of the
investigation.
Investigation of company's affairs in other cases
169. Without
prejudice to its powers under section
168, the court-
(a) shall appoint 1 or more competent inspectors to investigate the affairs of a company and to report thereon in such manner as the court directs, if the company by special resolution declares that its affairs ought to be investigated by an inspector appointed by the court; and
(b) may do so, if it appears to the court upon a report from the registrar that there are circumstances suggesting-
(i) that the company's business is being conducted with intent to defraud its creditors or the creditors of any other person or otherwise for a fraudulent or unlawful purpose or in a manner oppressive of any part of its members or that it was formed for any fraudulent or unlawful purpose; or
(ii) that persons concerned with its formation or the management of its affairs have in connection therewith been guilty of fraud, misfeasance or other misconduct towards it or towards its members; or
(iii) that its members have not been given all the information with respect to its affairs which they might reasonably expect; or
(iv) that it is desirable so to do.
Power of inspectors to carry investigation into affairs of related companies
170. If an
inspector appointed under either section 168
or section 169 to investigate
the affairs of a company thinks it necessary for the purposes of his
investigation to investigate also the affairs
of any other body corporate which
is or has, at any relevant time, been the company's subsidiary or holding
company or a subsidiary
of its holding company or a holding company of its
subsidiary, he shall have power so to do, and shall report on the affairs of the
other body corporate so far as he thinks the results of his investigation
thereof are relevant to the investigation of the affairs
of the first-mentioned
company.
Production of documents and evidence on investigation
171.-(1) It shall
be the duty of all officers and agents of the company and of all officers and
agents of any other body corporate whose
affairs are investigated by virtue of
section 170 to produce to any inspector
all books and documents of or relating to the company or, as the case may be,
the other body corporate
which are in their custody or power and otherwise to
give to the inspectors all assistance in connection with the investigation which
they are reasonably able to give.
(2) An inspector may examine on oath
the officers and agents of the company or other body corporate in relation to
its business, and
may administer an oath accordingly.
(3) If any officer
or agent of the company or other body corporate refuses to produce to any
inspector any book or document which
it is his duty under this section so to
produce, or refuses to answer any question which is put to him by an inspector
with respect
to the affairs of the company or other body corporate, as the case
may be, the inspector may certify the refusal under his hand to
the court, and
the court may thereupon inquire into the case, and after hearing any witnesses
who may be produced against or on behalf
of the alleged offender and, after
hearing any statement which may be offered in defence, punish the offender in
like manner as if
he had been guilty of contempt of the court.
(4) If an
inspector thinks it necessary for the purpose of his investigation that a person
whom he has no power to examine on oath
should be so examined, he may apply to
the court and the court may, if it sees fit, order that person to attend and be
examined on
oath before it on any matter relevant to the investigation and, on
any such examination-
(a) the inspector may take part therein, either personally or by barrister and solicitor;
(b) the court may put such questions to the person examined as the court thinks fit;
(c) the person examined shall answer all such questions as the court may put or allow to be put to him, but may, at his own cost, employ a barrister and solicitor, who shall be at liberty to put to him such questions as the court may deem just for the purpose of enabling him to explain or qualify any answers given by him,
and notes of the examination shall be taken down in writing and shall be read over to or by, and signed by, the person examined, and may thereafter be used in evidence against him:
Provided that, notwithstanding anything in paragraph (c), the court may allow the person examined such costs as, in its discretion, it may think fit, and any costs so allowed shall be paid as part of the expenses of the investigation.
(5) In this section, any
reference to officers or to agents includes past, as well as present, officers
or agents, as the case may
be and, for the purposes of this section, "agents",
in relation to a company or other body corporate, includes the bankers and
barristers
and solicitors of the company or other body corporate and any persons
employed by the company or other body corporate as auditors,
whether those
persons are or are not officers of the company or other body corporate.
Inspector's report
172.-(1) (a) An inspector may, and, if so directed by the court, shall, make interim reports to the court and, on the conclusion of the investigation, shall make a final report to the court.
(b) Any such report shall be written or, if the court so directs, printed.
(2) The court shall-
(a) forward a copy of any report made by an inspector to the company and to the registrar;
(b) if the court thinks fit, forward a copy thereof, on request and on payment of the prescribed fee, to any other person who is a member of the company or of any other body corporate dealt with in the report by virtue of section 170, or whose interests as a creditor of the company or any such other body corporate as aforesaid appear to the court to be affected;
(c) where any inspector is appointed under section 168, furnish, at the request of the applicants for the investigation, a copy to them,
and may also cause the report to be printed and published.
Proceedings on inspector's reports
173.-(1) (a) If, from any report made under section 172, it appears to the court that any person has, in relation to the company or to any other body corporate whose affairs have been investigated by virtue of section 170, been guilty of any offence for which he is criminals liable, the court shall forward a copy of the report to the Director of Public Prosecutions, and, if the Director of Public Prosecutions considers that the case is one in which a prosecution ought to be instituted, he shall institute proceedings accordingly, and it shall be the duty of all officers and agents of the company, past and present (other than the defendant in the proceedings), to give to him all assistance in connection with the prosecution which they are reasonably able to give.
(b) Subsection (5) of section 171 shall apply, for the purposes of this subsection, as it applies for the purpose of that section.
(2) If, in the case of any body
corporate liable to be wound up under this Act, it appears to the
Attorney-General, from any such
report as aforesaid, that it is expedient so to
do by reason of any such circumstances as are referred to in subparagraph (i) or
subparagraph (ii) of paragraph (b) of
section 169, the Attorney-General may,
unless the body corporate is already being wound up by the court, present a
petition for it to be so wound
up, if the court thinks it just and equitable
that it should be wound up, or a petition for an order under section
212, or both.
(3) If, from any
such report as aforesaid, it appears to the Attorney-General that proceedings
ought, in the public interest, to be
brought by any body corporate dealt with by
the report for the recovery of damages in respect of any fraud, misfeasance or
other
misconduct in connection with the promotion or formation of that body
corporate or the management of its affairs, or for the recovery
of any property
of the body corporate which has been misapplied or wrongfully retained, he may
himself bring proceedings for that
purpose in the name of the body
corporate.
(4) The registrar shall indemnify the body corporate against
any costs or expenses incurred by it in or in connection with any proceedings
brought by virtue of subsection (3).
Expenses of investigation of company's affairs
174.-(1) The
expenses of and incidental to an investigation by an inspector appointed by the
court under the foregoing provisions of
this Act shall be defrayed in the first
instance by the registrar, but the following persons shall, to the extent
mentioned, be liable
to repay the registrar:-
(a) any person who is ordered to pay damages or restore any property in proceedings brought by virtue of subsection (3) of section 173, may, in the same proceedings, be ordered to pay the said expenses to such extent as may be specified in the order;
(b) any body corporate in whose name proceedings are brought as aforesaid shall be liable to the amount or value of any sums or property recovered by it as a result of those proceedings;
(c) unless, as a result of the investigation, a prosecution is instituted by the Director of Public Prosecutions-
(i) any body corporate dealt with by the report, where the inspector was appointed otherwise than under paragraph (b) of section 169, shall be liable, except so far as the court otherwise directs; and
(ii) the applicants for the investigation, where the inspector was appointed under section 168, shall be liable to such extent (if any) as the court directs,
and any amount for which a body corporate is liable by virtue of paragraph (b) of this subsection shall be a first charge on the sums or property mentioned in that paragraph.
(2) The report of an inspector
appointed otherwise than under paragraph
(b) of section
169 may, if he thinks fit, and shall,
if the court so directs, include a recommendation as to the directions (if any)
which he thinks
appropriate, in the light of his investigation, to be given
under paragraph (c) of subsection (1)
of this section.
(3) For the purposes of this section, any costs or
expenses incurred by the registrar in or in connection with proceedings brought
by virtue of subsection (3) of section 173
(including expenses incurred by virtue of subsection (4) of that section)
shall be treated as expenses of the investigation giving
rise to the
proceedings.
(4) Any liability to repay the registrar imposed by
paragraphs (a) and
(b) of subsection (1) shall, subject
to satisfaction of the registrar's right to repayment, be a liability also to
indemnify all persons
against liability under paragraph
(c) thereof, and any such liability
imposed by paragraph (a) shall,
subject as aforesaid, be a liability also to indemnify all persons against
liability under paragraph (b); and any
person liable under paragraph (a) or
(b) or either subparagraph of
paragraph (c) shall be entitled to
contribution from any other person liable under the same paragraph or
subparagraph, as the case may be, according
to the amount of their respective
liabilities thereunder.
Inspector's report to be evidence
175. A copy of
any report of any inspector appointed under the foregoing provisions of this
Act, authenticated by the seal of the company
whose affairs have been
investigated, shall be admissible in any legal proceedings as evidence of the
opinion of the inspector in
relation to any matter contained in the
report.
Appointment and powers of inspectors to investigate ownership of company
176.-(1) Where it
appears to the registrar that there is good reason so to do, he may appoint 1 or
more competent inspectors to investigate
and report on the membership of any
company, and otherwise with respect to the company, for the purpose of
determining the true persons
who are or have been financially interested in the
success or failure (real or apparent) of the company or able to control or
materially
to influence the policy of the company.
(2) The appointment of
an inspector under this section may define the scope of his investigation,
whether as respects the matter or
the period to which it is to extend or
otherwise, and, in particular, may limit the investigation to matters connected
with particular
shares or debentures.
(3) Where an application for an
investigation under this section with respect to particular shares or debentures
of a company is made
to the registrar by members of the company, and the number
of applicants or the amount of the shares held by them is not less than
that
required for an application for the appointment of an inspector under section
168, the registrar shall appoint an
inspector to conduct the investigation, unless he is satisfied that the
application is vexatious,
and the inspector's appointment shall not exclude from
the scope of his investigation any matter which the application seeks to have
included therein, except in so far as the registrar is satisfied that it is
unreasonable for that matter to be investigated:
Provided that the
registrar may refuse to appoint an inspector under this subsection unless, in
any case in which he considers it
reasonable so to require, the applicants give
sufficient security for the payment of the costs of the
investigation.
(4) Subject to the terms of an inspector's appointment,
his powers shall extend to the investigation of any circumstances suggesting
the
existence of an arrangement or understanding which, though not legally binding,
is or was observed or likely to be observed in
practice and which is relevant to
the purposes of his investigation.
(5) For the purposes of any
investigation under this section, sections
170 to
172 shall apply with the necessary
modifications of references to the affairs of the company or to those of any
other body corporate,
so, however, that-
(a) the said sections shall apply in relation to all persons who are or have been, or whom the inspector has reasonable cause to believe to be or have been, financially interested in the success or failure, or the apparent success or failure, of the company or any other body corporate whose membership is investigated with that of the company, or able to control or materially to influence the policy thereof, including persons concerned only on behalf of others, as they apply in relation to officers and agents of the company or of the other body corporate, as the case may be; and
(b) the registrar shall not be bound to furnish the company or any other person with a copy of any report by an inspector appointed under this section or with a complete copy thereof, if he is of opinion that there is good reason for not divulging the contents of the report or of parts thereof, but shall keep a copy of any such report or, as the case may be, the parts of any such report, as respects which he is not of that opinion.
(6) (a) The expenses of any investigation under subsection (1) shall be defrayed by the registrar.
(b) The expenses of any investigation under subsection (3) shall be defrayed by the applicants, unless the registrar certifies that it is a case in which he might properly have acted under subsection (1).
Power to require information as to persons interested in shares or debentures
177.-(1)
Where it appears to the registrar that there is good reason to
investigate the ownership of any shares in or debentures of a company
and that
it is unnecessary to appoint an inspector for the purpose, he may require any
person whom he has reasonable cause to believe-
(a) to be or to have been interested in those shares or debentures; or
(b) to act or to have acted in relation to those shares or debentures as the barrister and solicitor or agent of someone interested therein,
to give him any information which he has or can reasonably be expected to obtain as to the present and past interests in those shares or debentures and the names and addresses of the persons interested and of any persons who act or have acted on their behalf in relation to the shares or debentures.
(2) For the purposes of this
section, a person shall be deemed to have an interest in a share or debenture,
if he has any right to
acquire or dispose of the share or debenture or any
interest therein or to vote in respect thereof, or if his consent is necessary
for the exercise of any of the rights of other persons interested therein, or if
other persons interested therein can be required
or are accustomed to exercise
their rights in accordance with his instructions.
(3) Any person who
fails to give any information required of him under this section, or who, in
giving any such information, makes
any statement which he knows to be false in a
material particular, shall be liable to imprisonment for a term not exceeding 6
months
or to a fine not exceeding $1,000, or to both.
Power to impose restrictions on shares or debentures
178.-(1) Where,
in connection with an investigation under either section
176 or section
177, it appears to the registrar that
there is difficulty in finding out the relevant facts about any shares (whether
issued or to be
issued), and that the difficulty is due wholly or mainly to the
unwillingness of the persons concerned or any of them to assist the
investigation as required by this Act, the registrar may, by order, direct that
the shares shall, until further order, be subject
to the restrictions imposed by
this section.
(2) So long as any shares are directed to be subject to the
restrictions imposed by this section-
(a) any transfer of those shares, or, in the case of unissued shares, any transfer of the right to be issued therewith and any issue thereof, shall be void; and
(b) no voting rights shall be exercisable in respect of those shares; and
(c) no further shares shall be issued in right of those shares or in pursuance of any offer made to the holder thereof; and
(d) except in a liquidation, no payment shall be made of any sums due from the company on those shares, whether in respect of capital or otherwise.
(3) Where the registrar makes an
order directing that shares shall be subject to the said restrictions, or
refuses to make an order
directing that shares shall cease to be subject
thereto, any person aggrieved thereby may apply to the court, and the court may,
if it sees fit, direct that the shares shall cease to be subject to the said
restrictions.
(4) Any order (whether of the registrar or of the court)
directing that shares shall cease to be subject to the said restrictions
which
is expressed to be made with a view to permitting a transfer of those shares may
continue the restrictions mentioned in paragraphs
(c) and
(d) of subsection (2), either in whole
or in part, so far as they relate to any right acquired or offer made before the
transfer.
(5) Any person who-
(a) exercises or purports to exercise any right to dispose of any shares which, to his knowledge, are, for the time being, subject to the said restrictions or of any right to be issued with any such shares; or
(b) votes in respect of any such shares, whether as holder or proxy, or appoints a proxy to vote in respect thereof; or
(c) being the holder of any such shares, fails to notify of their being subject to the said restrictions any person whom he does not know to be aware of that fact but does know to be entitled, apart from the said restrictions, to vote in respect of those shares whether as holder or proxy,
shall be liable to imprisonment for a
term not exceeding 6 months or to a fine not exceeding $1,000, or to
both.
(6) Where shares in any company are issued in contravention of the
said restrictions, the company and every officer of the company
who is in
default shall be liable to a fine not exceeding $1,000.
(7) A prosecution
shall not be instituted under this section, except by or with the consent of the
Director of Public Prosecutions.
(8) This section shall apply in relation
to debentures as it applies in relation to shares.
Saving for barristers and solicitors and bankers
179. Nothing in
the foregoing provisions of this Part shall require disclosure to the court or
to the registrar or to an inspector appointed
by the court or the
registrar-
(a) by a barrister and solicitor of any privileged communication made to him in that capacity, except as respects the name and address of his client; or
(b) by a company's bankers as such of any information as to the affairs of any of their customers other than the company.
Division 11-Directors and Other Officers
Directors
180.-(1)
Every company other than a private company shall have at least 3 directors and
every private company shall have at least 2 directors.
(2) A person is incapable of being appointed as a director
of a company, unless he is a natural person.
(3) In the case of a company
other than a private company, at least 2 directors shall be persons who
ordinarily reside in Fiji and,
in the case of a private company, at, least 1
director shall be a person who ordinarily so resides.
(4) This section
applies to a company whether registered before or after 1 January
1984.
(5) If default is made in complying with this section, the company
and every officer of the company who is in default shall be liable
to a fine not
exceeding $500.
Secretary
181.-(1) Every
company shall have at least 1 secretary.
(2) A secretary of a company
shall be appointed by the directors.
(3) A person is not capable of being
a secretary of a company, unless the person is a natural person who has attained
the age of 21
years.
(4) The secretary, or 1 of the secretaries, shall be
a person who ordinarily resides in Fiji.
(5) Anything required or
authorised to be done by or to a secretary may, if the office is vacant, or
there is, for any other reason,
no secretary capable of acting, be done by or to
any assistant or deputy secretary or, if there is no assistant or deputy
secretary
capable of acting, by or to any officer of the company authorised
generally or specially in that behalf by a resolution of the board
of
directors.
(6) A provision of this Act or of the memorandum or articles
requiring or authorising any act or thing to be done by or to a director
and a
secretary is not satisfied by its being done by or to the same person acting
both as director and as, or in place of, a secretary.
(7) This section
applies to a company whether registered before or after 1 January
1984.
(8) If default is made in complying with this section, the company
and every officer of the company who is in default shall be liable
to a fine not
exceeding $400.
Validity of acts of directors
182. The acts of
a director or manager shall be valid, notwithstanding any defect that may
afterwards be discovered in his appointment
or qualification.
Restrictions on appointment or advertisement of director
183.-(1) A person
shall not be capable of being appointed director of a company by the articles,
and shall not be named as a director
or proposed director of a company in a
prospectus issued by or on behalf of the company, or as proposed director of an
intended company
in a prospectus issued in relation to that intended company, or
in a statement in lieu of prospectus delivered to the registrar by
or on behalf
of a company, unless, before the registration of the articles or the publication
of the prospectus or the delivery of
the statement in lieu of prospectus, as the
case may be, he has, by himself or by his agent authorized in writing-
(a) signed and delivered to the registrar, for registration, a consent, in writing, to act as such director; and
(b) either-
(i) signed the memorandum for a number of shares not less than his qualification, if any; or
(ii) taken from the company and paid or agreed to pay for his qualification shares, if any; or
(iii) signed and delivered to the registrar, for registration, an undertaking, in writing, to take from the company and pay for his qualification shares, if any; or
(iv) made and delivered to the registrar, for registration, a statutory declaration to the effect that a number of shares, not less than his qualification, if any, are registered in his name.
(2) Where a person has signed and delivered as
aforesaid an undertaking to take and pay for his qualification shares, he shall,
as
regards those shares, be in the same position as if he had signed the
memorandum for that number of shares.
(3) References in this section to
the share qualification of a director or proposed director shall be construed as
including only
a share qualification required on appointment or within a period
determined by reference to the time of appointment and references
therein to
qualification shares shall be construed accordingly.
(4) On the
application for registration of the memorandum and articles of a company, the
applicant shall deliver to the registrar
a list of the persons who have
consented to be directors of the company, and, if this list contains the name of
any person who has
not so consented, the applicant shall be liable to a fine not
exceeding $100.
(5) This section shall not apply to-
(a) a company not having a share capital; or
(b) a private company; or
(c) a company which was a private company before becoming a public company; or
(d) a prospectus issued by or on behalf of a company after the expiration of 1 year from the date on which the company was entitled to commence business
Share qualifications of directors
184.-(1) Without
prejudice to the restrictions imposed by section
183, it shall be the duty of every
director who is, by the articles of the company, required to hold a specified
share qualification,
and who is not already qualified, to obtain his
qualification within 2 months after his appointment, or such shorter time as may
be fixed by the articles.
(2) For the purpose of any provision in the
articles requiring a director or manager to hold a specified share
qualification, the
bearer of a share warrant shall not be deemed to be the
holder of the shares specified in the warrant.
(3) The office of director
of a company shall be vacated, if the director does not, within 2 months from
the date of his appointment,
or within such shorter time as may be fixed by the
articles, obtain his qualification, or if, after the expiration of the said
period
or shorter time, he ceases at any time to hold his
qualification.
(4) A person vacating office under this section shall be
incapable of being reappointed director of the company until he has obtained
his
qualification.
(5) If, after the expiration of the said period or shorter
time, any unqualified person acts as a director of the company, he shall
be
liable to a fine not exceeding $10 for every day between the expiration of the
said period or shorter time or the day on which
he ceased to be qualified, as
the case may be, and the last day on which it is proved that ire acted as a
director.
Appointment of directors to be voted on individually
185.-(1) At a
general meeting of a company other than a private company, a motion for the
appointment of 2 or more persons as directors
of the company by a single
resolution shall not be made, unless a resolution that it shall be so made has
first been agreed to by
the meeting without any vote being given against
it.
(2) A resolution moved in contravention of this section shall be
void, whether or not its being so moved was objected to at the
time:
Provided that-
(a) this subsection shall not be taken as excluding the operation of section 182; and
(b) where a resolution so moved is passed, no provision for the automatic reappointment of retiring directors in default of another appointment shall apply.
(3) For the purposes of this section, a motion
for approving a person's appointment or for nominating a person for appointment
shall
be treated as a motion for his appointment.
(4) Nothing in this
section shall apply to a resolution altering the company's articles.
Removal of directors
186.-(1)
A company may, by ordinary resolution, remove a director before the expiration
of his period of office, notwithstanding anything
in its articles or in any
agreement between it and him:
Provided that this subsection shall not, in
the case of a private company, authorize the removal of a director holding
office for
life immediately before 1 January 1984, whether or not subject to
retirement under an age-limit by virtue of the articles or otherwise.
(2)
Special notice shall be required of any resolution to remove a director under
this section or to appoint somebody instead of a
director so removed at the
meeting at which he is removed, and, on receipt of notice of an intended
resolution to remove a director
under this section, the company shall forthwith
send a copy thereof to the director concerned, and the director (whether or not
he
is a member of the company) shall be entitled to be heard on the resolution
at the meeting.
(3) Where notice is given of an intended resolution to
remove a director under this section and the director concerned makes, with
respect thereto, representations, in writing, to the company (not exceeding a
reasonable length) and requests their notification
to members of the company,
the company shall, unless the representations are received by it too late for it
to do so-
(a) in any notice of the resolution given to members of the company, state the fact of the representations having been made; and
(b) send a copy of the representations to every member of the company to whom notice of the meeting is sent (whether before or after receipt of the representations by the company),
and, if a copy of the representations is not sent as aforesaid because received too late or because of the company's default, the director may (without prejudice to his right to be heard orally) require that the representations shall be read out at the meeting:
Provided
that copies of the representations need not be sent out and the representations
need not be read out at the meeting if, on
the application either of the company
or of any other person who claims to be aggrieved, the court is satisfied that
the rights conferred
by this section are being abused to secure needless
publicity for defamatory matter; and the court may order the company's costs
on
an application under this section to be paid in whole or in part by the
director, notwithstanding that he is not a party to the
application.
(4) A vacancy created by the removal of a director under this section, if not filled at the meeting at which he is removed, may be filled as a casual vacancy.
(5) A person appointed director in place of a person removed under this section shall be treated, for the purpose of determining the time at which he or any other director is to retire, as if he had become director on the day on which the person in whose place he is appointed was last appointed a director.
(6) Nothing in this section shall be taken as depriving a person removed thereunder of compensation or damages payable to him in respect of the termination of his appointment as director or of any appointment terminating with that as director or as derogating from any power to remove a director which may exist apart from this section.
Minimum age for appointment of directors,
and retirement
of directors over age limit
187.-(1) Subject to the provisions of this section, no
person shall be capable of being appointed a director of a company which is
subject to this section, if, at the time of his appointment, he has not attained
the age of 21, or he has attained the age of 75.
(2) Subject as
aforesaid, a director of a company which is subject to this section shall vacate
his office at the conclusion of the
annual general meeting commencing next after
he attains the age of 75:
Provided that acts done by a person as director
shall be valid, notwithstanding that it is afterwards discovered that his
appointment
had terminated by virtue of this subsection.
(3) Where a person retires by virtue of subsection (2), no provision for the automatic reappointment of retiring directors in default of another appointment shall apply; and if, at the meeting at which he retires, the vacancy is not filled, it may be filled as a casual vacancy.
(4) Subsection (2) shall not apply to a director who was in office immediately before 1 January 1984 so as to terminate his then appointment before the conclusion of the third annual general meeting commencing on or after that date, but shall apply so as to terminate it at the conclusion of that meeting, if he has attained the age of 75 before the commencement of the meeting.
(5) Nothing in the foregoing provisions of this section shall prevent the appointment of a director at any age, or require a director to retire at any time, if his appointment is or was made or approved by the company in general meeting, but special notice shall be required of any resolution appointing or approving the appointment of a director for it to have effect for the purposes of this subsection and the notice thereof given to the company and by the company to its members must state or must have stated, the age of the person to whom it relates.
(6) A person reappointed director on retiring by virtue of subsection (2), or appointed in place of a director so retiring, shall be treated, for the purpose of determining the time at which he or any other director is to retire, as if he had become director on the day on which the retiring director was last appointed before his retirement; but, except as provided by this subsection, the retirement of a director out of turn by virtue of subsection (2) shall be disregarded in determining when any other directors are to retire.
(7) In the case of a company first registered on or after 1 January 1984, this section shall have effect subject to the provisions of the company's articles; and, in the case of a company first registered before that date-
(a) this section shall have effect subject to any alterations of the company's articles made on or after that date; and
(b) if, immediately before that date, the company's articles contained provision for retirement of directors under an age limit or for preventing or restricting appointments of directors over a given age, this section shall not apply to directors to whom that provision applies.
(8) A company shall be subject to this section, if it is not a private company or if, being a private company, it is the subsidiary of a body corporate incorporated in Fiji which is not a private company; and, for the purposes of any other section of this Act which refers to a company subject to this section, a company shall be deemed to be subject to this section, notwithstanding that all or any of the provisions thereof are excluded or modified by the company's articles.
Duty on directors to disclose age to company
188.-(1) Any
person who is appointed or, to his knowledge, proposed to be appointed director
of a company, subject to section 187,
at a time before he has attained the age of 21 or after he has attained any
retiring age applicable to him as director either under
this Act or under the
company's articles, shall give notice of his age to the company:
Provided
that this subsection shall not apply in relation to a person's reappointment on
the termination of a previous appointment
as director of the company.
(2) Any person who-
(a) fails to give notice of his age as required by this section; or
(b) acts as, director under any appointment which is invalid or has terminated by reason of his age,
shall be liable to a
fine not exceeding $10 for every day during which the failure continues or
during which he continues to act as
aforesaid.
(3) for the purposes of
subsection (2), a person who has acted as director under an appointment which is
invalid or has terminated
shall be deemed to have continued so to act throughout
the period from the invalid appointment or the date on which the appointment
terminated, as the case may be, until the last day on which he is proved to have
acted thereunder.
Provisions as to undischarged bankrupts acting as directors
189.-(1) If any
person who has been declared bankrupt or insolvent by a competent court in Fiji
or elsewhere and has not received his
discharge acts as director of, or directly
or indirectly takes part in or is concerned in the management of, any company,
except
with the leave of the court, he shall be liable to imprisonment for a
term not exceeding 2 years or to a fine not exceeding $1,000,
or to
both.
(2) The leave of the court, for the purposes of this section, shall
not be given, unless notice of intention to apply therefor has
been served on
the official receiver, and it shall be the duty of the official receiver, if he
is of opinion that it is contrary
to the public interest that any such
application should be granted, to attend on the hearing of and oppose the
granting of the application.
(3) In this section, "company" includes an
unregistered company and a company incorporated outside Fiji which has an
established place
of business within Fiji, and "official receiver" means the
official receiver in bankruptcy.
Power to restrain fraudulent persons from managing companies
190.-(1)
Where-
(a) a person is convicted of any offence in connection with the promotion, formation or management of a company; or
(b) in the course of winding-up a company, it appears that a person-
(i) has been guilty of any offence for which he is liable (whether he has been convicted or not) under section 324; or
(ii) has otherwise been guilty, while an officer of the company, of any fraud in relation to the company or of any breach of his duty to the company,
the court may make an order that that person shall not, without the leave of the court, be a director of or in any way, whether directly or indirectly, be concerned or take part in the management of the company for such period, not exceeding 5 years, as may be specified in the order.
(2) In subsection (1), "the court", in
relation to the making of an order against any person by virtue of paragraph
(a) thereof, includes the court before
which he is convicted, as well as any court having jurisdiction to wind up the
company, and, in
relation to the granting of leave, means any court having
jurisdiction to wind up the company as respects which leave is
sought.
(3) A person intending to apply for the making of an order under
this section by the court having jurisdiction to wind up a company
shall give
not less than 10 days' notice of his intention to the person against whom the
order is sought and, on the hearing of the
application, the last mentioned
person may appear and himself give evidence or call witnesses.
(4) An
application for the making of an order under this section by the court having
jurisdiction to wind up a company may be made
by the official receiver, or by
the liquidator of the company or by a person who is or has been a member or
creditor of the company;
and, on the hearing of any application for an order
under this section by the official receiver or the liquidator, or of any
application
for leave under this section by a person against whom an order has
been made on the application of the official receiver or the liquidator,
the
official receiver or liquidator shall appear and call the attention of the court
to any matters which seem to him to be relevant,
and may himself give evidence
or call witnesses.
(5) An order may be made by virtue of subparagraph
(ii) of paragraph (b) of subsection
(1), notwithstanding that the person concerned may be criminally liable in
respect of the matters on the ground of
which the order is to be made and, for
the purposes of that subparagraph (ii), "officer" includes any person in
accordance with whose
directions or instructions the directors of the company
have been accustomed to act.
(6) If any person acts in contravention of
an order made under this section, he shall, in respect of each offence, be
liable to imprisonment
for a term not exceeding 2 years or to a fine not
exceeding $1,000, or to both.
Prohibition of tax-free payments to directors
191.-(1) It shall
not be lawful for a company to pay a director remuneration (whether as a
director or otherwise) free of income tax
or any other tax on income, or
otherwise calculated by reference to or varying with the amount of his income
tax or any other tax
on income, or to or with the rate of income tax, except
under a contract which was in force 2 years before the appointed day and
provides expressly, and not by reference to the articles, for payment of
remuneration as aforesaid.
(2) Any provision contained in a company's
articles, or in any contract other than such a contract as aforesaid, or in any
resolution
of a company or a company's directors, for payment to a director of
remuneration as aforesaid shall have effect as if it provided
for payment, as a
gross sum subject to income tax and any other tax or income, of the net sum for
which it actually provides.
(3) This section shall not apply to
remuneration due before 1 January 1984 or in respect of a period before the
appointed day.
Prohibition of loans to directors
192.-(1) It shall
not be lawful for a company to make a loan to any person who is its director or
a director of its holding company,
or to enter into any guarantee or provide any
security in connection with a loan made to such a person as aforesaid by any
other
person:
Provided that nothing in this section shall apply either-
(i) to anything done by a company which is for the time a private company; or
(ii) subject to subsection (2), to anything done to provide a person with funds to meet expenditure incurred or to be incurred by him for the purposes of the company or for the purpose of enabling him properly to perform his duties as an officer of the company; or
(iii) in the case of a company whose ordinary business includes the lending of money or the giving of guarantees in connection with loans made by other persons, to anything done by the company in the ordinary course of that business; or
(iv) to any loan to a director or guarantee or security in connection with such loan, made, entered into or provided under the repealed Acts.
(2) Paragraph (ii) of the proviso to
subsection (1) shall not authorize the making of any loan, or the entering into
any guarantee,
or the provision of any security, except either-
(a) with the prior approval of the company given at a general meeting at which the purposes of the expenditure and the amount of the loan or the extent of the guarantee or security, as the case may be, are disclosed; or
(b) on condition that, if the approval of the company is not given as aforesaid at or before the next following annual general meeting, the loan shall be repaid or the liability under the guarantee or security shall be discharged, as the case may be, within 6 months from the conclusion of that meeting.
(3) Where the
approval of the company is not given as required by any such condition, the
directors authorizing the making of the
loan, or the entering into the
guarantee, or the provision of the security, shall be jointly and severally
liable to indemnify the
company against any loss arising therefrom.
Approval of company requisite for payment by it to director for loss of office, etc.
193.-(1) It shall
not be lawful for a company to make to any director of the company any payment
by way of compensation for loss of office,
or as consideration for or in
connection with his retirement from office, without particulars with respect to
the proposed payment
(including the amount thereof) being disclosed to members
of the company and the proposal being approved by the company in general
meeting.
(2) Where a payment which is hereby declared to be illegal is
made to a director of the company, the amount received shall be deemed
to have
been received by him in trust for the company.
Approval of company requisite for any payment, in
connection with transfer
of its property to director for loss of office,
etc.
194.-(1) It shall not be lawful, in connection with the
transfer of the whole or any part of the undertaking or property of a company,
for any payment to be made to any director of the company by way of compensation
for loss of office, or as consideration for or in
connection with his retirement
from office, unless particulars with respect to the proposed payment (including
the amount thereof)
have been disclosed to the members of the company and the
proposal approved by the company in general meeting.
(2) Where a payment
which is hereby declared to be illegal is made to a director of the company, the
amount received shall be deemed
to have been received by him in trust for the
company.
Duty of director to disclose payment for loss of office,
etc.,
made in connection with transfer of shares in company
195.-(1) Where, in connection with the transfer to any
persons of all or any of the shares in a company, being a transfer resulting
from-
(a) an offer made to the general body of shareholders;
(b) an offer made by or on behalf of some other body corporate with a view to the company becoming its subsidiary or a subsidiary of its holding company;
(c) an offer made by or on behalf of an individual with a view to his obtaining the right to exercise or control the exercise of not less than one-third of the voting power at any general meeting of the company; or
(d) any other offer which is conditional on acceptance to a given extent,
a payment is to be made to a director of the company by way of compensation for loss of office, or as consideration for or in connection with his retirement from office, it shall be the duty of that director to take all reasonable steps to secure that particulars with respect to the proposed payment (including the amount thereof) shall be included in or sent with any notice of the offer made for their shares which is given to any shareholders.
(2) If-
(a) any such director fails to take reasonable steps as aforesaid; or
(b) any person who has been properly required by any such director to include the said particulars in or send them with any such notice as aforesaid fails so to do,
he shall be liable to a fine not exceeding $50.
(3) If-
(a) the requirements of subsection (1) are not complied with in relation to any such payment as is herein mentioned; or
(b) the making of the proposed payment is not, before the transfer of any shares in pursuance of the offer, approved by a meeting summoned for the purpose of the holders of the shares to which the offer relates and of other holders of shares of the same class as any of the said shares,
any sum received by the director on account of
the payment shall be deemed to have been received by him in trust for any
persons who
have sold their shares as a result of the offer made, and the
expenses incurred by him in distributing that sum amongst those persons
shall be
borne by him and not retained out of that sum.
(4) Where the shareholders
referred to in paragraph (b) of
subsection (3) are not all the members of the company and no provision is made
by the articles for summoning or regulating such
a meeting as is mentioned in
that paragraph, the provisions of this Act and of the company's articles
relating to general meetings
of the company shall, for that purpose, apply to
the meeting either without modifications or with such modifications as the
registrar,
on the application of any person concerned, may direct for the
purpose of adapting them to the circumstances of the meeting.
(5) If, at
a meeting summoned for the purpose of approving any payment as required by
paragraph (b) of subsection (3), a
quorum is not present and, after the meeting has been adjourned to a later date,
a quorum is again not present,
the payment shall be deemed, for the purposes of
that subsection, to have been approved.
Provisions supplementary to sections 193, 194 and 195
196.-(1) Where,
in proceedings for the recovery of any payment as having, by virtue of
subsections (1) and (2) of section 194
or subsections (1) and (3) of section
195, been received by any person in
trust, it is shown that-
(a) the payment was made in pursuance of any arrangement entered into as part of the agreement for the transfer in question, or within 1 year before or 2 years after that agreement or the offer leading thereto; and
(b) the company or any person to whom the transfer was made was privy to that arrangement,
the payment shall be deemed,
except in so far as the contrary is shown, to be one to which the subsections
apply.
(2) If, in connection with any such transfer as is mentioned in
either section 194 or section
195-
(a) the price to be paid to a director of the company whose office is to be abolished or who is to retire from office for any shares in the company held by him is in excess of the price which could, at the time, have been obtained by other holders of the like shares; or
(b) any valuable consideration is 'given to any such director, the excess or the money value of the consideration, as the case may be, shall, for the purposes of that section, be deemed to have been a payment made to him by way of compensation for loss of office or as consideration for or in connection with his retirement from office.
(3) References in sections
193, 194 and
195 to payments made to any director of
a company by way of compensation for loss of office, or as consideration for or
in connection
with his retirement from office, do not include any
bona fide payment by way of damages
for breach of contract or by way of pension in respect of past services and, for
the purposes of this subsection,
"pension" includes any superannuation
allowance, superannuation gratuity or similar payment.
(4) Nothing in
sections 194 and
195 shall be taken to prejudice the
operation of any rule of law requiring disclosure to be made with respect to any
such payments as
are therein mentioned or with respect to any other like
payments made to or to be made to the directors of a company.
Register of directors, shareholders, etc.
197.-(1) Every
company shall keep a register showing, as respects each director of the company,
the number, description and amount of
any shares in or debentures of the company
or any other body corporate, being the company's subsidiary or holding company,
or a subsidiary
of the company's holding company, which are held by or in trust
for him or of which he has any right to become the holder (whether
on payment or
not):
Provided that the register need not include shares in any body
corporate which is the wholly-owned subsidiary of another body corporate,
and,
for this purpose, a body corporate shall be deemed to be the wholly-owned
subsidiary of another if it has no members but that
other and that other's
wholly-owned subsidiaries and its or their nominees.
(2) Where any shares
or debentures fall to be or cease to be recorded in the said register in
relation to any director by reason of
a transaction entered into on or after 1
January 1984 and while he is a director, the register shall also show the date
of, and price
or other consideration for the transaction:
Provided that,
where there is an interval between the agreement for any such transaction and
the completion thereof, the date shall
be that of the agreement.
(3) The
nature and extent of a director's interest or right in or over any shares or
debentures recorded in relation to him in the
said register shall, if he so
requires, be indicated in the register.
(4) The company shall not, by
virtue of anything done for the purposes of this section, be affected with
notice of, or put upon inquiry
as to, the rights of any person in relation to
any shares or debentures.
(5) The said register shall, subject to the
provisions of this section, be kept at the company's registered office and shall
be open
to inspection during business hours (subject to such reasonable
restrictions as the company may by its articles or in general meeting
impose, so
that not less than 2 hours in each day be allowed for inspection) as
follows:-
(a) during the period beginning 14 days before the date of the company's annual general meeting and ending 3 days after the date of its conclusion, it shall be open to the inspection of any member or holder of debentures of the company; and
(b) during that or any other period, it shall be open to the inspection of any person acting on behalf of the registrar,
and, in computing the 14 days and the 3 days mentioned in this subsection, any day which is a Saturday or a Sunday or a public holiday shall be disregarded.
(6) Without prejudice to the
rights conferred by subsection (5), the registrar may, at any time, require a
copy of the said register,
or any part thereof.
(7) The said register
shall also be produced at the commencement of the company's annual general
meeting and remain open and accessible
during the continuance of the meeting to
any person attending the meeting.
(8) If default is made in complying
with subsection (7), the company and every officer of the company who is in
default shall be liable
to a fine not exceeding $100; and, if default is made in
complying with subsection (1) or subsection (2), or if any inspection required
under this section is refused of any copy required thereunder is not sent within
a reasonable time, the company and every officer
of the company who is in
default shall be liable to a fine not exceeding $1,000 and further to a default
fine of $10.
(9) In the case of any such refusal, the court may, by
order, compel an immediate inspection of the register.
(10) For the
purposes of this section-
(a) any person in accordance with whose directions or instructions the directors of a company are accustomed to act shall be deemed to be a director of the company; and
(b) a director of a company shall be deemed to hold, or to have an interest or right in or over, any shares or debentures, if a body corporate other than the company holds them or has that interest or right in or over them, and either-
(i) that body corporate or its directors are accustomed to act in accordance with his directions or instructions; or
(ii) he is entitled to exercise or control the exercise of one-third or more of the voting power at any general meeting of that body corporate.
Particulars in accounts of directors' salaries, pensions, etc.
198.-(1) In any
accounts of a company laid before it in general meeting, or in a statement
annexed thereto, there shall, subject to and
in accordance with the provisions
of this section, be shown, so far as the information is contained in the
company's books and papers
or the company has the right to obtain it from the
persons concerned-
(a) the aggregate amount of the directors' emoluments;
(b) the aggregate amount of directors' or past directors' pensions; and
(c) the aggregate amount of any compensation to directors or past directors in respect of loss of office.
(2) The amount to be shown under
paragraph (a) of subsection
(1)-
(a) shall include any emoluments paid to or receivable by any person in respect of his services as director of the company or in respect of his services as director of the company, as director of any subsidiary thereof or other wise in connection with the management of the affairs of the company or any subsidiary thereof; and
(b) shall distinguish between emoluments in respect of services as director, whether of the company or its subsidiary, and other emoluments,
and, for the
purposes of this section, "emoluments", in relation to a director, includes fees
and percentages, any sums paid by way
of expenses allowance in so far as those
sums are charged to income tax, any contribution paid in respect of him under
any pension
scheme and the estimated money value of any other benefits received
by him otherwise than in cash.
(3) The amount to be shown under paragraph
(b) of subsection (1)-
(a) shall not include any pension paid or receivable under a pension scheme is such that the contributions thereunder are substantially adequate for the maintenance of the scheme , save, as aforesaid , shall include any pension paid or receivable in respect of any such other services of a director or past director
(b) shall distinguish between pensions in respect of services as director, whether of the company or its subsidiary, and other pensions,
and, for the purposes of this section, "pension"
includes any superannuation allowance, superannuation gratuity or similar
payment,
and "pension scheme" means a scheme for the provision of pensions in
respect of services as director or otherwise which is maintained
in whole or in
part by means of contributions, and "contribution", in relation to a pension
scheme, means any payment (including
an insurance premium) paid for the purposes
of the scheme by or in respect of persons rendering services in respect of which
pensions
will or may become payable under the scheme, except that it does not
include any payment in respect of 2 or more persons, if the
amount paid in
respect of each of them is not ascertainable.
(4) The amount to be shown
under paragraph (c) of subsection
(1)-
(a) shall include any sums paid to or receivable by a director or past director by way of compensation for the loss of office as director of the company or for the loss, while director of the company or on or in connection with his ceasing to be a director of the company, of any other office in connection with the management of the company's affairs or of any office as director or otherwise in connection with the management of the affairs of any subsidiary thereof; and
(b) shall distinguish between compensation in respect of the office of director, whether of the company or its subsidiary, and compensation in respect of other offices,
and, for the purposes of this section, references to compensation for loss of office shall include sums paid as consideration for or in connection with a person's retirement from office.
(5) The
amounts to be shown under each paragraph of subsection (1)-
(a) shall include all relevant sums paid by or receivable from-
(i) the company; and
(ii) the company's subsidiaries; and
(iii) any other person,
except sums to be accounted for to the company or any of its subsidiaries or, by virtue of section 195, to past or present members of the company or any of its subsidiaries or any class of those members; and
(b) shall distinguish, in the case of the amount to be shown under paragraph (c) of subsection (1), between the sums respectively paid by or receivable from the company, the company's subsidiaries and persons other than the company and its subsidiaries.
(6) The amounts to be shown under this section
for any financial year shall be the sums receivable in respect of that year,
whenever
paid, or, in the case of sums not receivable in respect of a period,
the sums paid during that year, so, however, that, where-
(a) any sums are not shown in the accounts for the relevant financial year on the ground that the person receiving them is liable to account therefor as mentioned in paragraph (a) of subsection (5), but the liability is thereafter wholly or partly released or is not enforced within a period of 2 years; or
(b) any sums paid by way of expenses allowance are charged to income tax after the end of the relevant financial year,
those sums shall, to the extent to which the liability is released or not enforced or they are charged as aforesaid, as the case may be, be shown in the first accounts in which it is practicable to show them, or in a statement annexed thereto, and shall be distinguished from the amounts to be shown therein apart from this provision.
(7) Where it is
necessary so to do for the purpose of making any distinction required by this
section in any amount to be shown thereunder,
the directors may apportion any
payments between the matters in respect of which they have been paid or are
receivable in such manner
as they think appropriate.
(8) If, in the case
of any accounts, the requirements of this section are not complied with, it
shall be the duty of any auditors
of the company by whom the accounts are
examined to include in the report thereon, so far as they are reasonably able to
do so, a
statement giving the required particulars.
(9) In this section,
any reference to a company's subsidiary-
(a) in relation to a person who is or was, while a director of the company, a director also, by virtue of the company's nomination, direct or indirect, of any other body corporate, shall, subject to paragraph (b), include that body corporate, whether or not it is or was in fact the company's subsidiary; and
(b) shall, for the purposes of subsections (2) and (3), be taken as referring to a subsidiary at the time the services were rendered, and, for the purposes of subsection (4), be taken as referring to a subsidiary immediately before the loss of office as director of the company.
Particulars in accounts of loans to officers, etc.
199.-(1) The
accounts which, in pursuance of this Act, are to be laid before every company in
general meeting shall, subject to the provisions
of this section, contain
particulars showing-
(a) the amount of any loans made during the company's financial year to-
(i) any officer of the company; or
(ii) any person who, after the making of the loan, became, during that year, an officer of the company, by the company or a subsidiary thereof or by any other person under a guarantee from or on a security provided by the company or a subsidiary thereof (including any such loans which were repaid during that year); and
(b) the amount of any loans made in manner aforesaid to any such officer or person as aforesaid at any time before the company's financial year and outstanding at the expiration thereof.
(2)
Subsection (1) shall not require the inclusion in accounts of particulars
of-
(a) a loan made in the ordinary course of its business by the company or a subsidiary thereof, where the ordinary business of the company or, as the case may be, the subsidiary, includes the lending of money; or
(b) a loan made by the company or a subsidiary thereof to an employee of the company or subsidiary, as the case may be, if the loan does not exceed $4,000 and is certified by the directors of the company or subsidiary, as the case may be, to have been made in accordance with any practice adopted or about to be adopted by the company or subsidiary with respect to loans to its employees,
not being, in either case, a loan made by the company under a guarantee from or on a security provided by a subsidiary thereof or a loan made by a subsidiary of the company under a guarantee from or on a security provided by the company or any other subsidiary thereof.
(3) If, in the
case of any such accounts as aforesaid, the requirements of this section are not
complied with, it shall be the duty
of any auditors of the company by whom the
accounts are examined to include in the report on the balance sheet of the
company, so
far as they are reasonably able to do so, a statement giving the
required particulars.
(4) References in this section to a subsidiary
shall be taken as referring to a subsidiary at the end of the company's
financial year
(whether or not a subsidiary at the date of the loan).
General duty to make disclosure for purposes of sections 197, 198 and 199
200.-(1) It shall
be the duty of any director of a company to give notice to the company of such
matters relating to himself as may be
necessary for the purposes of sections
197 and
198, and of section
199 except so far as it relates to
loans made, by the company or by any other person under a guarantee from or on a
security provided
by the company, to an officer thereof.
(2) Any such
notice given for the purposes of section
197 shall be in writing and, if it is
not given at a meeting of the directors, the director giving it shall take
reasonable steps to
secure that it is brought up and read at the next meeting of
directors after it is given.
(3) Subsection (1) shall apply-
(a) for the purposes of section 199, in relation to officers other than directors; and
(b) for the purposes of sections 198 and 199, in relation to persons who are or have, at any time during the preceding 5 years, been officers,
as it applies in relation to directors.
(4)
Any person who makes default in complying with the foregoing provisions of this
section shall be liable to a fine not exceeding
$100.
Disclosure of interests in contracts, property, offices, etc.
201.-(1) Subject
to this section, a director of a company who is in any way, whether directly or
indirectly, interested in a contract
or proposed contract with the company
shall, as soon as practicable after the relevant facts have come to his
knowledge, declare
the nature of his interest at a meeting of the directors of
the company.
(2) The requirements of subsection (1) do not apply in any
case where the interest of a director of a company consists only of being
a
member or creditor of a corporation that is interested in a contract or proposed
contract with the first-mentioned company, if
the interest of the director may
properly be regarded as not being a material interest.
(3) A director of
a company shall not be taken to be interested or to have been, at any time,
interested in any contract or proposed
contract by reason only-
(a) in a case where the contract or proposed contract relates to any loan to the company-that he has guaranteed or joined in guaranteeing the repayment of the loan or any part of the loan; or
(b) in a case where the contract or proposed contract has been or will be made with or for the benefit of or on behalf of a corporation that is a subsidiary or the holding company or a subsidiary of the holding company of the company-that he is a director of that corporation,
and this subsection has effect not only for the purposes of this Act but also for the purposes of any other law, but does not affect the operation of any provision in the articles of the company.
(4)
For the purposes of subsection (1), a general notice given to the directors of a
company by a director to the effect that he is
an officer or member of a
specified corporation or a member of a specified firm and is to be regarded as
interested in any contract
that may, after the date of the notice, be made with
that corporation or firm shall be deemed to be a sufficient declaration of
interest
in relation to any contract so made or proposed to be made, if-
(a) the notice states the nature and extent of the interest of the director in the corporation or firm;
(b) when the question of confirming or entering into the contract is first taken into consideration, the extent of his interest in the corporation or firm is not greater than is stated in the notice; and
(c) the notice is given at a meeting of the directors or the director takes reasonable steps to ensure that it is brought up and read at the next meeting of the directors after it is given.
(5) A director of a company who holds
any office or possesses any property whereby, whether directly or indirectly,
duties or interests
might be created in conflict with his duties or interests as
director shall, in accordance with subsection (6), declare at a meeting
of the
directors of the company the fact and the nature, character and extent of the
conflict.
(6) The declaration shall be made at the first meeting of the
directors held-
(a) after he becomes a director; or
(b) if already a director, after he commenced to hold the office or to possess the property,
as the case requires.
(7)
A secretary of a company shall record every declaration under this section in
the minutes of the meeting at which it was made.
(8) Except as provided
in subsection (3), this section is in addition to, and not in derogation of, the
operation of any rule of law
or any provision in the articles restricting a
director from having any interest in contracts with the company or from holding
offices
or possessing, properties involving duties or interests in conflict with
his duties or interests as a director.
(9) Any director who fails to
comply with the provisions with this section shall be liable to a fine not
exceeding $1,000.
Register of directors and secretaries
202.-(1) Every
company shall keep at its registered office a register of its directors and
secretaries.
(2) The register shall specify, with respect to each
director, his present forename and surname, any former forename or surname, his
postal address, his nationality, his business occupation, if any, particulars of
all other directorships held by him and, in the
case of a company subject to
section 187, the date of his
birth:
Provided that it shall not be necessary for the register to
contain particulars of directorships held by a director in companies of
which
the company is the wholly-owned subsidiary, or which are the wholly-owned
subsidiaries either of the company or of another
company of which the company is
the wholly-owned subsidiary; and, for the purposes of this proviso-
(i) "company" includes any body corporate incorporated in Fiji; and
(ii) a body corporate shall be deemed to be the wholly-owned subsidiary of another if it has no members except that other and that other's wholly-owned subsidiaries and its or their nominees.
(3)
The register shall specify, with respect to each secretary, his full name and
address and other occupation, if any.
(4) The company shall, within the
periods respectively mentioned in subsection (5), deliver to the registrar, for
registration a return
in the prescribed form containing the particulars
specified in the said register and a notification in the prescribed form of any
change among its directors or in its secretary or in any of the particulars
contained in the register, specifying the date of the
change.
(5) The
periods referred to in subsection (4) are the following, namely:-
(a) the periods within which the said return is to be sent shall be a period of 14 days from the appointment of the first directors of the company; and
(b) the period within which the said notification of a change is to be sent shall be 14 days from the happening thereof:
Provided that, in the case of a
return containing particulars with respect to any person who is the company's
secretary on 1 January
1984, the period shall be 14 days from that
date.
(6) The register to be kept under this section shall, during
business hours (subject to such reasonable restrictions as the company
may by
its articles or in general meeting impose, so that not less than 2 hours in each
day be allowed for inspection), be open to
the inspection of any member of the
company without charge and of any other person on payment of 50 cents, or such
less sum as the
company may specify, for each inspection.
(7) If any
inspection required under this section is refused or if default is made in
complying with subsection (1), subsection (2),
subsection (3) or subsection (4),
the company and every officer of the company who is in default shall be liable
to a default fine.
(8) In the case of any such refusal, the court may, by
order, compel an immediate inspection of the register.
Interpretation of section 202
203. For the
purposes of section 202-
(a) a person in accordance with whose directions or instructions the directors of a company are accustomed to act shall be deemed to be a director and officer of the company;
(b) in the case of a peer or a person usually known by a title different from his surname, "surname" means that title;
(c) references to a former forename or surname do not include-
(i) in the case of a peer or a person usually known by a British title different from his surname, the name by which he was known previous to the adoption of or succession to the title;
(ii) in the case of any person, a former forename or surname, where that forename or surname was changed or disused before the person bearing the name attained the age of 18 years or has been changed or disused for a period of not less than 20 years; or
(iii) in the case of a married woman, the name or surname by which she was known previous to the marriage.
Limited company may have directors with unlimited liability
204.-(1) In a
limited company, the liability of the directors or managers, or of the managing
director, may, if so provided by the memorandum,
be unlimited.
(2) In a
limited company in which the liability of a director or manager is unlimited,
the directors and any managers of the company
and the member who proposes a
person for election or appointment to the office of director or manager, shall
add to that proposal
a statement that the liability of the person holding that
office will be unlimited and, before the person accepts the office or acts
therein, notice, in writing, that his liability will be unlimited shall be given
to him by the following or 1 of the following persons,
namely the promoters of
the company, the directors of the company, any managers of the company and a
secretary of the company.
(3) If any director, manager or proposer makes
default in adding such a statement, or if any promoter, director, manager or
secretary
makes default in giving such a notice, he shall be liable to a fine
not exceeding $200, and shall also be liable for any damage which
the person so
elected or appointed may sustain from the default, but the liability of the
person elected or appointed shall not be
affected by the default.
Special resolution of limited company making liability of directors unlimited
205.-(1) A
limited company, if so authorized by its articles, may, by special resolution,
alter its memorandum so as to render unlimited
the liability of its directors,
managers or of any managing director.
(2) Upon the passing of any such
special resolution the provisions thereof shall be as valid as if they had been
originally contained
in the memorandum.
Provisions as to assignment of office by directors
206. If, in the
case of any company, provision is made by the articles or by any agreement
entered into between any person and the company
for empowering a director or
manager of the company to assign his office as such to another person, any
assignment of office made
in pursuance of the said provision shall,
notwithstanding anything to the contrary contained in the said provision, be of
no effect
unless and until it is approved by a special resolution of the
company.
Division 12-Avoidance of Provisions in Articles or Contracts Relieving Officers from Liability
Provisions as to liability of officers and auditors
207. Subject as
hereinafter provided, any provision, whether contained in the articles of a
company or in any contract with a company
or otherwise, for exempting any
officer of the company or any person (whether an officer of the company or not)
employed by the company
as auditor from, or indemnifying him against, any
liability which, by virtue of any rule of law, would otherwise attach to him in
respect of any negligence, default, breach of duty or breach of trust of which
he may be guilty in relation to the company, shall
be void:
Provided
that-
(i) nothing in this section shall operate to deprive any person of any exemption or right to be indemnified in respect of anything done or omitted to be done by him while any such provision was in force; and
(ii) notwithstanding anything in this section, a company may, in pursuance of any such provision as aforesaid, indemnify any such officer or auditor against any liability incurred by him in defending any proceedings, whether civil or criminal, in which judgment is given in his favour or in which he is acquitted or; the proceedings against him are discontinued or in connection with any application under section 403 in which relief is granted to him by the court.
Division 13-Arrangements and Reconstructions
Power to compromise with creditors and members
208.-(1) Where a
compromise or arrangement is proposed between a company and its creditors or any
class of them or between the company
and its members or any class of them, the
court may, on the application of the company or of any creditor or member of the
company,
or, in the case of a company being wound up, of the liquidator, order a
meeting of the creditors or class of creditors, or of the
members of the company
or class of members, as the case may be, to be summoned in such manner as the
court directs.
(2) If a majority in number representing three-fourths in
value of the creditors or class of creditors or members or class of members,
as
the case may be, present and voting either in person or by proxy at the meeting,
agree to any compromise or arrangement, the compromise
or arrangement shall, if
sanctioned by the court, be binding on all the creditors or the class of
creditors, or on the members or
class of members, as the case may be, and also
on the company or, in the case of a company in the course of being wound up, on
the
liquidator and contributories of the company.
(3) An order made under
subsection (2) shall have no effect until a certified copy of the order has been
delivered to the registrar
for registration, and a copy of every such order
shall be annexed to every copy of the memorandum of the company issued after the
order has been made, or, in the case of a company not having a memorandum, of
every copy so issued of the instrument constituting
or defining the constitution
of the company.
(4) If a company makes default in complying with
subsection (3), the company and every officer of the company who is in default
shall
be liable to a fine not exceeding $10 for each copy in respect of which
default is made.
(5) In this section and in section
209, "company" means any company liable
to be wound up under this Act, and "arrangement" includes a reorganization of
the share capital
of the company by the consolidation of shares of different
classes or by the division of shares into shares of different classes
or by both
those methods.
Information as to compromises with creditors and members
209.-(1) Where a
meeting of creditors or any class of creditors or of members or any class of
members is summoned under section 208,
there shall-
(a) with every notice summoning the meeting which is sent to a creditor or member, be sent also a statement explaining the effect of the compromise or arrangement and, in particular, stating any material interests of the directors of the company, whether as directors or as members or as creditors of the company or otherwise, and the effect thereon of the compromise or arrangement, in so far as it is different from the effect on the like interests of other persons; and
(b) in every notice summoning the meeting which is given by advertisement, be included either such a statement as aforesaid or a notification of the place at which and the manner in which creditors or members entitled to attend the meeting may obtain copies of such a statement as aforesaid.
(2) Where the compromise or
arrangement affects the rights of debenture holders of the company, the said
statement shall give the
like explanation as respects the trustees of any deed
for securing the issue of the debentures as it is required to give as respects
the company's directors.
(3) Where a notice given by advertisement
includes a notification that copies of a statement explaining the effect of the
compromise
or arrangement proposed can be obtained by creditors or members
entitled to attend the meeting, every such creditor or member shall,
on making
application in the manner indicated by the notice, be furnished by the company,
free of charge, with a copy of the statement.
(4) Where a company makes
default in complying with any requirement of this section, the company and every
officer of the company
who is in default shall be liable to a fine not exceeding
$1,000 and, for the purpose of this subsection, any liquidator of the company
and any trustee of a deed for securing the issue of debentures of the company
shall be deemed to be an officer of the company:
Provided that a person
shall not be liable under this subsection, if that person shows that the default
was due to the refusal of
any other person, being a director or trustee for
debenture holders, to supply the necessary particulars as to his
interests.
(5) It shall be the duty of any director of the company and of
any trustee for debenture holders of the company to give notice to
the company
of such matters relating to himself as may be necessary for the purposes of this
section, and any person who makes default
in complying with this subsection
shall be liable to a fine not exceeding $100.
Provisions for facilitating reconstruction and amalgamation of companies
210.-(1) Where an
application is made to the court under section
208 for the sanctioning of a compromise
or arrangement proposed between a company and any such persons as are mentioned
in that section,
and it is shown to the court that the compromise or arrangement
has been proposed for the purposes of or in connection with a scheme
for the
reconstruction of any company or companies or the amalgamation of any 2 or more
companies, and that, under the scheme, the
whole or any part of the undertaking
or the property of any company concerned in the scheme (in this section referred
to as a "transferor
company") is to be transferred to another company (in this
section referred to as 'the "transferee company"), the court may, either
by the
order sanctioning the compromise or arrangement or by any subsequent order, make
provision for all or any of the following
matters:-
(a) the transfer to the transferee company of the whole or any part of the undertaking and of the property or liabilities of any transferor company;
(b) the allotting or appropriation by the transferee company of any shares, debentures, policies or other like interests in that company, which, under the compromise or arrangement, are to be allotted or appropriated by that company to or for any person;
(c) the continuation by or against the transferee company of any legal proceedings pending by or against any transferor company;
(d) the dissolution, without winding-up, of any transferor company;
(e) the provision to be made for any persons who, within such time and in such manner as the court directs, dissent from the compromise or arrangement;
(f) such incidental, consequential and supplemental matters as are necessary to secure that the reconstruction or amalgamation shall be fully and effectively carried out.
(2) Where an order under this
section provides for the transfer of property or liabilities, that property
shall, by virtue of the
order, be transferred to and vest in, and those
liabilities shall, by virtue of the order, be transferred to and become the
liabilities
of, the transferee company and, in the case of any property, if the
order so directs, freed from any charge which is, by virtue of
the compromise or
arrangement, to cease to have effect.
(3) Where an order is made under
this section, every company in relation to which the order is made shall cause a
certified copy thereof
to be delivered to the registrar, for registration within
14 days, after the making of the order, and, if default is made in complying
with this subsection, the company and every officer of the company who is in
default shall be liable to a default fine.
(4) In this section,
"property" includes property, rights and powers of every description, and
"liabilities" includes duties.
(5) Notwithstanding the provisions of
subsection (5) of section 208,
"company" in this section does not include any company other than a company
within the meaning of this Act.
Power to acquire shares of shareholders dissenting
from
scheme or contract approved by majority
211.-(1) Where a
scheme or contract involving the transfer of shares or any class of shares in a
company (in this section referred to
as the "transferor company") to another
company, whether a company within the meaning of this Act or not, (in this
section referred
to as the "transferee company") has, within 4 months after the
making of the offer in that behalf by the transferee company, been
approved by
the holders of not less than nine-tenths in value of the shares whose transfer
is involved (other than shares already
held at the date of the offer by, or by a
nominee for, the transferee company or its subsidiary), the transferee company
may, at
any time within 2 months after the expiration of the said 4 months, give
notice in the prescribed manner to any dissenting shareholder
that it desires to
acquire his shares and, when such a notice is given, the transferee company
shall, unless, on, an application
made by the dissenting shareholder within 1
month from the date on which the notice was given, the court thinks fit to order
otherwise,
be entitled and bound to acquire those shares on the terms on which,
under the scheme or contract, the shares of the approving shareholders
are to be
transferred to the transferee company:
Provided that, where shares in the
transferor company of the same class or classes as the shares whose transfer is
involved are already
held as aforesaid to a value greater than one-tenth of the
aggregate of their value and that of the shares (other than those already
held
as aforesaid) whose transfer is involved, the foregoing provisions of this
subsection shall not apply, unless-
(a) the transferee company offers the same terms to all holders of the shares (other than those already held as aforesaid) whose transfer is involved, or, where those shares include shares of different classes, of each class of them; and
(b) the holders who approve the scheme or contract, besides holding not less than nine-tenths in value of the shares (other than those already held as aforesaid) whose transfer is involved, are not less than three-fourths in number of the holders of those shares.
(2) Where, in
pursuance of any such scheme or contract as aforesaid, shares in a company are
transferred to another company or its
nominee, and those shares, together with
any other shares in the first-mentioned company held by, or by a nominee for,
the transferee
company or its subsidiary at the date of the transfer, comprise
or include nine-tenths in value of the shares in the first-mentioned
company or
of any class of those shares, then-
(a) the transferee company shall, within 1 month from the date of the transfer (unless on a previous transfer in pursuance of the scheme or contract it has already complied with this requirement), give notice of that fact in the prescribed manner to the holder of the remaining shares or of the remaining shares of that class, as the case may be, who have not assented to the scheme or contract; and
(b) any such holder may, within 3 months from the giving of the notice to him, require the transferee company to acquire the shams in question,
and, where a shareholder gives notice under paragraph (b) of this subsection with respect to any shares, the transferee company shall be entitled and bound to acquire those shares on the terms on which, under the scheme or contract, the shares of the approving shareholders were transferred to it, or on such other terms as may be agreed or as the court, on the application, of either the transferee company or the shareholder, thinks fit to order.
(3)
Where a notice has been given by the transferee company under subsection (1) and
the court has not, on an application made by
the dissenting shareholder, ordered
to the contrary, the transferee company shall, on the expiration of 1 month from
the date on
which the notice has been given, or, if an application to the court
by the dissenting shareholder is then pending; after that application
has been,
disposed of, transmit a copy of the notice to the transferor company, together
with an instrument of transfer executed
on behalf of the shareholder by any
person appointed by the transferee company and on its own behalf by the
transferee company, and
pay or transfer to the transferor company the amount or
other consideration representing the price payable by the transferee company
for
the shares which by, virtue of this section, that company is entitled to
acquire, and the transferor company shall thereupon
register the transferee
company as the holder of those shares:
Provided that an instrument of
transfer shall not be required for any share for which a share warrant is, for
the time being, outstanding.
(4) Any sums received by the transferor
company under this section shall be paid into a separate bank account, and any
such sums and
any other consideration so received shall be held by that company
on trust for the several persons entitled to the shares in respect
of which the
said sums or other consideration were respectively received.
(5) In this
section, "dissenting shareholder" includes a shareholder who has not assented to
the scheme or contract and any shareholder
who has failed or refused to transfer
his shares to the transferee company, in accordance with the scheme or
contract.
(6) In relation to an offer made by the transferee company to
shareholders of the transferor company before 1 January 1984, this section
shall
have effect-
(a) with the substitution, in subsection (1), for the words "the shares whose transfer is involved (other than shares already held at the date of the offer by, or by a nominee for, the transferee company or its subsidiary)", of the words "the shares affected" and with the omission of the proviso to that subsection;
(b) with the omission of subsection (2); and
(c) with the omission, in subsection (3), of the words "together with an instrument of transfer executed on behalf of the shareholder by any person appointed by the transferee company and on its own behalf by the transferee company" and of the proviso to that subsection.
Division 14-Minorities
Alternative remedy to winding-up in cases of oppression
212.-(1) Any
member of a company who complains that the affairs of the company are being
conducted in a manner oppressive to some part
of the members (including
himself); or, in a case falling within subsection (2) of section
173, the Attorney-General, may make an
application to the court, by petition, for an order under this
section.
(2) If, on any such petition, the court is of opinion-
(a) that the company's affairs are being conducted as aforesaid; and
(b) that to wind up the company would unfairly prejudice that part of the members, but otherwise the facts would justify the making of a winding-up order on the ground that it was just and equitable that the company should be wound up;
the court may, with a view to bringing to an end the matters complained of, make such order as it thinks fit, whether for regulating the conduct of the company's affairs in future, or for the purchase of the shares of any members of the company by other members of the company or by the company and, in the case of a purchase by the company, for the reduction accordingly of the company's capital, or otherwise.
(3) Where an order under this
section makes any alteration in or addition to any company's memorandum or
articles, then, notwithstanding
anything in any other provision of this Act but
subject to the provisions of the order, the company concerned shall not have
power,
without the leave of the court, to make any further alteration in or
addition to the memorandum or articles inconsistent with the
provisions of the
order; but, subject to the foregoing provisions of this subsection, the
alterations or additions made by the order
shall be of the same effect as if
duly made by resolution of the company and the provisions of this Act shall
apply to the memorandum
or articles as so altered or added to
accordingly.
(4) A certified copy of any order under this section
altering or adding to, or giving leave to alter or add to, a company's
memorandum
or articles shall, within 14 days after the making thereof, be
delivered by the company to the registrar, for registration; and,
if a company
makes default in complying with this subsection, the company and every officer
of the company who is in default shall
be liable to a default fine.
(5)
In relation to a petition under this section, section
345 shall apply as it applies in
relation to a winding-up petition.
PART VI-WINDING-UP
Division 1-Preliminary
Subdivision A-Modes of Winding-up
Modes of winding-up
213.-(1) The
winding-up of a company may be either-
(a) by the court; or
(b) voluntary; or
(c) subject to the supervision of the court.
(2) The provisions of this Act with
respect to winding-up apply, unless the contrary appears, to the winding-up of a
company in any
of those modes.
Subdivision B-Contributories
Liability as contributories of present and past members
214.-(1) In the
event of a company being wound up, every present and past member shall be liable
to contribute to the assets of the company
to an amount sufficient for payment
of its debts and liabilities, and the costs, charges and expenses of the
winding-up, and for
the adjustment of the rights of the contributories among,
themselves, subject to the provisions of subsection (2) and the following
qualifications:-
(a) a past member shall not be liable to contribute, if he has ceased to be a member for 1 year or upwards before the commencement of the winding-up;
(b) a past member shall not be liable to contribute in respect of any debt or liability of the company contracted after he ceased to be a member;
(c) a past member shall not be liable to contribute, unless it appears to the court that the existing members are unable to satisfy the contributions required to be made by them in pursuance of this Act;
(d) in the case of a company limited by shares, no contribution shall be required from any member exceeding the amount, if any, unpaid on the shares in respect of which he is liable as a present or past member;
(e) in the case of a company limited by guarantee, no contribution shall, subject to the provisions of subsection (3), be required from any member exceeding the amount undertaken to be contributed by him to the assets of the company in the event of its being wound up;
(f) nothing in this Act shall invalidate any provision contained in any policy of insurance or other contract whereby the liability of individual members on the policy or contract is restricted, or whereby the funds of the company are alone made liable in respect of the policy or contract;
(g) a sum due to any member of a company, in his character of a member, by way of dividends, profits or otherwise shall not be deemed to be a debt of the company payable to that member in a case of competition between himself and any other creditor not a member of the company, but any such sum may be taken into account for the purpose of the final adjustment of the rights of the contributories among themselves.
(2) In the
winding-up of a limited company, any director or manager, whether past or
present, whose liability is, under the provisions
of this Act, unlimited, shall,
in addition to his liability (if any) to contribute as an ordinary member, be
liable to make a further
contribution as if he were, at the commencement of the
winding-up, a member of an unlimited company:
Provided that-
(a) a past director or manager shall not be liable to make such further contribution, if he has ceased to hold office for a year or upwards before the commencement of the winding-up;
(b) a past director or manager shall not be liable to make such further contribution in respect of any debt or liability of the company contracted after he ceased to hold office;
(c) subject to the articles of the company, a director or manager shall not be liable to make such further contribution, unless the court deems it necessary to require that contribution in order to satisfy the debts and liabilities of the company and the costs, charges and expenses of the winding-up.
(3) In the winding-up of a company
limited by guarantee which has a share capital, every member of the company
shall be liable, in
addition to the amount undertaken to be contributed by him
to the assets of the company in the event of its being wound up, to contribute
to the extent of any sums unpaid on any shares held by him.
Definition of contributory
215. The term
"contributory" means every person liable to contribute to the assets of a
company in the event of its being wound up and,
for the purposes of all
proceedings for determining, and all proceedings prior to the final
determination of, the persons who are
to be deemed contributories, includes any
person alleged to be a contributory.
Nature of liability of contributory
216. The
liability of a contributory shall create a debt accruing due from him at the
time when his liability commenced, but payable
at the time when calls are made
for enforcing the liability.
Contributories in case of death of member
217.-(1) If a
contributory dies, either before or after he has been placed on the list of
contributories, his personal representatives
shall be liable, in the due course
of administration, to contribute to the assets of the company in discharge of
his liability and
shall be contributories accordingly.
(2) If the
personal representatives make default in paying any money ordered to be paid by
them, proceedings may be taken for administering
the estate of the deceased
contributory and for compelling payment thereout of the money due.
Contributories in case of bankruptcy of member
218. If a
contributory becomes bankrupt, either before or after he has been placed on the
list of contributories-
(a) his trustee in bankruptcy shall represent him for all the purposes of the winding-up, and shall be a contributory accordingly, and may be called on to admit to proof against the estate of the bankrupt, or otherwise to allow to be paid out of his assets, in due course of law, any money due from the bankrupt in respect of his liability to contribute to the assets of the company; and
(b) there may be proved against the estate of the bankrupt the estimated value of his liability to future calls as well as calls already made.
Division 2-Winding-up by the Court
Subdivision A-Jurisdiction
Jurisdiction to wind up companies registered in Fiji
219. The Supreme
Court shall have jurisdiction to wind up any company registered in Fiji.
Subdivision B-Cases in which Company may be Wound Up by Court
Circumstances in which company may be wound up by the court
220. A company
may be wound up by the court, if-
(a) the company has, by special resolution, resolved that the company be wound up by the court;
(b) default is made in delivering the statutory report to the registrar or in holding the statutory meeting;
(c) the company does not commence its business within a year from its incorporation or suspends its business for a whole year;
(d) the number of members is reduced, in the case of a private company, below 2, or, in the case of any other company, below 7;
(e) the company is unable to pay its debts;
(f) the court is of opinion that it is just and equitable that the company should be wound up;
(g) in the case of a company incorporated outside Fiji and carrying on business in Fiji, winding-up proceedings have been commenced in respect of it in the country or territory of its incorporation or in any other country or territory in which it has established a place of business.
Definition of inability to pay debts
221. A company
shall be deemed to be unable to pay its debts-
(a) if a creditor, by assignment or otherwise, to whom the company is indebted in a sum exceeding $100 then due has served on the company, by leaving it at the registered office of the company, a demand under his hand requiring the company to pay the sum so due and the company has, for 3 weeks thereafter; neglected to pay the sum or to secure or compound for it to the reasonable satisfaction of the creditor; or
(b) if execution or other process issued on a judgment, decree or order of any court in favour of a creditor of the company is returned unsatisfied in whole or in part; or
(c) if it is proved to the satisfaction of the court that the company is unable to pay its debts, and, in determining whether a company is unable to pay its debts, the court shall take into account the contingent and prospective liabilities of the company.
Subdivision C-Petition for Winding-up and Effects Thereof
Provisions as to applications for winding-up
222.-(1) An
application to the court for the winding-up of a company shall be by petition
presented, subject to the provisions of this
section, either by the company or
by any creditor or creditors (including any contingent or prospective creditor
or creditors), contributory
or contributories, or by all or any of those
parties, together or separately:
Provided that-
(i) a contributory shall not be entitled to present a winding-up petition, unless-
(a) either the number of members is reduced, in the case of a private company, below 2, or, in the case of any other company, below 7; or
(b) the shares in respect of which he is a contributory, or some of them, either were originally allotted to him or have been held by him, and registered in his name, for at least 6 months during the 18 months before the commencement of the winding-up, or have devolved on him through the death of a former holder; and
(ii) a winding-up petition shall not, if the ground of the petition is default in delivering the statutory report to the registrar or in holding the statutory meeting, be presented by any person except a shareholder, nor before the expiration of 14 days after the last day on which the meeting ought to have been held; and
(iii) the court shall not give a hearing to a winding-up petition presented by a contingent or prospective creditor, until such security for costs has been given as the court thinks reasonable and until a prima facie case for winding-up has been established to the satisfaction of the court; and
(iv) in a case falling within subsection (2) of section 173, a winding-up petition may be presented by the Attorney-General; and
(v) a petition for the winding-up of a company on the ground mentioned in paragraph (g) of section 220, may be presented by the official receiver, as well as by any other person authorized to do so under the provisions of this subsection, but the court shall not make a winding-up order on a petition presented by the official receiver, unless it is satisfied that the liquidator or provisional liquidator of the company in the country or territory where winding-up proceedings have been commenced in respect of it has, in the manner prescribed, required the official receiver to present the petition.
(2) Where a company is being wound
up voluntarily or subject to supervision, a winding-up petition may be presented
by the official
receiver, as well as by any other person authorized in that
behalf under the other provisions of this section, but the court shall
not make
a winding-up order on the petition, unless it is satisfied that the voluntary
winding-up or winding-up subject to supervision
cannot be continued with due
regard to the interests of the creditors or contributories.
Power of court on hearing petition
223.-(1) On
hearing a winding-up petition, the court may dismiss it, or adjourn the hearing
conditionally or unconditionally, or make
any interim order, or any other order
that it thinks fit, but the court shall not refuse to make a winding-up order on
the ground
only that the assets of the company have been mortgaged to an amount
equal to or in excess of those assets or that the company has
no
assets.
(2) Where the petition is presented by members of the company as
contributories on the ground that it is just and equitable that the
company
should be wound up, the court, if it is of opinion-
(a) that the petitioners are entitled to relief, either by winding-up the company or by some other means; and
(b) that, in the absence of any other remedy, it would be just and equitable that the company should be wound up,
shall make a winding-up order, unless it is also of the opinion both that some other remedy is available to the petitioners and that they are acting unreasonably in seeking to have the company wound up instead of pursuing that other remedy.
(3) Where the petition is
presented on the ground of default in delivering the statutory report to the
registrar or in holding the
statutory meeting, the court may-
(a) instead of making a winding-up order, direct that the statutory report shall be delivered or that a meeting shall be held; and
(b) order the costs to be paid by any persons who, in the opinion of the court, are responsible for the default.
Power to stay or restrain proceedings against company
224. At any time
after the presentation of a winding-up petition, and before a winding-up order
has been made, the company, or any creditor
or contributory, may-
(a) where any suit or proceeding against the company is pending in the Supreme Court or the Court of Appeal, apply to the court in which the suit or proceeding is pending for a stay of proceedings therein; and
(b) where any other suit or proceeding is pending against the company, apply to the court having jurisdiction to wind up the company to restrain further proceedings in the suit or proceeding,
and the court to which application is so made may, as the case may be, stay or restrain the proceedings accordingly on such terms as it thinks fit.
Avoidance of dispositions of property, etc. after commencement of winding-up
225. In a
winding-up by the court, any disposition of the property of the company,
including things in action, and any transfer of shares,
or alteration in the
status of the members of the company, made after the commencement of the
winding-up, shall, unless the court
otherwise orders, be void.
Avoidance of attachments, etc.
226. Where any
company is being wound up by the court, any attachment, distress or execution
put in force against the estate or effects
of the company after the commencement
of the winding-up shall be void.
Commencement of winding-up by the court
227.-(1) Where,
before the presentation of a petition for the winding-up of a company by the
court, a resolution has been passed by the
company for voluntary winding-up, the
winding-up of the company shall be deemed to have commenced at the time of the
passing of the
resolution and, unless the court, on proof of fraud or mistake,
thinks fit otherwise to direct, all proceedings taken in the voluntary
winding-up shall be deemed to have been validly taken.
(2) In any other
case, the winding-up of a company by the court shall be deemed to commence at
the time of the presentation of the
petition for the
winding-up.
Subdivision D-Commencement of Winding-up
Subdivision E-Consequences of Winding-Up Order
Copy of order to be forwarded to registrar
228. On the
making of a winding-up order, a copy of the order shall forthwith be forwarded
by the company, or otherwise as may be prescribed,
to the registrar for
registration.
Actions stayed on winding-up order
229. When a
winding-up order has been made or an interim liquidator has been appointed under
section 236, no action or proceeding
shall be proceeded with or commenced against the company, except by leave of the
court and subject to such
terms as the court may impose.
Effect of winding-up order
230. An order for
winding-up a company shall operate in favour of all the creditors and of all the
contributories of the company as if
made on the joint petition of a creditor and
of a contributory.
Subdivision F-Official Receiver in Winding-Up
Official receiver in bankruptcy to be official receiver for winding-up purposes
231.-(1) For the
purposes of this Act, so far as it relates to the winding-up of companies by the
court, "official receiver" means the
official receiver attached to the court for
bankruptcy purposes.
(2) Any such officer shall, for the purpose of his
duties under this Act, be styled the official receiver.
Appointment of official receiver by court in certain cases
232. If, in the
case of the winding-up of any company by the court, it appears to the court
desirable; with a view to securing the more
convenient and economical conduct of
the winding-up, that some officer other than the person who would, by virtue of
section 231, be the official receiver
should be the official receiver for purposes of that winding-up, the court may
appoint that other officer
to act as official receiver in that winding-up, and
the person so appointed shall be deemed to be the official receiver in that
winding-up
for all the purposes of this Act.
Statement of company's affairs to be submitted to official receiver
233.-(1) When the
court has made a winding-up order or appointed an interim liquidator under
section 236, there shall, unless the
court think fit to order otherwise and so orders, be made out and submitted to
the official receiver a statement
as to the affairs of the company in the
prescribed form, verified by affidavit, and showing the particulars of its
assets, debts
and liabilities, the names, postal addresses and occupations of
its creditors, the securities held by them respectively, the dates
when the
securities were respectively given, and such further or other information as may
be prescribed or as the official receiver
may require.
(2) The statement
shall be submitted and verified by 1 or more of the persons who are, at the
relevant date, the directors and by
a person who is, at that date, a secretary
of the company, or by such of the persons hereinafter in this subsection
mentioned as
the official receiver, subject to the direction of the court, may
require to submit and verify the statement, that is to say, persons-
(a) who are or have been officers of the company;
(b) who have taken part in the formation of the company at any time within 1 year before the relevant date;
(c) who are in the employment of the company, or have been in the employment of the company within the said year, and are, in the opinion of the official receiver, capable of giving the information required;
(d) who are or have been, within the said year, officers of or in the employment of a company which is, or within the said year was, an officer of the company to which the statement relates;
(e) who are, at the relevant date, the receivers or managers of the whole or substantially the whole of the company's property.
(3) The statement shall be submitted
within 14 days from the relevant date or within such extended time as the
official receiver or
the court may, for special reasons, appoint.
(4) Any
person making or concurring in making the statement and affidavit required by
this section may be allowed and, if so allowed,
shall be paid by the official
receiver or provisional liquidator, as the case may be, out of the assets of the
company such costs
and expenses incurred in and about the preparation and making
of the statement and affidavit as the official receiver may consider
reasonable,
subject to an appeal to the court.
(5) If any person, without reasonable
excuse, makes default in complying with the requirements of this section, he
shall be liable
to a fine not exceeding $20 for every day during which the
default continues.
(6) Any person stating himself, in writing, to be a
creditor or contributory of the company shall be entitled, by himself or by his
agent, at all reasonable times, on payment of the prescribed fee, to inspect the
statement submitted in pursuance of this section,
and to a copy thereof or
extract therefrom.
(7) Any person untruthfully so stating himself to be a
creditor or contributory shall be liable to fine not exceeding $40.
(8)
In this section, "the relevant date" means, in a case where an interim
liquidator is appointed, the date of his appointment and,
in a case where no
such appointment is made, the date of the winding-up order.
Report by official receiver
234.-(1) In a
case where a winding-up order is made, the official receiver shall, as soon as
practicable after receipt of the statement
to be submitted under section
233, or, in a case where the court
orders that no statement shall be submitted, as soon as practicable after the
date of the order, submit
a preliminary report to the court-
(a) as to the amount of capital issued, subscribed and paid up, and the estimated amount of assets and liabilities; and
(b) if the company has failed, as to the causes of the failure; and
(c) whether, in his opinion, further inquiry is desirable as to any matter relating to the promotion, formation or failure of the company or the conduct of the business thereof.
(2) The official
receiver may also, if he thinks fit, make a further report, or further reports,
stating the manner in which the company
was formed and whether, in his opinion,
any fraud has been committed by any person in its promotion or formation or by
any officer
of the company in relation to the company since the formation
thereof, and any other matters which, in his opinion, it is desirable
to bring
to the notice of the court.
(3) If the official receiver states in any
such further report as aforesaid that, in his opinion, a fraud has been
committed as aforesaid,
the court shall have the further powers provided in
section 266.
Subdivision G-Liquidators
Power of court to appoint liquidators
235. For the
purpose of conducting the proceedings in winding-up a company and performing
such duties in reference thereto as the court
may impose, the court may appoint
a liquidator or liquidators.
Appointment and powers of interim liquidator
236.-(1) The
court may appoint the official receiver to be the liquidator provisionally at
any time after the presentation of a winding-up
petition and before the making
of a winding-up order.
(2) Where a liquidator (in this Act referred to as
an "interim liquidator") is so appointed by the court, the court may limit and
restrict his powers by the order appointing him.
Appointment, style, etc., of liquidators
237. The
following provisions with respect to liquidators shall have effect on a
winding-up order being made:-
(a) the official receiver shall, by virtue of his office, become the provisional liquidator and shall continue to act as such, until he or another person becomes liquidator and is capable of acting as such;
(b) the official receiver shall summon separate meetings of the creditors and contributories of the company for the purpose of determining whether or not an application is to be made to the court for appointing a liquidator in the place of the official receiver:
Provided that, where the court has dispensed with the settlement of a list of contributories, it shall not be necessary for the official receiver to summon a meeting of contributories;
(c) the court may make any appointment and order required to give effect to any such determination and, if there is a difference between the determinations of the meetings of the creditors and contributories in respect of the matter aforesaid, the court shall decide the difference and make such order thereon as the court may think fit;
(d) in a case where a liquidator is not appointed by the court, the official receiver shall be the liquidator of the company;
(e) the official receiver shall, by virtue of his office, be the liquidator during any vacancy;
(f) a liquidator shall be described, where a person other than the official receiver is liquidator, by the style of "the liquidator", and, where the official receiver is liquidator, by the style of "the official receiver and liquidator", of the particular company in respect of which he is appointed and not by his individual name.
Provisions where person other than official receiver is appointed liquidator
238.
Where, in the winding-up of a company by the court, a person other than the
official receiver is appointed liquidator, that person-
(a) shall not be capable of acting as liquidator, until he has notified his appointment to the registrar and given security, in the prescribed manner, to the satisfaction of the official receiver;
(b) shall give the official receiver such information and such access to and facilities for inspecting the books and documents of the company and generally such aid as may be requisite for enabling that officer to perform his duties under this Act.
General provisions as to liquidators
239.-(1) A
liquidator appointed by the court may resign or, on cause shown, be removed by
the court.
(2) Where a person other than the official receiver is
appointed liquidator, he shall receive such salary or remuneration by way of
percentage or otherwise as the court may direct, and, if more such persons than
1 are appointed liquidators, their remuneration shall
be distributed among them
in such proportions as the court directs.
(3) A vacancy in the office of
a liquidator appointed by the court shall be filled by the court.
(4) If
more than 1 liquidator is appointed by the court, the court shall declare
whether any act, by this Act required or authorized
to be done by the
liquidator, is to be done by all or any 1 or more of the persons
appointed.
(5) Subject to the provisions of section
327, the acts of a liquidator shall be
valid, notwithstanding any defects that may afterwards be discovered in, his
appointment or qualification.
Custody of company's property
240. Where a
winding-up order has been made or where an interim liquidator has been
appointed, the liquidator or the interim liquidator,
as the case may be, shall
take into his custody or under his control all the property and things in action
to which the company is
or appears to be entitled.
Vesting of property of company in liquidator
241. Where a
company is being wound up by the court, the court may, on the application of the
liquidator, by order, direct that all or
any part of the property of whatsoever
description belonging to the company or held by trustees on its behalf shall
vest in the liquidator
by his official name, and thereupon the property to which
the order relates shall vest accordingly, and the liquidator may, after
giving
such indemnity, if any, as the court may direct, bring or defend, in his
official name, any action or other legal proceeding
which relates to that
property or which it is necessary to bring or defend for the purpose of
effectually winding-up the company
and recovering its property.
Powers of liquidator
242.-(1) The
liquidator in a winding-up by the court shall have power, with the sanction
either of the court or of the committee of inspection-
(a) to bring or defend any action or other legal proceeding in the name and on behalf of the company;
(b) to carry on the business of the company, so far as may be necessary for the beneficial winding-up thereof;
(c) to appoint a barrister and solicitor to assist him in the performance of his duties;
(d) to pay any classes of creditors in full;
(e) to make any compromise, or arrangement with creditors, or persons claiming to be creditors, or having or alleging themselves to have any claim, present or future, certain or contingent, ascertained or sounding only in damages against the company, or whereby the company may be rendered liable;
(f) to compromise all calls and liabilities to calls, debts and liabilities capable of resulting in debts, and all claims, present or future, certain or contingent, ascertained or sounding only in damages, subsisting or supposed to subsist between the company and contributory or alleged contributory or other debtor or person apprehending liability to the company, and all questions in any way relating to or affecting the assets or the winding-up of the company, on such terms as may be agreed, and take any security for the discharge of any such call, debt, liability or claim and give a complete discharge in respect thereof.
(2) The liquidator in a winding-up by
the court shall have power-
(a) to sell the real and personal property and things in action of the company by public auction or private contract, with power to transfer the whole thereof to any person or company or to sell the same in parcels;
(b) to do all acts and to execute, in the name and on behalf of the company, all deeds, receipts and other documents and, for that purpose, to use, when necessary, the company's seal;
(c) to prove, rank and claim in the bankruptcy, insolvency or sequestration of any contributory for any balance against his estate, and to receive dividends in the bankruptcy, insolvency or sequestration in respect of that balance, as a separate debt due from the bankrupt or insolvent, and rateably with the other separate creditors;
(d) to draw, accept, make and endorse any bill of exchange or promissory note in the name and on behalf of the company, with the same effect with respect to the liability of the company as if the bill or note had been drawn, accepted, made or endorsed by or on behalf of the company in the course of its business;
(e) to raise, on the security of the assets of the company, any money requisite;
(f) to take out, in his official name, letters of administration for any deceased contributory, and to do, in his official name, any other act necessary for obtaining payment of any money due from a contributory or his estate which cannot be conveniently done in the name of the company and, in all such cases, the money due shall, for the purpose of enabling the liquidator to take out the letters of administration or recover the money, be deemed to be due to the liquidator himself:
Provided that nothing in this paragraph shall be deemed to affect the rights, duties and privileges of the Public Trustee;
(g) to appoint an agent to do any business which the liquidator is unable to do himself;
(h) to do all such other things as may be necessary for winding-up the affairs of the company and distributing its assets.
(3) The exercise by a liquidator in a
winding-up by the court of the powers conferred by this section shall be subject
to the control
of the court, and any creditor or contributory may apply to the
court with respect to any exercise or proposed exercise of any of
those
powers.
Exercise and control of liquidator's powers
243.-(1) Subject
to the provisions of this Act, the liquidator of a company which is being wound
up by the court shall, in the administration
of the assets of the company and in
the distribution thereof among its creditors, have regard to any directions that
may be given
by resolution of the creditors or contributories at any general
meeting or by the committee of inspection, and any directions given
by the
creditors or contributories at any general meeting shall, in case of conflict,
be deemed to override any directions given
by the committee of
inspection.
(2) The liquidator may summon general meetings of the
creditors or contributories for the purpose of ascertaining their wishes, and
it
shall be his duty to summon meetings at such times as the creditors or
contributories, by resolution, either at the meeting appointing
the liquidator
or otherwise, may direct, or whenever requested in writing to do so by one-tenth
in value of the creditors or contributories
as the case may be.
(3) The
liquidator may apply to the court, in manner prescribed, for directions in
relation to any particular matter arising under
the winding-up.
(4)
Subject to the provisions of this Act, the liquidator shall use his own
discretion in the management of the estate and its distribution
among the
creditors.
(5) If any person is aggrieved by any act or decision of the
liquidator, that person may apply to the court, and the court may confirm,
reverse or modify the act or decision complained of, and make such order in the
premises as it thinks just.
Books to be kept by liquidator
244. Every
liquidator of a company which is being wound up by the court shall keep, in
manner prescribed, proper books, in which he shall
cause to be made entries or
minutes of proceedings at meetings, and of such other matters as may be
prescribed, and any creditor
or contributory may, subject to the control of the
court, personally or by his agent inspect any such books.
Payments by liquidator to official receiver or into bank
245.-(1) Every
liquidator of a company which is being wound up by the court shall, in such
manner and at such times as the official receiver
shall direct, pay the money
received by him to the official receiver for the credit of the Companies
Liquidation Account, and the
official receiver shall furnish him with a receipt
for the money so paid:
Provided that, if the committee of inspection
satisfy the court that, for the purpose of carrying on the business of the
company or
of obtaining advances, or for any other reason, it is for the
advantage of the creditors or contributories that the liquidator should
have an
account with any bank, the court shall, on the application of the committee of
inspection, authorize the liquidator to make
his payments into and out of such
bank as the committee may select, and thereupon those payments shall be made in
the prescribed
manner.
(2) If any such liquidator at any time retains for
more than 10 days a sum exceeding $100, or such other amount as the court in any
particular case authorizes him to retain, then, unless he explains the retention
to the satisfaction of the court, he shall pay interest
on the amount so
retained in excess at the rate of 20 per cent per annum and shall be liable to
disallowance of all or such part
of his remuneration as the court may think
just, and to be removed from his office; by the court, and shall be liable to
pay any
expenses occasioned by reason of his default.
(3) A liquidator of
a company which is being wound up by the court shall not pay any sums received
by him as liquidator into his private
banking account.
Audit of liquidator's accounts
246.-(1) Every
liquidator, other than the official receiver, of a company which is being wound
up by the court shall, at such times as
may be prescribed, but not less than
twice in each year during his tenure of office, send to the official receiver,
or as he directs,
an account of his receipts and payments as
liquidator.
(2) The account shall be in the prescribed form, shall be
made in duplicate and shall be verified by a statutory declaration in the
prescribed form.
(3) The official receiver shall cause the account to be
audited, and, for the purpose of the audit, the liquidator shall furnish the
official receiver with such vouchers and information as the official receiver
may require, and the official receiver may, at any
time, require the production
of and inspect any books or accounts kept by the liquidator.
(4) When the
account has been audited, 1 copy thereof shall be filed by the official receiver
and the other copy shall be delivered
to the court for filing, and each copy
shall be open to the inspection of any person on payment of the prescribed
fee.
(5) The liquidator shall cause a copy of the account, when audited,
or a summary thereof, to be sent by post to each creditor and
contributory
within 30 days of the completion of the audit:
Provided that the official
receiver may, in any case, dispense with compliance with this
subsection.
Control over liquidators
247.-(1) The
official receiver shall take cognizance of the conduct of liquidators of
companies which are being wound up by the court,
and, if a liquidator does not
faithfully perform his duties and duly observe all the requirements imposed on
him by statute, rules
or otherwise with respect to the performance of his
duties, or if any complaint is made to the official receiver by any creditor
or
contributory in regard thereto, the official receiver shall inquire into the
matter and take such action thereon as he may think
expedient.
(2) The
official receiver may, at any time, require any liquidator of a company which is
being wound up by the court to answer any
inquiry in relation to any winding-up
in which he is engaged, and may, if the official receiver thinks fit, apply to
the court to
examine him or any other person on oath concerning the
winding-up.
Release of liquidators
248.-(1) When the
liquidator of a company which is being wound up by the court has realized all
the property of the company, or so much
thereof as can, in his opinion, be
realized without needlessly protracting the liquidation, and has distributed a
final dividend,
if any, to the creditors, and adjusted the rights of the
contributories among themselves, and made a final return, if any, to the
contributories, or has resigned, or has been removed from his office, the court
shall, on his application, cause a report on his
accounts to be prepared, and,
on his complying with all the requirements of the court, shall take into
consideration the report and
any objection which may be urged by any creditor or
contributory or person interested against the release of the liquidator, and
shall either grant or withhold the release accordingly.
(2) Where the
release of a liquidator is withheld, the court may, on the application of any
creditor or contributory or person interested,
make such order as it thinks
just, charging the liquidator with the consequences of any act or default which
he may have done or
made contrary to his duty.
(3) An order of the court
releasing the liquidator shall discharge him from all liability in respect of
any act done or default made
by him in the administration of the affairs of the
company or otherwise in relation to his conduct as liquidator, but any such
order
may be revoked on proof that it was obtained by fraud or by suppression or
concealment of any material fact.
(4) Whether the liquidator has not
previously resigned or been removed, his release shall operate as a removal of
him from his office.
Subdivision H-Committees of Inspection
Meetings of creditors and contributories to determine whether committee of inspection shall be appointed
249.-(1) When a
winding-up order has been made by the court, it shall be the business of the
separate meetings of creditors and contributories
summoned for the purpose of
determining whether or not an application should be made to the court for
appointing a liquidator in
place of the official receiver, to determine further
whether or not an application is to be made to the court for the appointment
of
a committee of inspection to act with the liquidator and who are to be members
of the committee if appointed.
(2) The court may make any appointment and
order required to give effect to any such determination and, if there is a
difference between
the determinations of the meetings of the creditors and
contributories in respect of the matters aforesaid, the court shall decide
the
difference and make such order thereon as the court may think fit.
Constitution and proceedings of committee of inspection
250.-(1) A
committee of inspection appointed in pursuance of this Act shall consist of
creditors and contributories of the company, or
persons holding general powers
of attorney from creditors or contributories, in such proportions as may be
agreed on by the meetings
of creditors and contributories or as, in case of
difference, may be determined by the court.
(2) The committee shall meet
at such times as they from time to time appoint, and, failing such appointment,
at least once a month,
and the liquidator or any member of the committee may
also call a meeting of the committee as and when he thinks necessary.
(3)
The committee may act by a majority of their members present at a meeting, but
shall not act unless a majority of the committee
are present,
(4) A
member of the committee may resign by notice in writing signed by him and
delivered to the liquidator.
(5) If a member of the committee becomes
bankrupt or compounds or arranges with his creditors or is absent from 5
consecutive meetings
of the committee without the leave of those members who,
together with himself, represent the creditors or contributories, as the
case
may be, his office shall thereupon become vacant.
(6) A member of the
committee may be removed by an ordinary resolution at a meeting of creditors, if
he represents creditors, or of
contributories, if he represents contributories,
of which 21 days' notice has been given, stating the object of the
meeting.
(7) On a vacancy occurring in the committee, the liquidator
shall forthwith summon a meeting of creditors or of contributories, as
the case
may require, to fill the vacancy, and the meeting may, by resolution, reappoint
the same or appoint another creditor or
contributory to fill the
vacancy:
Provided that, if the liquidator, having regard to the position
in the winding-up, is of the opinion that it is unnecessary for the
vacancy to
be filled, he may apply to the court and the court may make an order that the
vacancy shall not be filled, or shall not
be filled, except in such
circumstances as may be specified in the order.
(8) The continuing
members of the committee, if not fewer than 2, may act, notwithstanding any
vacancy in the committee.
Powers of court where no committee of inspection
251. Where, in
the case of a winding-up, there is no committee of inspection, the court may, on
the application of the liquidator, do
any act or thing or give any direction or
permission which is, by this Act, authorized or required to be done or given by
the committee:
Provided that, where the official receiver is the
liquidator, he may do any such act or thing and give any such direction or
permission
without application to the court.
Subdivision I-General Powers of Court in Case of Winding-up by Court
Power to stay winding-up
252.-(1) The
court may, at any time after an order for winding-up, on the application either
of the liquidator or the official receiver
or any creditor or contributory, and
on proof to the satisfaction of the court that all proceedings in relation to
the winding-up
ought to be stayed, make an order staying the proceedings, either
altogether or for a limited time, on such terms and conditions
as the court
thinks fit.
(2) On any application under this section, the court may,
before making an order, require the official receiver to furnish to the
court a
report with respect to any facts or matters which are in his opinion relevant to
the application.
(3) A copy of every order made under this section shall
forthwith be forwarded by the company, or otherwise as may be prescribed,
to the
registrar for registration.
Settlement of list of contributories and application of assets
253.-(1) As soon
as may be after making a winding-up order, the court shall settle a list of
contributories, with power to rectify the
register of members in all cases where
rectification is required in pursuance of this Act, and shall cause the assets
of the company
to be collected, and applied in discharge of its
liabilities:
Provided that, where it appears to the court that it will
not be necessary to make calls on or adjust the rights of contributories,
the
court may dispense with the settlement of a list of contributories.
(2)
In settling the list of contributories, the court shall distinguish between
persons who are contributories in their own right
and persons who are
contributories as being representatives of or liable for the debts of
others.
Delivery of property to liquidator
254. The court
may, at any time after making a winding-up order, require any contributory for
the time being on the list of contributories
and any trustee, receiver, banker,
agent or officer of the company to pay, deliver, convey, surrender or transfer
forthwith, or within
such time as the court directs, to the liquidator any
money, property or books and papers in his hands to which the company is
prima facie entitled.
Payment of debts due by contributory to company and extent to which set-off allowed
255.-(1) The
court may, at any time after making a winding-up order, make an order on any
contributory for the time being on the list
of contributories to pay, in manner
directed by the order, any money due from him or from the estate of the person
whom he represents
to the company, exclusive of any money payable by him or the
estate by virtue of any call in pursuance of this Act.
(2) The court, in
making such an order may-
(a) in the case of an unlimited company, allow to the contributory, by way of set-off, any money due to him or to the estate which he represents from the company on any independent dealing or contract with the company, but not any money due to him as a member of the company in respect of any dividend or profit; and
(b) in the case of a limited company, make to any director or manager whose liability is unlimited or to his estate the like allowance.
(3) In the case of any company, whether limited
or unlimited, when all the creditors are paid in full, any money due on any
account
whatever to a contributory from the company may be allowed to him by way
of set-off against any subsequent call.
Power of court to make calls
256.-(1) The
court may, at any time after making a winding-up order, and either before or
after it has ascertained the sufficiency of
the assets of the company, make
calls on all or any of the contributories for the time being on the list of the
contributories, to
the extent of their liability, for payment of any money which
the court considers necessary to satisfy the debts and liabilities
of the
company, and the costs, charges and expenses of winding-up, and for the
adjustment of the rights of the contributories among
themselves, and make an
order for payment of any calls so made.
(2) In making a call, the court
may take into consideration the probability that some of the contributories may
partly or wholly fail
to pay the call.
Payment into bank of moneys due to company
257.-(1) The
court may order any contributory, purchaser or other person from whom money is
due to the company to pay the amount due
into a specified bank or any branch
thereof to the account of the liquidator instead of to the liquidator, and any
such order may
be enforced in the same manner as if it had directed payment to
the liquidator.
(2) All moneys and securities paid or delivered into a
specified bank or any branch thereof in the event of a winding-up by the court
shall be subject in all respects to the orders of the court.
Order on contributory conclusive evidence
258.-(1) An order
made by the court on a contributory shall, subject to any right of appeal, be
conclusive evidence that the money, if
any, thereby appearing to be due or
ordered to be paid is due.
(2) All other pertinent matters stated in the
order shall be taken to be truly stated as against all persons and in all
proceedings
whatsoever.
Appointment of special manager
259.-(1) Where
the official receiver becomes the liquidator of a company, whether provisionally
or otherwise, he may, if satisfied that
the nature of the estate or business of
the company, or the interests of the creditors or contributories generally,
require the appointment
of a special manager of the estate or business of the
company other than himself, apply to the court, and the court may, on such
application, appoint a special manager of the said estate or business to act
during such time as the court may direct, with such
powers, including any of the
powers of a receiver or manager, as may be entrusted to him by the
courts.
(2) The special manager shall give such security and account in
such manner as the official receiver shall direct.
(3) The special
manager shall receive such remuneration as may be fixed by the court.
Power to exclude creditors not proving in time
260. The court
may fix, a time or times within which creditors are to prove their debts or
claims or to be excluded from the benefit
of any distribution made before those
debts are proved.
Adjustment of rights of contributories
261. The court
shall adjust the rights of the contributories among themselves and make an order
for the distribution of any surplus among
the persons entitled thereto.
Inspection of books by creditors and contributories
262.-(1) The
court may, at any time after making a winding-up order, make such order for
inspection of the books and papers of the company
by creditors and
contributories as the court thinks just, and any books and papers of the company
may be inspected by creditors or
contributories accordingly, but not further or
otherwise.
(2) Nothing in this section shall be taken as excluding or
restricting any statutory rights of any department of the Government or
of any
officer thereof or of any person acting under the authority of any such
department or officer.
Power to order costs of winding-up to be paid out of assets
263. The court
may, in the event of the assets being insufficient to satisfy the liabilities,
make an order as to the payment out of
the assets of the costs, charges and
expenses incurred in the winding-up in such order of priority as the court
thinks just.
Power to summon persons suspected of having property of company, etc.
264.-(1) The
court may, at any time after the appointment of an interim liquidator or the
making of a winding-up order, summon before
it any officer of the company or
person known or suspected to have in his possession any property of the company
or supposed to be
indebted to the company, or any person whom the court deems
capable of giving information concerning the promotion, formation, trade,
dealings, affairs or property of the company.
(2) The court may examine
him on oath concerning the matters aforesaid, either by word of mouth or on
written interrogatories, and
may reduce his answers to writing and require him
to sign them.
(3) The court may require him to produce any books and
papers in his custody or power relating to the company, but, where he claims
any
lien on books or papers produced by him, the production shall be without
prejudice to that lien, and the court shall have jurisdiction,
in the
winding-up, to determine all questions relating to that lien.
(4) If any
person so summoned, after being tendered a reasonable sum for his expenses,
refuses to come before the court at the time
appointed, not having a lawful
impediment (made known to the court at the time of its sitting and allowed by
it), the court may cause
him to be arrested and brought before the court for
examination.
Attendance of officers of company at meetings of creditors, etc.
265. In the
winding-up by the court of a company, the court shall have power to require the
attendance of any officer of the company
at any meeting of creditors or of
contributories or of a committee of inspection for the purpose of giving
information as to the
trade, dealings, affairs or property of the
company.
Power to order public examination of promoters and officers
266.-(1) Where an
order has been made for winding-up a company by the court, and the official
receiver has made a further report under
this Act stating that, in his opinion,
a fraud has been committed by any person in the promotion or formation of the
company or by
any officer of the company in relation to the company since its
formation, the court may, after consideration of the report, direct
that that
person or officer shall attend before the court on a day appointed by the court
for that purpose and be publicly examine
as to the promotion or formation or the
conduct of the business of the company or as to his conduct and dealings as an
officer thereof.
(2) The official receiver shall take part in the
examination, and, for that purpose, may, if specially authorized by the court in
that behalf employ a barrister and solicitor.
(3) The liquidator, where
the official receiver is not the liquidator, and any creditor or contributory
may also take part in the
examination, either personally or by his barrister and
solicitor.
(4) The court may put such questions to the person examined as
the court thinks fit.
(5) The person examined shall be examined on oath
and shall answer all such questions as the court may put or allow to be put to
him.
(6) A person ordered to be examined under this section shall, at his
own cost, before his examination, be furnished with a copy of
the official
receiver's report, and may, at his own cost, employ a barrister and solicitor,
who shall be at liberty to put to him
such questions as the court may deem just
for the purpose of enabling him to explain or qualify any answers given by
him:
Provided that, if any such person applies to the court to be
exculpated from any charges made or suggested against him, it shall be
the duty
of the official receiver to appear on the hearing of the application and call
the attention of the court to any matters
which appear to the official receiver
to be relevant and, if the court, after hearing any evidence given or witnesses
called by the
official receiver, grants the application, the court may allow the
applicant such costs as, in its discretion, it may think fit.
(7) Notes
of the examination shall be taken down, in writing, and shall be read over to or
by, and signed by, the person examined,
and may thereafter be used in evidence
against him, and shall be open to the inspection of any creditor or contributory
at all reasonable
times.
(8) The court may, if it thinks fit, adjourn the
examination from time to time.
Power to arrest absconding promoters, officers and contributories
267. The court,
at any time either before or after making a winding-up order, on proof of
probable cause for believing that any person
or officer of the company mentioned
in subsection (1) of section 266 or a
contributory is about to quit Fiji or otherwise to abscond or to remove or
conceal any of his property for the purpose of evading
payment to calls or of
avoiding examination respecting the affairs of the company, may cause him to be
arrested and his books and
papers and movable personal property to be seized and
him and them to be safely kept until such times as the court may order.
Powers of court cumulative
268. Any powers
by this Act conferred on the court shall be in addition to, and not in
restriction of, any existing powers of instituting
proceedings against any
contributory or debtor of the company or the estate of any contributory or
debtor, for the recovery of any
call or other sums.
Delegation to liquidator of certain powers of court
269. Provision
may be made by rules for enabling or requiring all or any of the powers and
duties conferred and imposed on the court
by this Act in respect of the
following matters:-
(a) the holding and conducting of meetings to ascertain the wishes of creditors and contributories;
(b) the settling of lists of contributories and the rectifying of the register of members, where required, and the collecting and applying of the assets;
(c) the paying, delivery, conveyance, surrender or transfer of money, property, books or papers to the liquidator;
(d) the making of calls;
(e) the fixing of a time within which debts and claims must be proved, to be exercised or performed by the liquidator as an officer of the court, and subject to the control of the court:
Provided that the liquidator shall not, without the special leave of the court, rectify the register of members, and shall not make any call without either the special leave of the court or the sanction of the committee of inspection.
Dissolution of company
270.-(1) When the
affairs of a company have been completely wound up, the court, if the liquidator
makes an application in that behalf,
shall make an order that the company be
dissolved from the date of the order, and the company shall be dissolved
accordingly.
(2) A copy of the order shall, within 14 days from the date
thereof, be delivered by the liquidator to the registrar for
registration.
(3) If the liquidator makes default in complying with the
requirements of this section, he shall be liable to a fine not exceeding
$10 for
every day during which he is in default.
Subdivision J-Appeals
Appeals
271. Subject to
such conditions and limitations as may be prescribed by rules, an appeal shall
lie to the Court of Appeal from any decision
or order given or made by the
Supreme Court in the exercise of the jurisdiction conferred upon it by section
219.
Division 3-Voluntary Winding-up
Subdivision A-Resolutions for, and Commencement
of
Voluntary Winding-up
Circumstances in which company may be wound up voluntarily
272.-(1) A
company may be wound up voluntarily-
(a) when the period, if any, fixed for the duration of the company by the articles expires, or the event, if any, occurs, on the occurrence of which the articles provide that the company is to be dissolved, and the company in general meeting has passed a resolution requiring the company to be wound up voluntarily;
(b) if the company resolves, by special resolution, that the company be wound up voluntarily;
(c) the company resolves, by special resolution, to the effect that it cannot, by reason of its liabilities, continue its business, and that it is advisable to wind up.
(2) In this Act, "a resolution for
voluntary winding-up" means a resolution passed under any of the provisions of
subsection (1).
Notice of resolution to wind up voluntarily
273.-(1) When a
company has passed a resolution for voluntary winding-up, it shall, within 14
days after the passing of the resolution,
give notice of the resolution by
advertisement in the Gazette, and also in a newspaper published and circulating
in Fiji.
(2) If default is made in complying with this section, the
company and every officer of the company who is in default shall be liable
to a
default fine and, for the purposes of this subsection, the liquidator of the
company shall be deemed to be an officer of the
company.
Commencement of voluntary winding-up
274. A voluntary
winding-up shall be deemed to commence at the time of the passing of the
resolution for voluntary winding-up.
Subdivision B-Consequences of Voluntary Winding-up
Effect of voluntary winding-up on business and status of company
275. In case of a
voluntary winding-up, the company shall, from the commencement of the
winding-up, cease to carry on its business, except
so far as may be required for
the beneficial winding-up thereof:
Provided that the corporate state and
corporate powers of the company shall, notwithstanding anything to the contrary
in its articles,
continue until it is dissolved.
Avoidance of transfers, etc., after commencement of voluntary winding-up
276. Any transfer
of shares, not being a transfer made to or with the sanction of the liquidator,
and any alteration in the status of
the members of the company, made after the
commencement of a voluntary winding-up, shall be void.
Subdivision C-Declaration of Solvency
Statutory declaration of solvency in case of proposal to wind up voluntarily
277.-(1) Where it
is proposed to wind up a company voluntarily, the directors of the company or,
in the case of a company having more
than 2 directors, the majority of the
directors, may, at a meeting of the directors, make a declaration in the
prescribed form to
the effect that they have made a full inquiry into the
affairs of the company, and that, having so done, they have formed the opinion
that the company will be able to pay its debts in full within such period, not
exceeding 12 months, from the commencement of the
winding-up as may be specified
in the declaration.
(2) A declaration made as aforesaid shall have no
effect for the purposes of this Act unless-
(a) it is made within the 30 days immediately preceding the date of the passing of the resolution for winding-up the company and is delivered to the registrar, for registration, before that date; and
(b) it embodies a statement of the company's assets and liabilities as at the latest practicable date before the making of the declaration.
(3) Any director of a company
making a declaration under this section, without having reasonable grounds for
the opinion that the
company will be able to pay its debts in full within the
period specified in the declaration, shall be liable to imprisonment for
a
period not exceeding 12 months or to a fine not exceeding $2,000 or to both;
and, if the company is wound up in pursuance of a
resolution passed within the
period of 30 days after the making of the declaration, but its debts are not
paid or provided for in
full within the period stated in the declaration, it
shall be presumed, until the contrary is shown, that the director did not have
reasonable grounds for his opinion.
(4) A winding-up in the case of which
a declaration has been made and delivered in accordance with this section or
section 277 of the repealed Companies
Act is, in this Act, referred to as a "members' voluntary winding-up", and a
winding-up in the case of which a declaration has not been
made and delivered as
aforesaid is in this Act referred to as a "creditors' voluntary
winding-up".
(5) Subsections (1) to (3) shall not apply to a winding-up
commenced before 1 January 1984.
Subdivision D-Provisions Applicable to a Members' Voluntary Winding-up
Provisions applicable to a members' winding-up
278. The
provisions of sections 279 to
285 shall, subject to the provisions of
section 285, apply in relation to a
members' voluntary winding-up.
Power of company to appoint and fix remuneration of liquidators
279.-(1) The
company in general meeting shall appoint 1 or more liquidators for the purpose
of winding-up the affairs and distributing
the assets of the company, and may
fix the remuneration to be paid to him or them.
(2) On the appointment of
a liquidator, all the powers of the directors shall cease, except so far as the
company in general meeting
or the liquidator sanctions the continuance
thereof.
Power to fill vacancy in office of liquidator
280.-(1) If a
vacancy occurs by death, resignation or otherwise in the office of liquidator
appointed by the company, the company in
general meeting may, subject to any
arrangement with its creditors, fill the vacancy.
(2) For that purpose, a
general meeting may be convened by any contributory or, if there were more
liquidators than 1, by any continuing
liquidator.
(3) The meeting shall
be held in manner provided by this Act or by the articles, or in such manner as
may, on application by any contributory
or, by any continuing liquidator, be
determined by the court.
Power of liquidator to accept shares, etc., as
consideration
for sale of property of company
281.-(1) Where a
company is proposed to be, or is in course of being, wound up voluntarily, and
the whole or part of its business or
property is proposed to be transferred or
sold to another company, whether a company within the meaning of this Act or not
(in this
section called the "transferee company"), the liquidator of the
first-mentioned company (in this section called the "transferor company")
may,
with the sanction of a special resolution of that company, conferring either a
general authority on the liquidator or an authority
in respect of any particular
arrangement, receive, in compensation or part compensation for the transfer or
sale, shares, policies
or other like interests in the transferee company for
distribution among the members of the transferor company, or may enter into
any
other arrangement whereby the members of the transferor company may, in lieu of
receiving cash, shares, policies or other like
interests, or in addition
thereto, participate in the profits of or receive any other benefits from the
transferee company.
(2) Any sale or arrangement in pursuance of this
section shall be binding on the members of the transferor company.
(3) If
any member of the transferor company who did not vote in favour of the special
resolution expresses his dissent therefrom in
writing addressed to the
liquidator, and left at the registered office of the company within 7 days after
the passing of the resolution,
he may require the liquidator either to abstain
from carrying the resolution into effect or to purchase his interest at a price
to
be determined by agreement or by arbitration in accordance with the law
relating to arbitration for the time being in force in Fiji.
(4) If the
liquidator elects to purchase the member's interest, the purchase money shall be
paid before the company is dissolved and
be raised by the liquidator in such
manner as may be determined by special resolution.
(5) A special
resolution shall not be invalid, for the purposes of this section, by reason
that it is passed before or concurrently
with a resolution for voluntary
winding-up or for appointing liquidators, but, if an order is made within a year
for winding-up the
company by or subject to the supervision of the court, the
special resolution shall not be valid unless sanctioned by the court.
Duty of liquidator to call creditors' meeting in case of insolvency
282.-(1) If, in
the case of a winding-up commenced on or after 1 January 1984, the liquidator
is, at any time, of opinion that the company
will not be able to pay its debts
in full within the period stated in the declaration under section
277, he shall forthwith notify the
registrar accordingly and summon a meeting of the creditors, and shall lay
before the meeting a statement
of the assets and liabilities of the
company.
(2) If the liquidator fails to comply with this section, he
shall be liable to a fine not exceeding $100.
Duty of liquidator to call general meeting at end of each year
283.-(1) Subject
to the provisions of section 285, in
the event of the winding-up continuing for more than 1 year, the liquidator
shall summon a general meeting of the company at
the end of the first year from
the commencement of the winding-up, and of each succeeding year, or at the first
convenient date within
3 months from the end of the year or such longer period
as the registrar may allow, and shall lay before the meeting an account of
his
acts and dealings and of the conduct of the winding-up during the preceding
year.
(2) If the liquidator fails to comply with this section, he shall
be liable to a fine not exceeding $50.
Final meeting and dissolution
284.-(1) Subject
to the provisions of section 285, as
soon as the affairs of the company are fully wound up, the liquidator shall make
up an account of the winding-up, showing how
the winding-up has been conducted
and the property of the company disposed of, and thereupon shall call a general
meeting of the
company for the purpose of laying before it the account, and
giving any explanation thereof.
(2) The meeting shall be called by
advertisement in the Gazette, and in a newspaper published and circulating in
Fiji, specifying
the time, place and object thereof, and published 30 days at
least before the meeting.
(3) Within 14 days after the meeting, the
liquidator shall deliver to the registrar a copy of the account, and shall make
a return
to him of the holding of the meeting and of its date and, if the copy
is not delivered or the return is not made in accordance with
this subsection,
the liquidator shall be liable to a fine not exceeding $10 for every day during
which the default continues:
Provided that, if a quorum is not present at
the meeting, the liquidator shall, in lieu of the return hereinbefore mentioned,
make
a return that the meeting was duly summoned and that no quorum was present
thereat and, upon such a return being made, the provisions
of this subsection as
to the making of the return shall be deemed to have been complied
with.
(4) The registrar, on receiving the account and either of the
returns hereinbefore mentioned, shall forthwith register them and, (on
the
expiration of 3 months from the registration of the return, the company shall be
deemed to be dissolved:
Provided that the court may, on the application
of the liquidator or of any other person who appears to the court to be
interested,
make an order deferring the date at which the dissolution of the
company is to take effect for such time as the court thinks fit.
(5) It
shall be the duty of the person on whose application an order of the court under
this section is made, within 7 days after
the making of the order, to deliver to
the registrar a certified copy of the order, for registration and, if that
person fails so
to do, he shall be liable to a fine not exceeding $10 for every
day during which the default continues.
(6) If the liquidator fails to
call a general meeting of the company as required by this section, he shall be
liable to a fine not
exceeding $100.
Alternative provisions as to annual and final meetings in case of insolvency
285. Where
section 282 has effect,
sections 294 and
295 shall apply to the winding-up to
the exclusion of sections 283 and
284 as if the winding-up were a
creditors' voluntary winding-up and not a members' voluntary
winding-up:
Provided that the liquidator shall not be required to summon
a meeting of creditors under section
294 at the end of the first year from
the commencement of the winding-up, unless the meeting held under section
282 is held more than 3 months before
the end of that year.
Subdivision E-Provisions Applicable to a Creditors' Voluntary Winding-up
Provisions applicable to a creditors' winding-up
286. The
provisions of sections 287 to
295 shall apply in relation to a
creditors' voluntary winding-up.
Meeting of creditors
287.-(1) The
company shall cause a meeting of the creditors of the company to be summoned for
the day, or the day next following the
day, on which there is to be held the
meeting at which the resolution for voluntary winding-up is to be proposed, and
shall cause
the notices of the said meeting of creditors to be sent by post to
the creditors simultaneously with the sending of the notices of
the said meeting
of the company.
(2) The company shall cause notice of the meeting of the
creditors to be advertised once in the Gazette and once at least in a newspaper
published and circulating in Fiji.
(3) The directors of the company
shall-
(a) cause a full statement of the position of the company's affairs, together with a list of the creditors of the company and the estimated amount of their claims, to be laid before the meeting of the creditors to be held as aforesaid; and
(b) appoint 1 of their number to preside at the said meeting.
(4) It shall be the duty of the
director appointed to preside at the meeting of the creditors to attend the
meeting and preside thereat.
(5) If the meeting of the company at which
the resolution for voluntary winding-up is to be proposed is adjourned and the
resolution
is passed at an adjourned meeting, any resolution passed at the
meeting of the creditors held in pursuance of subsection (1) shall
have effect
as if it had been passed immediately after the passing of the resolution for
winding-up the company.
(6) If default is made-
(a) by the company in complying with subsections (1) and (2);
(b) by the directors of the company in complying with subsection (3);
(c) by any director of the company in complying with subsection (4),
the company, directors or director, as the case may be, shall be liable to a fine not exceeding $200, and, in the case of default by the company, every officer of the company who is in default shall be liable to the like penalty.
Appointment of liquidator
288. The
creditors and the company, at their respective meetings mentioned in section
287, may nominate a person to be
liquidator for the purpose of winding-up the affairs and distributing the assets
of the company and,
if the creditors and the company nominate different persons,
the person nominated by the creditors shall be liquidator and, if no
person is
nominated by the creditors, the person, if any, nominated by the company shall
be liquidator:
Provided that, in the case of different persons being
nominated, any director, member or creditor of the company may, within 7 days
after the date on which the nomination was made by the creditors, apply to the
court for any order either directing that the person
nominated as liquidator by
the company shall be liquidator instead of or jointly with the person nominated
by the creditors or appointing
some other person be liquidator instead of the
person appointed by the creditors.
Appointment of committee of inspection
289.-(1) The
creditors at the meeting to be held in pursuance of section
287, or at any subsequent meeting, may,
if they think fit, appoint not more than 5 persons to be members of a committee
of inspection
and, if such a committee is appointed, the company may, either at
the meeting at which the resolution for voluntary winding-up is
passed or at any
time subsequently in general meeting, appoint such number of persons as they
think fit to be members of the committee
so, however, that the majority of the
members of the committee shall be persons appointed by the
creditors:
Provided that the creditors may, if they think fit, resolve
that all or any of the persons so appointed by the company ought not to
be
members of the committee of inspection, and, if the creditors so resolve, the
persons mentioned in the resolution shall not, unless
the court otherwise
directs, be qualified to act as members of the committee and, on any application
to the court under this provision,
the court may, if it thinks fit, appoint
other persons to act as such members in place of the person mentioned in the
resolution.
(2) Subject to the provisions of this section and to any
rules made in this behalf, the provisions of
section 250, except subsection (1)
thereof, shall apply with respect to a committee of inspection appointed under
this section as they apply
with respect to a committee of inspection appointed
in a winding-up by the court.
Fixing of liquidators' remuneration
290. The
committee of inspection or, if there is no such committee, the creditors may fix
the remuneration to be paid to the liquidator
or liquidators.
Cesser of directors' powers on appointment of liquidator
291. On the
appointment of a liquidator, all the powers of the directors shall cease, except
so far as the committee of inspection, or,
if there is no such committee, the
creditors sanction the continuance thereof.
Power to fill vacancy in office of liquidator
292. If a vacancy
occurs, by death, resignation or otherwise, in the office of a liquidator, other
than a liquidator appointed by, or
by the direction of, the court, the creditors
may fill the vacancy.
Application of section 281 to a creditors' voluntary winding-up
293. The
provisions of section 281 shall apply
in the case of a creditors' voluntary winding-up as in the case of a members'
voluntary winding-up, with the modification
that the powers of the liquidator
under the said section shall not be exercised, except with the sanction either
of the court or
of the committee of inspection in substitution for the sanction
of a special resolution.
Duty of liquidator to call meetings of company and of creditors at end of each year
294.-(1) In the
event of the winding-up continuing for more than 1 year, the liquidator shall
summon a general meeting of the company
and a meeting of the creditors at the
end of the first year from the commencement of the winding-up, and of each
succeeding year,
or at the first convenient date within 3 months from the end of
the year or such longer period as the registrar may allow, and shall
lay before
the meetings an account of his acts and dealings and of the conduct of the
winding-up during the preceding year.
(2) If the liquidator fails to
comply with this section, he shall be liable to a fine not exceeding
$50.
Final meeting and dissolution
295.-(1) As soon
as the affairs of the company are fully wound up, the liquidator shall make up
an account of the winding-up, showing
how the winding-up has been conducted and
the property of the company disposed of, and thereupon shall call a general
meeting of
the company and a meeting of the creditors of the purpose of laying
the account before the meetings and giving any explanation thereof.
(2)
Each such meeting shall be called by advertisement in the Gazette and in a
newspaper published and circulating in Fiji, specifying
the time, place and
object thereof, and published 30 days at least before the meeting.
(3)
Within 14 days after the date of the meetings, or, if the meetings are not held
on the same date, after the date of the later
meeting, the liquidator shall
deliver to the registrar a copy of the account, and shall make a return to hire
of the holding of the
meetings and of their dates and, if the copy is not
delivered or the return is not made in accordance with this subsection, the
liquidator
shall be liable to a fine not exceeding $10 for every day during
which the default continues:
Provided that, if a quorum is not present at
either such meeting, the liquidator shall, in lieu of the return hereinbefore
mentioned,
make a return that the meeting was duly summoned and that no quorum
was present thereat and, upon such a return being made, the provisions
of this
subsection as to the making of the return shall, in respect of that meeting, be
deemed to have been complied with.
(4) The registrar, on receiving the
account and, in respect of each such meeting, either of the returns hereinbefore
mentioned, shall
forthwith register them and, on the expiration of 3 months from
the registration thereof, the company shall be deemed to be
dissolved:
Provided that the court may, on the application of the
liquidator or of any other person who appears to the court to be interested,
make an order deferring the date at which the dissolution of the company is to
take effect for such time as the court thinks fit.
(5) It shall be the
duty of the person on whose application an order of the court under this section
is made, within 7 days after
the making of the order, to deliver to the
registrar a certified copy of the order, for registration and, if that person
fails so
to do, he shall be liable to a fine not exceeding $10 for every day
during which the default continues.
(6) If the liquidator fails to call a
general meeting of the company or a meeting of the creditors as required by this
section, he
shall be liable to a fine not exceeding $100.
Subdivision F-Provisions Applicable to every Voluntary Winding-up
Provisions applicable to every voluntary winding-up
296. The
provisions of section 297 to
304 shall apply to every voluntary
winding-up, whether a members' or a creditors' winding-up.
Distribution of property of company
297. Subject to
the provisions of this Act as to preferential payments, the assets of a company
shall, on its winding-up, be applied
in satisfaction of its liabilities,
pari
passu, and, subject to such
application, shall, unless the articles otherwise provide, be distributed among
the members according to their
rights and interests in the company.
Powers and duties of liquidator in voluntary winding-up
298.-(1) The
liquidator may-
(a) in the case of a members' voluntary winding-up, with the sanction of a special resolution of the company, and, in the case of a creditors' voluntary winding-up, with the sanction of the court or the committee of inspection or (if there is no such committee) a meeting of the creditors, exercise any of the powers given by paragraphs (d), (e) and (f) of subsection (1) of section 242 to a liquidator in a winding-up by the court;
(b) without sanction, exercise any of the other powers by this Act given to the liquidator in a winding-up by the court;
(c) exercise the power of the court, under this Act, of settling a list of contributories, and the list of contributories shall be prima facie evidence of the liability of the persons named therein to be contributories;
(d) exercise the power of the court of making calls;
(e) summon general meetings of the company for the purpose of obtaining the sanction of the company by special resolution or for any other purpose he may think fit.
(2) The liquidator shall pay the
debts of the company and shall adjust the rights of the contributories among
themselves.
(3) When several liquidators are appointed, any power given
by this Act may be exercised by such 1 or more of them as may be determined
at
the time of their appointment, or, in default of such determination, by any
number not less than 2.
Power of court to appoint and remove liquidator in voluntary winding-up
299.-(1) If, from
any cause whatever, there is no liquidator acting, the court may appoint a
liquidator.
(2) The court may, on cause shown, remove a liquidator and
appoint another liquidator.
Notice by liquidator of his appointment
300.-(1) The
liquidator shall, within 14 days after his appointment, publish in the Gazette
and deliver to the registrar, for registration,
a notice of his appointment in
the form prescribed.
(2) If the liquidator fails to comply with the
requirements of this section, he shall be liable to a fine not exceeding $10 for
every
day during which the default continues.
Arrangement; when binding on creditors
301.-(1) Any
arrangement entered into between a company about to be, or in the course of
being, wound up and its creditors shall, subject
to the right of appeal under
this section, be binding on the company, if sanctioned by a special resolution,
and on the creditors,
if acceded to by three-fourths in number and value of the
creditors.
(2) Any creditor or contributory may, within 30 days from the
completion of the arrangement, appeal to the court against it, and the
court may
thereupon, as it thinks just, amend, vary or confirm the arrangement.
Power to apply to court to have questions determined or powers exercised
302.-(1) The
liquidator or any contributory or creditor may apply to the court to determine
any question arising in the winding-up of
a company, or to exercise, as respects
the enforcing of calls or any other matter, all or any of the powers which the
court might
exercise if the company were being wound up by the court.
(2)
The court, if satisfied that the determination of the question or the required
exercise of power will be just and beneficial,
may accede wholly or partially to
the application on such terms and conditions as it thinks fit or may make such
other order on the
application as it thinks just.
(3) A copy of an order
made by virtue of this section staying the proceedings in the winding-up shall
forthwith be delivered by the
company, or otherwise as may be prescribed, to the
registrar for registration.
Costs of voluntary winding-up
303. All costs,
charges and expenses properly incurred in the winding-up, including the
remuneration of the liquidator, shall be payable
out of the assets of the
company in priority to all other claims.
Saving for rights of creditors and contributories
304. The
voluntary winding-up of a company shall not bar the right of any creditor or
contributory to have it wound up by the court but,
in the case of an application
by a contributory, the court shall be satisfied that the rights of the
contributories will be prejudiced
by a voluntary winding-up.
Division 4-Winding-up Subject to Supervision of Court
Power to order winding-up subject to supervision
305. When a
company has passed a resolution for voluntary winding-up, the court may make an
order that the voluntary winding-up shall
continue but subject to such
supervision of the court, and with such liberty for creditors, contributories,
or others to apply to
the court, and generally on such terms and conditions, as
the court thinks just.
Effect of petition for winding-up subject to supervision
306. A petition
for the continuance of a voluntary winding-up subject to the supervision of the
court shall, for the purpose of giving
jurisdiction to the court over actions,
be deemed to be a petition for winding-up by the court.
Application of sections 225 and 226 to winding-up subject to supervision
307. A winding-up
subject to the supervision of the court shall, for the purposes of sections
225 and
226 be deemed to be a winding-up by the
court.
Power of court to appoint or remove liquidators
308.-(1) Where an
order is made for a winding-up subject to supervision, the court may, by that or
any subsequent order, appoint an additional
liquidator.
(2) A liquidator
appointed by the court under this section shall have the same powers, be subject
to the same obligations, and in
all respects stand in the same position, as if
he had been duly appointed in accordance with the provisions of this Act with
respect
to the appointment of liquidators in a voluntary winding-up.
(3)
The court may remove any liquidator so appointed by the court or any liquidator
continued under the supervision order and fill
any vacancy occasioned by the
removal, or by death or resignation.
Effect of supervision order
309.-(1) Where an
order is made for a winding-up subject to supervision, the liquidator may,
subject to any restrictions imposed by the
court, exercise all his powers,
without the sanction or intervention of the court, in the same manner as if the
company were being
wound up voluntarily:
Provided that none of the powers
specified in paragraphs (d),
(e) and
(f) of subsection (1) of section
242 shall be exercised by the
liquidator except with the sanction of the court or, in a case where, before the
order, the winding-up
was a creditors' voluntary winding-up, with the sanction
of the court or the committee of inspection, or (if there is no such committee)
a meeting of the creditors.
(2) A winding-up subject to the supervision
of the court is not a winding-up by the court for the purpose of the provisions
of this
Act specified in Ninth Schedule, but, subject as aforesaid, an order for
a winding-up subject to supervision shall, for all purposes,
be deemed to be an
order for winding-up by the court:
Provided that, where the order for
winding-up subject to supervision was made in relation to a creditors' voluntary
winding-up in
which a committee of inspection had been appointed, the order
shall be deemed to be an order for winding-up by the court for the
purpose of
section 250, except subsection (1)
thereof, except in so far as the operation of that section is excluded in a
voluntary winding-up by general
rules.
Division 5-Provisions Applicable to Every Mode of Winding-up
Subdivision A-Proof and Ranking of Claims
Debts of all descriptions may be proved
310. In every
winding-up (subject, in the case of insolvent companies, to the application, in
accordance with the provisions of this
Act, of the law of bankruptcy) all debts
payable on a contingency, and all claims against the company, present or future,
certain
or contingent, ascertained or sounding only in damages, shall be
admissible to proof against the company, a just estimate being made,
so far as
possible, of the value of such debts or claims as may be subject to any
contingency or sound only in damages, or for some
other reason do not bear a
certain value.
Application of bankruptcy rules in winding-up of insolvent companies
311. In the
winding-up of an insolvent company, the same rules shall prevail and be observed
with regard to the respective rights of
secured and unsecured creditors and to
debts provable and to the valuation of annuities and future and contingent
liabilities as
are in force, for the time being, under the law of bankruptcy
with respect to the estates of persons adjudged bankrupt, and all persons
who,
in any such case, would be entitled to prove for and receive dividends out of
the assets of the company may come in under the
winding-up and make such claims
against the company as they respectively are entitled to by virtue of this
section.
Preferential payments
312.-(1)
Notwithstanding the provisions of any other written law, in the winding-up of a
company, there shall be paid in priority to
all other debts-
(a) all Crown taxes and local rates due from the company at the relevant date and having become due and payable within 12 months next before that date, not exceeding in the whole 1 year's assessment and all Crown taxes legally withheld by the company from payments made by it to employees, members, and others;
(b) all Crown rents not more than 1 year in arrear;
(c) all wages or salary (whether or not earned wholly or in part by way of commission) of any clerk or servant (not being a director) in respect of services rendered to the company during 4 months next before the relevant date and all wages (whether payable for time or for piece work) of any workman or labourer in respect of services so rendered;
(d) unless the company is being wound up voluntarily merely for the purposes of reconstruction or amalgamation with another company, or unless the company has, at the commencement of the winding-up, under any contract with insurers, rights capable of being transferred to and vested in the workman, all amounts due in respect of any compensation or liability for compensation under the Workmen's Compensation Act, being amounts which have accrued before the relevant date;
(Cap. 94.)
(e) unless the company is being wound up voluntarily merely for the purposes of reconstruction or amalgamation with another company, all amounts due in respect of contributions payable during the period of 12 months immediately preceding the relevant date by the company as the employer of any person under the Fiji National Provident Fund Act.
(Cap. 219.)
(2) Notwithstanding anything in
paragraph (c) of subsection (1), the
sum to which priority is to be given under that paragraph shall not, in the case
of any claimant, exceed $600:
Provided that, where a claimant under the
said paragraph (c) is a labourer in
husbandry who has entered into a contract for the payment of a portion of his
wages in a lump sum at the end of
the year of hiring, he shall have priority in
respect of the whole of such sum, or a part thereof, as the court may decide to
be
due under the contract, proportionate to the time of service up to the
relevant date.
(3) Where any compensation under the Workmen's
Compensation Act is a weekly payment, the amount due in respect thereof shall,
for the purposes of paragraph (d) of
subsection (1), be taken to be the amount of the lump sum for which the weekly
payment could, if redeemable, be redeemed, if the
employer made an application
for that purpose under the said Act.
(Cap. 94.)
(4) Where any payment has been
made to any clerk, or servant (not being a director) or to any workman or
labourer in the employment
of a company, on account of wages or salary, out of
money advanced by some person for that purpose, the person by whom the money
was
advanced shall, in a winding-up, have a right of priority in respect of the
money so advanced and paid, up to the amount by which
the sum in respect of
which the clerk, servant, workman or labourer would have been entitled to
priority in the winding-up has been
diminished by reason of the payment having
been made.
(5) The foregoing debts shall-
(a) rank equally among themselves and be paid in full, unless the assets are insufficient to meet them, in which case, they shall abate in equal proportions; and
(b) so far as the assets of the company available for payment of general creditors are insufficient to meet them, have priority over the claims of holders of debentures under any floating charge created by the company, and be paid accordingly out of any property comprised in or subject to that charge.
(6) Subject to the retention of such
sums as may be necessary for the costs and expenses of the winding-up, the
foregoing debts shall
be discharged forthwith so far as the assets are
sufficient to meet them.
(7) In the event of a landlord. or other person
distraining or having distrained on any goods or effects of the company within 6
months
next before the date of a winding-up order, the debts to which priority
is given by this section shall be a first charge on the goods
or effects so
distrained on, or the proceeds of the sale thereof:
Provided that, in
respect of any money paid under any such charge, the landlord or other person
shall have the same rights or priority
as the person to whom the payment is
made.
(8) For the purposes of this section-
(a) any remuneration in respect of a period of absence from work through sickness or other good cause shall be deemed to be wages in respect of services rendered to the company during that period;
(b) "the relevant date" means-
(i) in the case of a company ordered to be wound up compulsorily, the date of the appointment (or first appointment) of an interim liquidator, or, if no such appointment was made, the date of the winding-up order, unless, in either case, the company had commenced to be wound up voluntarily before that date; and
(ii) in any case where subparagraph (i) does not apply, the date of the passing of the resolution for the winding-up of the company.
(9)
This section shall not apply in the case of a winding-up, where the
relevant date as defined in subsection (7) of section
260 of the repealed Companies Act
occurred before 1 January 1984, and, in such a case, the provisions relating to
preferential payments which would have applied if
this Act had not been enacted
shall be deemed to remain in full force.
Subdivision B- Effect of Winding-up on Antecedent and other Transactions
Fraudulent preference
313.-(1) Any
transfer, conveyance, mortgage, charge, delivery of goods, payment, execution or
other act relating to property made or
done by or against a company within 6
months before the commencement of its winding-up which, had it been made or done
by or against
an individual within 6 months before the presentation of a
bankruptcy petition on which he is adjudged bankrupt, would be deemed
in his
bankruptcy a fraudulent preference shall, in the event of the company being
wound up, be deemed a fraudulent preference of
its creditors and be void
accordingly.
(2) Any transfer, conveyance or assignment by a company of
all its property to trustees for the benefit of all its creditors shall
be void
to all intents.
Liabilities and rights of certain fraudulently preferred persons
314.-(1)
Where anything made or done on or after 1 January 1984 is void under
section 313 as a fraudulent preference
of a person interested in property mortgaged or charged to secure the company's
debt, then (without prejudice
to any rights or liabilities arising apart from
this provision) the person preferred shall be subject to the same liabilities,
and
shall have the same rights, as if he had undertaken to be personally liable
as surety for the debt to the extent of the mortgage
or charge on the property
or the value of his interest, whichever is the less.
(2) The value of the
said person's interest shall be determined as at the date of the transaction
constituting the fraudulent preference,
and shall be determined as if the
interest were free of all encumbrances other than those to which the mortgage or
charge for the
company's debt was then subject.
(3) (a) On any application made to the court with respect to any payment on the ground that the payment was a fraudulent preference of a surety or guarantor, the court shall have jurisdiction to determine any questions with respect to the payment arising between the person to whom the payment was made and the surety or guarantor and to grant relief in respect thereof, notwithstanding that it is not necessary so to do for the purposes of the winding-up and, for that purpose, may give leave to bring in the surety or guarantor as a third party as in the case of an action for the recovery of the sum paid.
(b) This subsection shall apply, with the necessary modifications, in relation to transactions other than the payment of money as it applies in relation to such payments.
Effect of floating charge
315. Where a
company is being wound up, a floating charge on the undertaking or property of
the company created within 12 months of the
commencement of the winding-up
shall, unless it is proved that the company ,immediately after the creation of
the charge, was solvent,
be invalid, except to the amount of any cash paid to
the company at the time of or subsequently to the creation of, and in
consideration
for, the charge, together with interest on that amount at the rate
of 6 per cent per annum or such other rate as may for the time
being be
prescribed:
Provided that, in relation to a charge created more than 6
months before 1 January 1984, this section shall have effect with the
substitution,
for the words "12 months", of the words "6 months".
Disclaimer of onerous property in case of company wound up
316.-(1) Where
any part of the property of a company which is being wound up consists of land
of any tenure burdened with onerous covenants,
of shares or stock in companies,
of unprofitable contracts or of any other property that is unsaleable, or not
readily saleable,
by reason of its binding the possessor thereof to the
performance of any onerous act or to the payment of any sum of money, the
liquidator
of the company,
notwithstanding that he has endeavoured to sell or has taken possession
of the property or exercised any act of ownership in relation
thereto, may, with
the leave of the court and subject to the provisions of this section, by writing
signed by him, at any time within
12 months after the commencement of the
winding-up or such extended period as may be allowed by the court,
disclaim:
Provided that, where any such property has not come to the
knowledge of the liquidator within 1 month after the commencement of the
winding-up, the power under this section of disclaiming the property may be
exercised at any time within 12 months after he has become
aware thereof or such
extended period as may be allowed by the court.
(2) The disclaimer shall
operate to determine, as from the date of disclaimer, the rights, interest and
liabilities of the company,
and the property of the company, in or in respect of
the property disclaimed, but shall not, except so far as is necessary for the
purpose of releasing the company and the property of the company from liability,
affect the rights or liabilities of any other person.
(3) The court,
before or on granting leave to disclaim, may require such notices to be given to
persons interested, and impose such
terms as a condition of granting leave, and
make such other order, in the matter as the court thinks just.
(4) The
liquidator shall not be entitled to disclaim any property under this section in
any case where an application in writing has
been made to him by any persons
interested in the property requiring him to decide whether he will or will not
disclaim and the liquidator
has not, within a period of 28 days after the
receipt of the application or such further period as may be allowed by the
court, given
notice to the applicant that he intends to apply to the court for
leave to disclaim, and, in the case of a contract, if the liquidator,
after such
an application as aforesaid, does not, within the said period or further period,
disclaim the, contract, the company shall
be deemed to have adopted
it.
(5) The court may, on the application of any person who is, as
against the liquidator, entitled to the benefit or subject to the burden
of a
contract made with the company, make an order rescinding the contract on such
terms as to payment by or to either party of damages
for the non-performance of
the contract, or otherwise as the court thinks just, and any damages payable
under the order to any such
person may be proved by him as a debt in the
winding-up.
(6) The court may, on an application by any person who either
claims any interest in any disclaimed property or is under any liability
not
discharged by this Act in respect of any disclaimed property, and on hearing any
such persons as it thinks fit, make an order
for the vesting of the property in,
or the delivery of the property to, any persons entitled thereto, or to whom it
may seem just
that the property should be delivered by way of compensation for
such liability as aforesaid, or a trustee for him, and on such terms
as the
court thinks just and, on any such vesting order being made, the property
comprised therein shall vest accordingly in the
person therein named in that
behalf without any conveyance or assignment for the purpose:
Provided
that, where the property disclaimed is of a leasehold nature, the court shall
not make a vesting order in favour of any person
claiming under the company,
whether as under lessee or as mortgagee, except upon the terms of making that
person-
(i) subject to the same liabilities and obligations as those to which the company was subject under the lease in respect of the property at the commencement of the winding-up; or
(ii) if the court thinks fit, subject only to the same liabilities and obligations as if the lease had been assigned to that person at that date,
and, in either event (if the case so requires), as if the lease had comprised only the property comprised in the vesting order, and any mortgagee or under lessee declining to accept a vesting order upon such terms shall be excluded from all interest in and security upon the property, and, if there is no person claiming under the company who is willing to accept an order upon such terms, the court shall have power to vest the estate and interest of the company in the property in any person liable either personally or in a representative character, and either alone or jointly with the company, to perform the lessee's covenants in the lease, freed and discharged from all estates, encumbrances and interests created therein by the company.
(7)
Any person injured by the operation of a disclaimer under this section shall be
deemed to be a creditor of the company to the
amount of the injury, and may
accordingly prove the amount as a debt in the winding-up.
Restriction of rights of creditor as to execution or
attachment
in case of company being wound up
317.-(1) Where a
creditor has issued execution against the real or personal property of a company
or has attached any debt due to the
company, and the company is subsequently
wound up, he shall not be entitled to retain the benefit of the execution or
attachment
against the liquidator in the winding-up of the company, unless he
has completed the execution or attachment before the commencement
of the
winding-up:
Provided that-
(i) where any creditor has had, notice of a meeting having been called at which a resolution for voluntary winding-up is to be proposed, the date on which the creditor so had notice shall, for the purposes of the foregoing provision, be substituted for the date of the commencement of the winding-up;
(ii) a person who purchases in good faith, under a sale by order of the court, any personal property of a company on which an execution has been levied shall, in all cases, acquire a good title thereto against the liquidator; and
(iii) the rights conferred by this subsection on the liquidator may be set aside by the court in favour of the creditor, to such extent and subject to such terms as the court may think fit.
(2) For the
purposes of this section, an execution against personal property shall be taken
to be completed by seizure and sale, and
an attachment of a debt shall be deemed
to be completed by receipt of the debt, and an execution against real property
shall be deemed
to be completed by seizure and, in the case of an equitable
interest, by the appointment of a receiver.
(3) In this section and in
section 318, "personal property"
includes all chattels personal.
Duties of court as to goods taken in execution
318.-(1) Subject
to the provisions of subsection (3), where any personal property of a company is
taken in execution, and, before the
sale thereof or the completion of the
execution by the receipt or recovery of the full amount of the levy, notice is
served on the
court that an interim liquidator has been appointed or that a
winding-up order has been made or that a resolution for voluntary winding-up
has
been passed, the court shall, on being so required, deliver the personal
property, including any money seized or received in
part satisfaction of the
execution, to the liquidator, but the costs of the execution shall be a first
charge on the personal property
so delivered, and the liquidator may sell the
same, or a sufficient part thereof, for the purpose of satisfying that
charge.
(2) Subject to the provisions of subsection (3), where, under an
execution in respect of a decree for a sum exceeding $40, the personal
property
of a company is sold or money is paid in order to avoid sale, the court shall
deduct the costs of the execution from the
proceeds of the sale or the money
paid and retain the balance for 14 days, and, if within that time, notice is
served on the court
of a petition for the winding-up of the company having been
presented or of a meeting having been called at which there is to be
proposed a
resolution for the voluntary winding-up of the company and an order is made or a
resolution is passed, as the case may
be, for the winding-up of the company, the
court shall pay the balance to the liquidator, who shall be entitled to retain
it as against
the execution creditor.
(3) The rights conferred by this
section on the liquidator may be set aside by the court in favour of the
creditor, to such extent
and subject to such terms as the court thinks fit.
Subdivision C-Offences Antecedent to or in Course of Winding-up
Offences by officers of companies in liquidation
319.-(1)
If any person, being a past or present officer of a company which, at the
time of the commission of the alleged offence, is being
wound up, whether by or
under the supervision of the court or voluntarily, or is subsequently ordered to
be wound up by the court
or subsequently passes a resolution for voluntary
winding-up-.
(a) does not, to the best of his knowledge and belief, fully and truly discover to the liquidator all the property, real and personal of the company, and how and to whom and for what consideration and when the company disposed of any part thereof, except such part as has been disposed of in the ordinary way of the business of the company; or
(b) does not deliver up to the liquidator, or as he directs, all such part of the real and personal property of the company as is in his custody or under his control, and which he is required by law to deliver up; or
(c) does not deliver up to the liquidator, or as he directs, all books and papers belonging to the company and which he is required by law to deliver up; or
(d) within 12 months next before the commencement of the winding-up, or at any time thereafter, conceals any part of the property of the company to the value of $20 or upwards, or conceals any debt due to or from the company; or
(e) within 12 months next before the commencement of the winding-up, or at any time thereafter, fraudulently removes any part of the property of the company to the value of $20 or upwards; or
(f) makes any material omission in any statement relating to the affairs of the company; or
(g) knowing or believing that a false debt has been proved by any person under the winding-up, fails, for the period of a month, to inform the liquidator thereof; or
(h) after the commencement of the winding-up, prevents the production of any book or paper affecting or relating to the property or affairs of the company; or
(i) within 12 months next before the commencement of the winding-up, or at any time thereafter, conceals, destroys, mutilates or falsifies, or is privy to the concealment, destruction, mutilation or falsification of, any book or paper affecting or relating to the property or affairs of the company; or
(j) within 12 months next before the commencement of the winding-up, or at any time thereafter, makes, or is privy to the making of, any false entry in any book or paper affecting or relating to the property or affairs of the company; or
(k) within 12 months next before the commencement of the winding-up, or at any time thereafter, fraudulently parts with, alters or makes any omission in, or is privy to the fraudulent parting with, altering or making any omission in, any document affecting or relating to the property or affairs of the company; or
(l) after the commencement of the winding-up, or at any meeting of the creditors of the company within 12 months next before the commencement of the winding-up, attempts to account for any part of the property of the company by fictitious losses or expenses; or
(m) has, within 12 months next before the commencement of the winding-up, or at any time thereafter, by any false representation or other fraud, obtained any property for or on behalf of the company on credit which the company does not subsequently pay for; or
(n) within 12 months next before the commencement of the winding-up, or at any time thereafter, under the false pretence that the company is carrying on its business, obtains on credit, for or on behalf of the company, any property which the company does not subsequently pay for; or
(o) within 12 months next before the commencement of the winding-up, or at any time thereafter, pawns, pledges or disposes of any property of the company which has been obtained on credit and has not been paid for, unless such pawning, pledging or disposing is in the ordinary way of the business of the company; or
(p) is guilty of any false representation or other fraud for the purpose of obtaining the consent of the creditors of the company or any of them to an agreement with reference to the affairs of the company or to the winding-up; or
(q) has, within 12 months next before the commencement of winding-up, been privy to the carrying on of the business of the company, knowing that the company was unable to pay its debts; or
(r) has been privy to the contracting by the company of any debt provable in the liquidation, without having, at the time when the debt was contracted, any reasonable or probable ground of expectation (proof whereof shall lie on him) that the company would be able to pay that debt,
he shall, in the case of the offences mentioned respectively in paragraphs (m), (n) and (o), be liable to imprisonment for a term not exceeding 5 years and, in the case of any other offence, shall be liable to imprisonment for a term not exceeding 3 years:
Provided that it shall be a good defence to a charge under any of paragraphs (a), (b), (c), (d), (f), (n), (o), (q) and (r), if the accused proves that he had no intent to defraud, and to a charge under any of paragraph (h), (i) and (j), if he proves that he had no intent to conceal the state of affairs of the company or to defeat the law.
(2) Where any person pawns, pledges or
disposes of any property in circumstances which amount to an offence under
paragraph (o) of subsection (1), every
person who takes in pawn or pledge or otherwise receives the property, knowing
it to be pawned, pledged
or disposed of in such circumstances as aforesaid,
shall be liable to be punished in the same way as if he had been convicted of
an
offence under subsection (1) of section
347 of the Penal Code.
(Cap. 17.)
(3)
For the purposes of this section, "officer" includes any person in
accordance with whose directions or instructions the directors
of a company have
been accustomed to act.
Penalty for falsification of books
320. If any
officer or contributory of any company being wound up destroys, mutilates,
alters or falsifies any books, papers or securities,
or makes or is privy to the
making of any false or fraudulent entry in any register, book of account or
document belonging to the
company, with intent to defraud or deceive any person,
he shall be liable to imprisonment for a term not exceeding 7 years.
Fraud by officers of companies which have gone into liquidation
321.-(1) If any
person, being, at the time of the commission of the alleged offence, an officer
of a company which is subsequently ordered
to be wound up by the court or
subsequently passes a resolution for voluntary winding-up-
(a) has, by false pretences or by means of any other fraud, induced any person to give credit to the company;
(b) with intent to defraud creditors of the company, has made or caused to be made any gift or transfer of or charge on, or has caused or connived at the levying of any execution against, the property of the company;
(c) with intent to defraud creditors of the company, has concealed or removed any part of the property of the company since, or within 2 months before, the date of any unsatisfied judgment or order for payment of money obtained against the company,
he shall be liable to imprisonment for a term
not exceeding 2 years.
(2) For the purposes of this section, "officer"
includes any person in accordance with whose directions or instructions the
directors
of a company have been accustomed to act.
Officers of company failing to account for loss of part of company's property
322.-(1) If any
person, being a past or present officer of a company which is being wound up
under the provisions of this Act, on being
required by the official receiver at
any time, or in the course of his examination by the court under the provisions
of section 266, to account for the loss
of any substantial part of the company's property incurred within a period of a
year next preceding the
commencement of the winding-up, fails to give a
satisfactory explanation of the manner in which such loss occurred, he shall be
liable
to imprisonment for a term not exceeding 3 years.
(2) A
prosecution shall not be instituted against any person under this section,
except by or with the consent of the Director of
Public Prosecutions.
Liability where proper accounts not kept
323.-(1) If, in
the course of the winding-up of a company, it is shown that proper books of
account were not kept by the company at any
time during the period of 2 years
immediately preceding the commencement of the winding-up, or the period between
the incorporation
of the company and the commencement of the winding-up,
whichever is the shorter, every officer of the company who is in default shall,
unless he shows that he acted honestly and that, in the circumstances in which
the business of the company was carried on, the default
was excusable, be liable
on conviction to imprisonment for a term not exceeding 3 years.
(2) For
the purpose of this section, a company shall be deemed not to have kept proper
books of account, if it has not kept such books
or accounts as are required to
be kept by subsection (2) of section
149.
Responsibility for fraudulent trading of persons concerned
324.-(1) (a) If, in the course of the winding-up of a company, it appears that any business of the company has been carried on with intent to defraud creditors of the company or creditors of any other person or for any fraudulent purpose, the court, on the application of the official receiver, or the liquidator or any creditor or contributory of the company, may, if it thinks proper so to do, declare that any persons who were knowingly parties to the carrying on of the business in manner aforesaid shall be personally responsible, without any limitation of liability, for all or any of the debts or other liabilities of the company as the court may direct.
(b) On the hearing of an application under this subsection, the official receiver or the liquidator, as the case may be, may himself give evidence or call witnesses.
(2) (a) Where the court makes any such declaration, it may give such further directions as it thinks proper for the purpose of giving effect to that declaration and, in particular, may make provision for making the liability of any such person under the declaration a charge on any debt or obligation due from the company to him, or on any mortgage or charge or any interest in any mortgage or charge on any assets of the company held by or vested in him, or any company or person on his behalf, or any person claiming as assignee from or through the person liable or any company or person acting on his behalf, and may, from time to time, make such further order as may be necessary for the purpose of enforcing any charge imposed under this subsection.
(b) For the purpose of this subsection, "assignee" includes any person to whom or in whose favour, by the directions of the person liable, the debt, obligation, mortgage or charge was created, issued or transferred or the interest created, but does not include an assignee for valuable consideration (not including consideration by way of marriage) given in good faith and without notice of any of the matters on the ground of which the declaration is made.
(3)
Where any business of a company is carried on with such intent or for such
purpose as is mentioned in subsection (1) of this section,
every person who was
knowingly a party to the carrying on of the business in manner aforesaid shall
be liable to imprisonment for
a term not exceeding 2 years or to a fine not
exceeding $1,000, or to both.
(4) The provisions of this section shall
have effect, notwithstanding that the person concerned may be criminally liable
in respect
of the matters on the ground of which the declaration is to be made
and, where the declaration under subsection (1) is made, the
declaration shall
be deemed to be a final decree within the meaning of paragraph
(g) of subsection (1) of section
3 of the Bankruptcy Act.
(Cap. 48.)
Power of court to assess damages against delinquent directors, etc.
325.-(1) If, in
the course of winding-up a company, it appears that any person who has taken
part in the formation or promotion of the
company, or any past or present
director, manager or liquidator, or any officer of the company, has misapplied
or retained or become
liable or accountable for any money or property of the
company, or been guilty of an misfeasance or breach of trust in relation to
the
company, the court may, on the application of the official receiver, or of the
liquidator, or of any creditor or contributory,
examine into the conduct of the
promoter, director, manager, liquidator or officer, and compel him to repay or
restore the money
or property or any part thereof respectively, with interest at
such rate as the court thinks just, or to contribute such sum to the
assets of
the company by way of compensation in respect of the misapplication, retainer,
misfeasance or breach of trust as the court
thinks just.
(2) The
provisions of this section shall have effect, notwithstanding that the offence
is one for which the offender may be criminally
liable.
(3) Where an
order for payment of money is made under this section, the order shall be deemed
to be a final decree within the meaning
of paragraph
(g) of subsection (1) of section
3 of the Bankruptcy Act.
(Cap. 48.)
Prosecution of delinquent officers and members of company
326.-(1)
If it appears to the court, in the course of a winding-up by, or subject
to the supervision of, the court, that any past or present
officer, or any
member, of the company has been guilty of any offence in relation to the company
for which he is criminally liable,
the court may, either on the application of
any person interested in the winding-up or of its own motion, direct the
liquidator to
refer the matter to the Director of Public
Prosecutions.
(2) If it appears to the liquidator, in the course of a
voluntary winding-up, that any past or present officer, or any member, of
the
company has been guilty of any offence in relation to the company for which he
is criminally liable, he shall forthwith report
the matter to the Director of
Public Prosecutions and shall furnish to the Director of Public Prosecutions
such information and give
to him such access to and facilities for inspecting
and taking copies of any documents, being information or documents in the
possession
or under the control of the liquidator and relating to the matter in
question, as the Director of Public Prosecutions may require.
(3) Where
any report is made under subsection (2) to the Director of Public Prosecutions,
he may, if he thinks fit, refer the matter
to the official receiver for further
inquiry, and the official receiver shall thereupon investigate the matter and
may, if he thinks
it expedient, apply to the court for an order conferring on
him for the purpose, with respect to the company concerned, all such
powers of
investigating the affairs of the company as are provided by this Act in the case
of a winding-up by the court.
(4) If it appears to the court, in the
course of a voluntary winding-up, that any past or present officer, or any
member, of the company
has been guilty as aforesaid, and that no report with
respect to the matter has been made by the liquidator to the Director of Public
Prosecutions under subsection (2), the court may, on the application of any
person interested in the winding-up, or of its own motion,
direct the liquidator
to make such a report and, on a report being made accordingly, the provisions of
this section shall have effect
as though the report had been made in pursuance
of the provisions of subsection (2).
Subdivision D-Supplementary Provisions as to Winding-up
Disqualification for appointment as liquidator
327. A body
corporate shall not be qualified for appointment as liquidator of a company,
whether in winding-up by or under the supervision
of the court or in a voluntary
winding-up, and-
(a) any appointment made in contravention of this provision shall be void; and
(b) any body corporate which acts as liquidator of a company shall be liable to a fine not exceeding $200.
Corrupt inducement affecting appointment as liquidator
328. Any person
who gives, or agrees or offers to give, to any member or creditor of a company
any valuable consideration with a view
to securing his own appointment or
nomination, or to securing or preventing the appointment or nomination of some
person other than
himself, as the company's liquidator shall be liable to a fine
not exceeding $1,000.
Enforcement of duty of liquidator to make returns, etc.
329.-(1) If any
liquidator who has made any default in filing, delivering or making any return,
account or other document, or in giving
any notice which he is by law required
to file, deliver, make or give, fails to make good the default within 14 days
after the service
on him of a notice requiring him to-do so, the court may, on
an application made to the court by any contributory or creditor of
the company,
or by the registrar, make an order directing the liquidator to make good the
default within such time as may be specified
in the order.
(2) Any such
order may provide that all costs of and incidental to the application shall be
borne by the liquidator.
(3) Nothing in this section shall be taken to
prejudice the operation of any enactment imposing penalties on a liquidator in
respect
of any such default as aforesaid.
Notification that a company is in liquidation
330.-(1) Where a
company is being wound up, whether by or under the supervision of the court or
voluntarily, every invoice, order for
goods or business letter issued by or on
behalf of the company or a liquidator of the company, or a receiver or manager
of the property
of the company, being a document on or in which the name of the
company appears, shall contain a statement that the company, is in
liquidation.
(2) If default is made in complying with this section, the
company and any of the following persons who knowingly and wilfully authorizes
or permits the default, namely, any officer of the company, any liquidator of
the company and any receiver or manager, shall be liable
to a fine not exceeding
$100.
Exemption of certain documents from stamp duty on winding-up of companies
331.-(1)
In the case of a winding-up by the court, or of a creditors' voluntary
winding-up of a company-
(a) every assurance relating solely to freehold or leasehold property or to any mortgage, charge or other encumbrance on, or to any estate, right or interest in, any real or personal property, which forms part of the assets of the company and which, after the execution of the assurance, either at law or in equity, is or remains part of the assets of the company; and
(b) every power of attorney, proxy paper, writ, order, certificate, affidavit, statutory declaration, bond or other instrument or writing relating solely to the property of any company which is being so wound up or to any proceeding under any such winding-up,
shall be exempt from stamp duty.
(2) In
subsection (1), "assurance" includes deed, conveyance, grant, transfer,
assignment and surrender.
Books of company to be evidence
332. Where a
company is being wound up, all books and papers of the company and of the
liquidators shall, as between the contributories
of the company, be prima facie
evidence of the truth of all matters purporting to be therein recorded.
Disposal of books and papers of company
333.-(1) When a
company has been wound up and is about to be dissolved, the books and papers of
the company and of the liquidators may
be disposed of as follows, that is to
say:-
(a) in the case of a winding-up by or subject to the supervision of the court, in such way as the court directs; or
(b) in the case of a members' voluntary winding-up, in such way as the company, by special resolution, directs; or
(c) in the case of a creditors' voluntary winding-up, in such way as the committee of inspection or, if there is no such committee, as the creditors of the company may direct.
(2) Subject to the other provisions of
this section, after 5 years from the dissolution of the company, no
responsibility shall rest
on the company, the liquidators, or any person to whom
the custody of the books and papers has been committed, by reason of any book
or
paper not being forthcoming to any person claiming to be interested
therein.
(3) Provision may be made by rules to prevent, for any period
not exceeding 5 years from the dissolution of the company, the destruction
of
the books and papers of a company which has been wound up, and for enabling any
creditor or contributory of the company to appeal
from any direction so
given.
(4) If any person acts in contravention of any rules made for the
purposes of this section, he shall be liable to a fine not exceeding
$200.
Information as to pending liquidations
334.-(1) If,
where a company is being wound up, the winding-up is not concluded within 1 year
after its commencement, the liquidator
shall, at such intervals as may be
prescribed, until the winding-up is concluded, deliver to the registrar a
statement in the prescribed
form and containing the prescribed particulars with
respect to the proceedings in and position of the liquidation.
(2) If a
liquidator fails to comply with this section, he shall be liable to a fine not
exceeding $100 for each day during which the
default continues.
Unclaimed assets to be paid to Companies Liquidation Account
335.-(1) If,
where a company is being wound up, it appears, either from any statement
delivered to the registrar under section
334 or otherwise, that a liquidator has
in his hands or under his control any money representing unclaimed or
undistributed assets of
the company which have remained unclaimed or
undistributed for 6 months after the date of their receipt, or any money held by
the
company in trust in respect of dividends or other sums due to any person as
a member of the company, the liquidator shall forthwith
pay the said money to
the official receiver for the credit of the Companies Liquidation Account, and
shall be entitled to a receipt
for the money so paid, and that receipt shall be
an effectual discharge to him in respect thereof.
(2) For the purpose of
ascertaining and getting in any money payable in pursuance of this section, the
like powers may be exercised,
and by the like authority, as are exercisable
under section 132 of the Bankruptcy
Act, for the purposes of ascertaining and getting in the sums, funds and
dividends referred to in that section.
(Cap. 48.)
(3)
Any person claiming to be entitled to any money paid in pursuance of this
section may apply to the official receiver for payment thereof
and the official
receiver may, on a certificate by the liquidator that the person claiming is
entitled, pay to that person the sum
due.
(4) Any person dissatisfied
with the decision of the official receiver in respect of a claim made in
pursuance of this section may
appeal to the court.
Resolutions passed at adjourned meetings of creditors and contributories
336. Where a
resolution is passed at an adjourned meeting of any creditors or contributories
of a company, the resolution shall, for
all purposes, be treated as having been
passed on the date on which it was in fact passed, and shall not be deemed to
have been passed
on any earlier date.
Subdivision E-Supplementary Powers of Court
Meetings to ascertain wishes of creditors or contributories
337.-(1) The
court may, as to all matters relating to the winding-up of a company, have
regard to the wishes of the creditors or contributories
of the company, as
proved to it by any sufficient evidence, and may, if it thinks fit, for the
purpose of ascertaining those wishes,
direct meetings of the creditors or
contributories to be called, held and conducted in such manner as the court
directs, and may
appoint a person to act as chairman of any such meeting and to
report the result thereof to the court.
(2) In the case of creditors,
regard shall be had to the value of each creditor's debt.
(3) In the case
of contributories, regard shall be had to the number of votes conferred on each
contributory by this Act or the articles.
Swearing of affidavits and declarations
338.-(1) Any
affidavit or declaration required to be sworn or made under the provisions, or
for the purposes, of this Part may be sworn
or made in Fiji, or elsewhere within
the Commonwealth, before any court, judge or person lawfully authorized to take
and receive
affidavits or statutory declarations, or before a Fiji consular
officer in any place outside the Commonwealth.
(2) All courts and all
persons acting judicially in Fiji shall take judicial notice of the seal or
stamp or signature, as the case
may be, of any such court, judge, person,
consul, vice-consul or pro-consul, attached, appended or subscribed to any such
affidavit
or declaration, or to any other document to be used for the purposes
of this Part.
Subdivision F-Provisions as to Dissolution
Power of court to declare dissolution of company void
339.-(1) Where a
company has been dissolved, the court may, at any time within 2 years of the
date of the dissolution, on an application
being made for the purpose by the
liquidator of the company or by any other person who appears to the court to be
interested, make
an order, upon such terms as the court thinks fit, declaring
the dissolution to have been void and thereupon such proceedings may
be taken as
might have been taken if the company had not been dissolved.
(2) It shall
be the duty of the person on whose application the order was made, within 7 days
after the making of the order or such
further time as the court may allow, to
deliver to the registrar, for registration, a certified copy of the order and,
if that person
fails so to do, he shall be liable to a fine not exceeding $10
for every day during which the default continues.
Registrar may strike defunct company off register
340.-(1)
Where the registrar has reasonable cause to believe that a company is not
carrying on business or in operation, he may send to the
company, by post, a
letter inquiring whether the company is carrying on business or in
operation.
(2) If the registrar does not, within 30 days of sending the
letter, receive any answer thereto, he shall, within 14 days after the
expiration of the said period of 30 days, send to the company, by registered
post, a letter referring to the first letter, and stating
that no answer thereto
has been received, and that, if an answer is not received to the second letter
within 30 days from the date
thereof, a notice will be published in the Gazette
with a view to striking the name of the company off the register.
(3) If
the registrar, either receives an answer to the effect that the company is not
carrying on business or in operation, or does
not, within 30 days after sending
the second letter, receive any answer, he may publish in the Gazette, and send
to the company,
by post, a notice that, at the expiration of 3 months from the
date of the notice, the name of the company mentioned therein will,
unless cause
is shown to the contrary, be struck off the register and the company will be
dissolved:
Provided that the registrar shall not be required to send the
letters referred to in subsections (1) and (2) in any case where the
company
itself or any director or secretary of the company has requested him to strike
the company off the register or has notified
him that the company is not
carrying on business.
(4) If, in any case where a company is being wound
up, the registrar has reasonable cause to believe, either that no liquidator is
acting, or that the affairs of the company are fully wound up, and the returns
required to be made by the liquidator have not been
made for a period of 6
consecutive months, the registrar shall publish in the Gazette and send to the
company or the liquidator,
if any, a like notice as is provided in subsection
(3).
(5) At the expiration of the time mentioned in the notice, the
registrar may, unless cause to the contrary is previously shown by
the company,
or the liquidator, as the case may be, strike the name of the company off the
register, and shall publish notice thereof
in the Gazette and, on the
publication in the Gazette of this notice, the company shall be
dissolved:
Provided that-
(i) the liability, if any, of every director, officer and member of the company shall continue and may be enforced as if the company had not been dissolved; and
(ii) nothing in this subsection shall affect the power of the court to wind up a company the name of which has been struck off the register.
(6) If a company or any member or
creditor thereof feels aggrieved by the company having been struck off the
register, the court,
on an application made by the company or member or creditor
before the expiration of 10 years from the publication in the Gazette
of the
notice aforesaid, may, if satisfied that the company was, at the time of the
striking off, carrying on business or in operation,
or otherwise that it is just
that the company be restored to the register, order the name of the company to
be restored to the register
and, upon a certified copy of the order being
delivered to the registrar, for registration, the company shall be deemed to
have continued
in existence as if its name had not been struck off; and the
court may, by the order, give such directions and make such provisions
as seem
just for placing the company and all other persons in the same position as
nearly as may be as if the name of the company
had not been struck
off.
(7) A notice to be sent under this section to a liquidator may be
addressed to the liquidator at his last known place of business,
and a letter or
notice to be sent under this section to a company may be addressed to the
company at its registered postal address
or, if no postal address has been
registered, to the care of some officer of the company, or, if there is no
officer of the company
whose name and address are , known to the registrar, may
be sent to each of the persons who subscribed the memorandum, addressed
to him
at the address mentioned in the memorandum.
Property of dissolved company to be bona vacantia
341. Where a
company is dissolved, all property and rights whatsoever vested in or held in
trust for the company immediately before its
dissolution (including leasehold
property, but not including property held by the company in trust for any other
person) shall, subject
and without prejudice to any order which may, at any
time, be made by the court under section
339 or section
340, be deemed to be
bona
vacantia, and shall accordingly belong
to the Crown.
Power of Crown to disclaim title to property vesting under section 341
342.-(1)
Where any property vests in the Crown under section
341, the Crown's title thereto under
that section may be disclaimed by a notice signed by the
Attorney-General.
(2) Where a notice of disclaimer under this section is
executed as respects any property, that property shall be deemed not to have
vested in the Crown under section 341,
and subsections (2) and (6) of section
316 shall apply in relation to the
property as if it had been disclaimed under subsection (1) of
section 316 immediately before the
dissolution of the company.
(3) The right to execute a notice of
disclaimer under this section may be waived by or on behalf of the Crown, either
expressly, or
by taking possession or other act evincing that
intention.
(4) A notice of disclaimer under this section shall be of no
effect, unless it is executed within 12 months of the date on which the
vesting
of the property as aforesaid came to the notice of the Attorney-General, or, if
an application, in writing, is made to the
Attorney-General by any person
interested in the property requiring him to decide whether he will or will not
disclaim, within a
period of 3 months after the receipt of the application, or
such further period as may be allowed by the court which would have had
jurisdiction to wind up the company if it had not been dissolved.
(5) A
statement in a notice of disclaimer of any property under this section that the
vesting of the property came to the notice of
the Attorney-General on a
specified date or that no such application as aforesaid was received by him with
respect to the property
before a specified date shall, until the contrary is
proved, be sufficient evidence of the fact stated.
(6) A notice of
disclaimer under this section shall be delivered to the registrar for
registration by him, and copies thereof shall
be published in the Gazette and
sent to any persons who have given the Attorney-General notice that they claim
to be interested in
the property.
Subdivision G-Companies Liquidation Account
Companies Liquidation Account
343. An account,
to be called the "Companies Liquidation Account", shall be kept by the official
receiver with the National Bank of Fiji,
or such other bank as may be
prescribed, and all moneys received by the official receiver in respect of
proceedings under this Act
in connection with the winding-up of companies shall
be paid to that account.
Investment of surplus funds; Companies Contingency Fund
344.-(1) Whenever
the cash balance standing to the credit of the Companies Liquidation Account is
in excess of the amount which, in the
opinion of the official receiver, is
required for the time being to answer demands in respect of companies' estates,
the official
receiver may invest the amount not so required, or any part
thereof, in any investment authorized by law for the investment of trust
funds
or may place the same, or any part thereof, on fixed deposit with the National
Bank of Fiji, or such other bank as may be prescribed.
(2) Whenever any
part of the money so invested or placed on deposit is, in the opinion of the
official receiver, required to answer
any demand in respect of companies'
estates, the official receiver shall raise such sums as may be required by the
sale of such part
of the said securities or by withdrawing such amount from
deposit as may be necessary and shall repay such sums to the Companies
Liquidation Account.
(3) The dividends and interest accruing from any
money so invested or placed on deposit shall be paid by the official receiver to
the credit of a separate account, to be called the "Companies Contingency Fund"
to be kept by him at the National Bank of Fiji, or
such other bank as may be
prescribed.
(4) Where it appears that it is in the public interest so to
do, and that other funds are not available or properly chargeable, the
court
may, on the application of the registrar or of the official receiver, authorize
the registrar or the official receiver to use
money from the Companies
Contingency Fund to meet expenditure which the court considers to be necessary
or advisable to incur for
the purpose of enabling the registrar or the official
receiver, as the case may be, to carry out more efficiently the provisions
of,
and his duties under, this Act, and, without prejudice to the generality of the
foregoing, for the purpose of enabling the registrar
to meet any indemnity or to
pay any expenses which he is required, by this Act, to meet or to
pay.
(5) Where an application is made by the registrar under subsection
(4), the court shall consult the official receiver before granting
the
application; and, if the application is granted, then the official receiver
shall pay to the registrar, out of the Companies
Contingency Fund, the amount
authorized by the court.
Subdivision H-Rules and Fees
Rules and fees for winding-up
345.-(1) The
Minister may make rules for carrying into effect the objects of this Act, so far
as relates to the winding-up of companies,
and, without prejudice to the
generality of the foregoing power, for providing for any matter or thing which,
by this Act, is to
be or may be provided for by rules.
(2) There shall be
paid in respect of proceedings under this Act, in relation to the winding-up of
companies, such fees as the Minister
may prescribe by rules made under
subsection (1).
(3) No rules which are in the nature of rules of court
shall be made under this section, except after obtaining the advice of the
Chief
Justice.
PART VII-RECEIVERS AND MANAGERS
Disqualification of body corporate for appointment as receiver
346. A body
corporate shall not be qualified for appointment as receiver of the property of
a company, and any body corporate which acts
as such a receiver shall be liable
to a fine not exceeding $200.
Disqualification of undischarged bankrupt from acting as receiver or manager
347.-(1)
If any person, being an undischarged bankrupt, acts as receiver or
manager of the property of a company on behalf of debenture holders,
he shall,
subject to subsection (2), be liable to imprisonment for a term not exceeding 2
years or a fine not exceeding $1,000, or
to both.
(2) Subsection (1)
shall not apply to a receiver or manager where-
(a) the appointment under which he acts and the bankruptcy were both before the appointed day; or
(b) he acts under an appointment made by order of the court.
Power to appoint official receiver as receiver for debenture holders or creditors
348. Where an
application is made to the court to appoint a receiver on behalf of the
debenture holders or other creditors of a company
which is being wound up by the
court, the official receiver may be so appointed.
Receivers and managers appointed out of court
349.-(1) A
receiver or manager of the property of a company appointed under the powers
contained in any instrument may apply to the court
for directions in relation to
any particular matter arising in connection with the performance of his
functions and, on any such
application, the court may give such directions, or
may make such order declaring the rights of persons before the court or
otherwise,
as the court thinks just.
(2) A receiver or manager of the
property of a company appointed as aforesaid shall, to the same extent as if he
had been appointed
by order of a court, be personally liable on any contract
entered into by him in the performance of his functions, except in so far
as the
contract otherwise provides, and entitled in respect of that liability to
indemnity out of the assets; but nothing in this
subsection shall be taken as
limiting any right to indemnity which he would have apart from this subsection,
or as limiting his liability
on contracts entered into without authority or as
conferring any right to indemnity in respect of that liability.
(3) This
section shall apply whether the receiver or manager was appointed before or
after 1 January 1984, but subsection (2) shall
not apply to contracts entered
into before the appointed day.
Notification that receiver or manager appointed
350.-(1) Where a
receiver or manager of the property of a company has been appointed, every
invoice, order for goods or business letter
issued by or on behalf of the
company or the receiver or manager or the liquidator of the company, being a
document on or in which
the name of the company appears, shall contain a
statement that a receiver or manager has been appointed.
(2) If default
is made in complying with the requirements of this section, the company and any
of the following persons who knowingly
and wilfully authorizes or permits the
default, namely, any officer of the company, any liquidator of the company and
any receiver
or manager, shall be liable to a fine not exceeding $50.
Power of court to fix remuneration on application of liquidator
351.-(1)
The court may, on an application by the liquidator of a company, by
order, fix the amount to be paid by way of remuneration to any
person who, under
the powers contained in any instrument, has been appointed as receiver or
manager of the property of the
company.
(2) The power of the
court under subsection (1) shall, where no previous order has been made with
respect thereto under that subsection-
(a) extend to fixing the remuneration for any period before the making of the order or the application therefor; and
(b) be exercisable, notwithstanding that the receiver or manager has died or ceased to act before the making of the order or the application therefor; and
(c) where the receiver or manager has been paid or has retained for his remuneration for any period before the making of the order any amount in excess of that so fixed for that period, extend to requiring him or his legal representatives to account for the excess or such part thereof as may be specified in the order:
Provided that the power conferred by paragraph (c) shall not be exercised as respects any period before the making of the application for the order, unless, in the opinion of the court, there are special circumstances making it proper for the power to be so exercised.
(3) The court may,
from time to time, on an application made either by the liquidator or by the
receiver or manager, vary or amend
an order made under subsection
(1).
(4) This section shall apply whether the receiver or manager was
appointed before or after 1 January 1984, and to periods before,
as well as to
periods after, the appointed day.
Provisions as to information where receiver or manager appointed
352.-(1) Where a
receiver or manager of the whole or substantially the whole of the property of
the company (hereafter in this section
and in section
353 referred to as the "receiver") is
appointed on behalf of the holders of any debentures of the company secured by a
floating charge,
then, subject to the provisions of this section and section
353-
(a) the receiver shall forthwith send notice to the company of his appointment; and
(b) there shall, within 14 days after receipt of the notice, or such longer period as may be allowed by the court or by the receiver, be made out and submitted to the receiver, in accordance with section 353, a statement in the prescribed form as to the affairs of the company; and
(c) the receiver shall, within 2 months after receipt of the said statement, send-
(i) to the registrar and to the court, a copy of the statement and of any comments he sees fit to make thereon and, in the case of the registrar, also a summary of the statement and of his comments (if any) thereon; and
(ii) to the company, a copy of any such comments as aforesaid or, if he does not see fit to make any comment, a notice to that effect; and
(iii) to any trustees for the debenture holders on whose behalf he was appointed and, so far as he is aware of their addresses, to all such debenture holders, a copy of the said summary.
(2) The
receiver shall, within 2 months, or such longer period as the court may allow,
after the expiration of the period of 12 months
from the date of his appointment
and of every subsequent period of 12 months, and within 2 months, or such longer
period as the court
may allow, after he ceases to act as receiver or manager of
the property of the company, send to the registrar, to any trustees for
the
debenture holders of the company on whose behalf he was appointed, to the
company and (so far as he is aware of their addresses)
to all such debenture
holders an abstract in the prescribed form showing his receipts and payments
during that period of 12 months
or, where he ceases to act as aforesaid, during
the period from the end of the period to which the last preceding abstract
related
up to the date of his so ceasing, and the aggregate amounts of his
receipts and of his payments during all preceding periods since
his
appointment.
(3) Where the receiver is appointed under the powers
contained in any instrument, this section shall have effect-
(a) with the omission of the references to the court in subsection (1); and
(b) with the substitution for the references to the court in subsection (2) of references to the registrar,
and, in any other case, references to the court shall be construed as referring to the court by which the receiver was appointed.
(4) (a) Subsection (1) shall not apply in relation to the appointment of a receiver or manager to act with an existing receiver or manager or in place of a receiver or manager dying or ceasing to act, except that, where that subsection applies to a receiver or manager who dies or ceases to act before it has been fully complied with, the references in paragraphs (b) and (c) thereof to the receiver shall (subject to subsection (5)) include references to his successor and to any continuing receiver or manager.
(b) Nothing in this subsection shall be taken as limiting the meaning of the expression "the receiver" where used in, or in relation to, subsection (2).
(5) This
section and section 353 shall apply
where the company is being wound up, notwithstanding that the receiver or
manager and the liquidator are the same person,
but with any necessary
modifications arising from that fact.
(6) Nothing in subsection (2) shall
be taken to prejudice the duty of the receiver to render proper accounts of his
receipts and payments
to the persons to whom, and at the times at which, he may
be required to do so apart from that subsection.
(7) If the receiver
makes default in complying with the requirements of this section, he shall be
liable to a fine not exceeding $10
for every day during which the default
continues.
Special provisions as to statement submitted to receiver
353.-(1) The
statement as to the affairs of a company required by section
352 to be submitted to the receiver (or
his successor) shall show, as at the date of the receiver's appointment, the
particulars of the
company's assets, debts and liabilities, the names, postal
addresses and occupations of its creditors, the securities held by them
respectively, the dates when the securities were respectively given and such
further or other information as may be prescribed.
(2) The said statement
shall be submitted by, and be verified by affidavit by, 1 or more of the persons
who are, at the date of the
receiver's appointment, the directors and by a
person who is, at that date, a secretary of the company, or by such of the
persons
hereafter in this subsection mentioned as the receiver (or his
successor), subject to the direction of the court, may require to
submit and
verify the statement, that is to say, persons-
(a) who are or have been officers of the company;
(b) who have taken part in the formation of the company at any time within 1 year before the date of the receiver's appointment;
(c) who are in the employment of the company, or have been in the employment of the company within the said year, and are, in the opinion of the receiver, capable of giving the information required;
(d) who are or have been within the said year officers of or in the employment of a company which is, or within the said year was, an officer of the company to which the statement relates.
(3) Any person making the statement
and affidavit shall be allowed, and shall be paid by the receiver (or his
successor) out of his
receipts, such costs and expenses incurred in and about
the preparation and making of the statement and affidavit as the receiver
(or
his successor) may consider reasonable, subject to an appeal to the
court.
(4) Where the receiver is appointed under the powers contained in
any instrument, this section shall have effect with the substitution
for
references to the court of references to the registrar or official receiver and
for references to an affidavit of references
to a statutory declaration; and, in
any other case, references to the court shall be construed as referring to the
court by which
the receiver was appointed.
(5) If any person, without
reasonable excuse, makes default in complying with the requirements of this
section, he shall be liable
to a fine not exceeding $20 for every day during
which the default continues.
(6) References in this section to the
receiver's successor shall include a continuing receiver or manager.
Delivery to registrar of accounts of receivers and managers
354.-(1) Except
where subsection (2) of section 352
applies, every receiver or manager of the property of a company who has been
appointed under the powers contained in any instrument
shall, within 1 month, or
such longer period as the registrar may allow, after the expiration of the
period of 6 months from the
date of his appointment and of every subsequent
period of 6 months, and within 1 month after he ceases to act as receiver or
manager;
deliver to the registrar, for registration, an abstract in the
prescribed form showing his receipts and his payments during that
period of 6
months or, where he ceases to act as aforesaid, during the period from the end
of the period to which the last preceding
abstract related up to the date of his
so ceasing, and the aggregate amount of his receipts and of his payments during
all preceding
periods since his appointment.
(2) Every receiver or
manager who makes default in complying with the provisions of this section shall
be liable to a fine not exceeding
$10 for every day during which the default
continues.
Enforcement of duty of receivers and managers to make returns, etc.
355.-(1) If any
receiver or manager of the property of a company-
(a) having made default in filing, delivering or making any return, account or other document, or in giving any notice, which a receiver or manager is, by law, required to file, deliver, make or give, fails to make good the default within 14 days after the service on him of a notice requiring him to do so; or
(b) having been appointed under the powers contained in any instrument, has, after being required, at any time, by the liquidator of the company so to do, failed to render proper accounts of his receipts and payments and to vouch the same and to pay over to the liquidator the amount properly payable to him,
the court may, on an application made for the purpose, make an order directing the receiver or manager, as the case may be, to make good the default, within such time as may be specified in the order.
(2) In the case of any such default as
is mentioned in paragraph (a) of
subsection (1), an application for the purposes of this section may be made by
any member or creditor of the company or by the
registrar and, in the case of
any such default as is mentioned in paragraph
(b) of that subsection, the
application shall be made by the liquidator and, in either case, the order may
provide that all costs of
and incidental to the application shall be borne by
the receiver or manager, as the case may be.
(3) Nothing in this section
shall be taken to prejudice the operation of any provision of this Act imposing
penalties on receivers
in respect of any such default as is mentioned in
subsection (1).
Construction of references to receivers and managers
356. It is hereby
declared that, except where the context otherwise requires-
(a) any reference in this Act to a receiver or manager of the property of a company, or to a receiver thereof, includes a reference to a receiver or manager, or (as the case may be) to a receiver, of part only of that property and to a receiver only of the income arising from that property or from part thereof; and
(b) any reference in this Act to the appointment of a receiver or manager under powers contained in any instrument includes a reference to an appointment made under powers which, by virtue of any written law, are implied in and have effect as if contained in an instrument.
PART VIII-APPLICATION OF ACT TO COMPANIES
FORMED
OR REGISTERED UNDER THE REPEALED ACTS
Application of Act to companies formed and registered under the repealed Acts
357. This Act
shall apply to existing companies
(a) in the case of a limited company, other than a company limited by guarantee, as if the company had been formed and registered under this Act as a company limited by shares;
(b) in the case of a company limited by guarantee, as if the company had been formed and registered under this Act as a company limited by guarantee; and
(c) in the case of a company other than a limited company, as if the company had been formed and registered under this Act as an unlimited company:
Provided that any reference, express or implied, to the date of registration shall be construed as a reference to the date at which the company was registered under that one of the repealed Acts under which such company was registered.
PART IX-WINDING-UP OF UNREGISTERED COMPANIES
Meaning of unregistered company
358. For the
purposes of this Part, "unregistered company" includes any partnership, any
association and any company, with the following
exceptions-
(a) a company registered under any of the repealed Acts or under this Act;
(b) a partnership, association or company which consists of fewer than 8 members and is not a partnership, association or company, formed outside Fiji;
(c) a co-operative society registered under the Co-operative Societies Act.
(Cap. 250.)
Winding-up of unregistered companies
359.-(1) Subject
to the provisions of this Part, any unregistered company may be wound up under
this Act and all the provisions of this
Act with respect to winding-up shall
apply to an unregistered company, with the exceptions and additions mentioned in
the following
provisions of this section.
(2) No unregistered company
shall be wound up under this Act voluntarily or subject to the supervision of
the court.
(3) The circumstances in which an unregistered company may be
wound up are as follows:-
(a) if the company is dissolved, or has ceased to carry on business, or is carrying on business only for the purpose of winding-up its affairs;
(b) if the company is unable to pay its debts;
(c) if the court is of opinion that it is just and equitable that the company should be wound up.
(4) An unregistered company shall, for the
purposes of this Act, be deemed to be unable to pay its debts-
(a) if a creditor, by assignment or otherwise, to whom the company is indebted in a sum exceeding $100 then due, has served on the company, by leaving at its principal place of business or by delivering to a secretary or some director, manager or officer of the company, or by otherwise serving in such manner as the registrar may approve or direct, a demand under his hand requiring the company to pay the sum so due, and the company has, for 30 days after the service of the demand, neglected to pay the sum or to secure or compound for it to the satisfaction of the creditor;
(b) if any action or other proceeding has been instituted against any member for any debt or demand due, or claimed to be due, from the company, or from him in his character of member or partner, and notice, in writing, of the institution of the action or proceeding having been served on the company by leaving the same at its principal place of business, or by delivering it to a secretary, or some director, manager or officer of the company, or by otherwise serving the same in such manner as the court may approve or direct, the company has not, within 14 days after service of the notice, paid, secured or compounded for the debt or demand, or procured the action or proceeding to be stayed or indemnified the defendant to his reasonable satisfaction against the action or proceeding, and, against all costs, damages and expenses to be incurred by him by reason of the same;
(c) if execution or other process issued on a judgment, decree or order obtained in any court in favour of a creditor against the company, or any member thereof as such, or any person authorized to be sued as nominal defendant on behalf of the company, is returned unsatisfied; or
(d) if it is otherwise proved to the satisfaction of the court that the company is unable to pay its debts.
Foreign companies may be wound up although dissolved
360. Where a
company incorporated outside Fiji which has been carrying on business in Fiji
ceases to carry on business in Fiji, it may
be wound up as an unregistered
company under this Part, notwithstanding that it has been dissolved or otherwise
ceased to exist as
a company under or by virtue of the laws of the country in
which it was incorporated.
Contributories in winding-up of unregistered company
361.-(1) In the
event of an unregistered company being wound up, every person shall be deemed to
be a contributory who is liable to pay
or contribute to the payment of any debt
or liability of the company, or to pay or contribute to the payment of any sum
for the adjustment
of the rights of the members among themselves, or to pay or
contribute to the payment of the costs and expenses of winding-up the
company,
and every contributory shall be liable to contribute to the assets of the
company all sums due from him in respect of any
such liability as
aforesaid.
(2) In the event of the death, bankruptcy or insolvency of any
contributory, the provisions of this Act with respect to the legal
representatives and heirs of deceased contributories and to the trustees of
bankrupt or insolvent contributories shall apply.
Power of court to stay or restrain proceedings
362. The
provisions of this Act with respect to staying and restraining actions and
proceedings against a company at any time after the
presentation of a petition
for winding-up and before the making of a winding-up order shall, in the case of
an unregistered company,
where the application to stay or restrain is by a
creditor, extend to action and proceedings against any contributory of the
company.
Actions stayed on winding-up order
363. Where an
order has been made for winding-up an unregistered company, no action or
proceeding shall be proceeded with or commenced
against any contributory of the
company in respect of any debt of the company, except by leave of the court, and
subject to such
terms as the court may impose.
Provisions of Part IX cumulative
364. The
provisions of this Part with respect to unregistered companies shall be in
addition to and not in restriction of any provisions
hereinbefore in this Act
contained with respect to winding-up companies by the court, and the court or
liquidator may exercise any
powers or do any act in the ease of unregistered
companies which might be exercised or done by it or him in winding-up companies
formed and registered under this Act:
Provided that an unregistered
company shall not, except in the event of its being wound up, be deemed to be a
company under this Act
and then only to the extent provided by this
Part.
Saving for winding-up under the repealed Acts
365. Nothing in
this Part shall affect the operation of any written law which provides for any
partnership, association or company being
wound up, or being wound up as a
company or as an unregistered company, under any of the repealed Acts.
PART X-COMPANIES INCORPORATED OUTSIDE FIJI
Division 1-Provisions as to Establishment of Place of Business in Fiji
Application of sections 367 to 376
366.-(1) Sections
367 to
376 shall apply to all foreign
companies, that is to say, companies incorporated outside Fiji which, on or
after 1 January 1984, establish
a place of business within Fiji, and companies
incorporated outside Fiji which have, before that date established a place of
business
within Fiji and continue to have a place of business within Fiji on and
after that date.
(2) A foreign company shall not be deemed to have a
place of business in Fiji solely on account of its doing business through an
agent
in Fiji at the place of business of the agent.
Documents, etc., to be delivered to registrar by foreign
companies
carrying on business in Fiji
367.-(1) Foreign
companies which, on or after 1 January 1984, establish a place of business
within Fiji shall, within 30 days of the
establishment of the place of business,
deliver to the registrar for registration-
(a) a certified copy of the charter, statutes or memorandum and articles of the company or other instrument constituting or defining the constitution of the company, and, if the instrument is not written in the English language, a certified translation thereof;
(b) a list of its directors, containing particulars with respect to its directors that are equivalent to the particulars that are required by this Act to be contained in the register of the directors and secretaries of a company incorporated under this Act;
(c) a statement of all subsisting charges created by the company, being charges of the kinds set out in subsection (2) of section 98 and not being charges comprising solely property situate outside Fiji;
(d) the names and postal addresses of some 1 or more persons resident in Fiji authorized to accept, on behalf of the company, service of process and any notices required to be served on the company; and
(e) the full address of the registered or principal office of the company.
(2) If any charge, being a charge which ought to have been included in the statement required by paragraph (c) of subsection (1), is not so included, it shall be void as regards property in Fiji against the liquidator and any creditor of the company.
Certificate of registration and power to hold land
368.-(1) Where a
foreign company has delivered to the registrar the documents and particulars
mentioned in section 367, the registrar
shall, if such documents and particulars are so delivered on or after 1 January
1984, certify under his hand that
the company has complied with the provisions
of the said section; and such certificate, and any certificate given by the
registrar
of companies before that date that a foreign company has delivered to
him the documents and particulars required by any provisions
of any of the
repealed Acts corresponding to the said section and to the like effect, shall be
conclusive evidence that the company
is registered as a foreign company for the
purposes of this Act.
(2) Where a foreign company has, on or after 1
January 1984, delivered to the registrar the documents and particulars mentioned
in
section 367, it shall have the same
power to hold land in Fiji as if it were a company incorporated under this
Act.
(3) Where a foreign company has, before 1 January 1984, delivered to
the registrar of companies the documents and particulars required
by any
provision of any of the repealed Acts corresponding to
section 367 of this Act and to the like
effect, it shall, subject to the provisions of that one of the repealed Acts in
accordance with which
such documents and particulars were so delivered and of
this Act, have the same power to hold land in Fiji as if it were a company
incorporated under this Act.
Returns to be delivered to registrar by foreign company
369.-(1) If any
alteration is made in-
(a) the charter, statutes or memorandum and articles of a foreign company or any such instrument as aforesaid; or
(b) the directors of a foreign company; or
(c) the names or postal addresses of the persons authorized to accept service on behalf of a foreign company; or
(d) the address of the registered or principal office of a foreign company,
the company shall, within 60 days, deliver to the registrar, for registration, a return containing the prescribed particulars of the alteration.
(2) Where, in the case of a company to which this
Part applies-
(a) a winding-up order is made by; or
(b) proceedings substantially similar to a voluntary winding-up of the company under this Act are commenced in,
a court of the country in which such company was incorporated, the company shall, within 30 days of the date of the making of such order or the commencement of such proceedings, as the case may be, deliver to the registrar a return containing the prescribed particulars relating to the making of such order or the commencement of such proceedings and shall cause the prescribed advertisements in relation thereto to be published.
Registration of charges created by foreign companies
370. The
provisions of Part IV shall extend to charges on property in Fiji which are
created, and to charges on property in Fiji which
is acquired, on or after 1
January 1984, by a foreign company which has an established place of business in
Fiji.
Accounts of foreign company
371.-(1) Every
foreign company shall, in every calendar year, make out a balance sheet and
profit and loss account and, if the company
is a holding company, group
accounts, in such form, and containing such particulars and including such
documents, as, under the provisions
of this Act (subject, however, to any
prescribed exceptions), it would, if it had been a company within the meaning of
this Act,
have been required to make out and lay before the company in general
meeting, and deliver copies of those documents to the registrar
for
registration:
Provided that a foreign company shall not be obliged to
comply with the provisions of this section, if-
(i) it was incorporated in the Commonwealth; and
(ii) it would, had it been incorporated in Fiji, have been exempt from the provisions of section 130 by virtue of subsection (4) of that section; and
(iii) in every calendar year, there is delivered to the registrar, for registration, a certificate signed by a director and the secretary of the company verifying the conditions requisite for such exemption.
(2) If any such document as is
mentioned under subsection (1) is not written in the English language, there
shall be annexed to it
a certified translation thereof.
Obligation to state name of foreign company,
whether
limited and country where incorporated
372. Every
foreign company shall-
(a) in every prospectus inviting subscriptions for its shares or debentures in Fiji, state the country in which the company is incorporated; and
(b) conspicuously exhibit, in easily legible roman letters, on every place where it carries on business in Fiji, the name of the company and the country in which the company is incorporated; and
(c) cause the name of the company and of the country in which the company is incorporated to be stated, in legible roman letters, in all bill-heads and letter paper, and in all notices and other official publications of the company; and
(d) if the liability of the members of the company is limited, cause notice of that fact to be stated in the English language, in legible roman letters, in every such prospectus as aforesaid and in all bill-heads, letter paper, notices and other official publications of the company in Fiji and to be affixed on every place where it carries on its business.
Service on foreign company
373. Any process
or notice required to be served on a foreign company shall be sufficiently
served if addressed to any person whose name
has been delivered to the registrar
under the foregoing provisions of this Part and left at or sent by registered
post to the address
which has been so delivered:
Provided that-
(i) where any such company makes default in delivering to the registrar the name and address of a person resident in Fiji who is authorized to accept on behalf of the company service of process or notices; or
(ii) if, at any time, all the persons whose names and addresses have been so delivered are dead or have ceased so to reside, or refuse to accept service on behalf of the company, or for any reason cannot be served,
any process or notice may be served on the company by leaving it at or sending it by registered post to any place of business established by the company in Fiji.
Cessation of business by foreign company and striking off register
374.-(1) If any
foreign company ceases to have a place of business in Fiji, it shall forthwith
give notice, in writing, of the fact to
the registrar for registration and, as
from the date on which notice is so given, the obligation of the company to
deliver any document
to the registrar shall cease and the registrar shall strike
the name of the company off the register.
(2) Where the registrar has
reasonable cause to believe that a foreign company has ceased to have a place of
business in Fiji, he
may send, by registered post, to the person authorized to
accept service on behalf of the company and, if more than 1, to all such
persons, a letter inquiring whether the company is maintaining a place of
business in Fiji.
(3) If the registrar receives an answer to the effect
that the company has ceased to have a place of business in Fiji or does not,
within 3 months receive any reply, he may strike the name of the company off the
register.
Penalties
375. If any
foreign company fails to comply with any of the foregoing provisions of this
Part, the company and every officer or agent
of the company who knowingly and
wilfully authorizes or permits the default shall be liable to a fine not
exceeding $200 or, in the
case of a continuing offence, $20 for every day during
which the default continues.
Interpretation of sections 367 to 375
376. For the
purposes of the foregoing provisions of this Part-
"director", in relation to a company, includes any person in accordance with whose directions or instructions the directors of the company are accustomed to act;
"place of business" includes a share transfer or share registration office;
"prospectus" has the same meaning as when used in relation to a company incorporated under this Act.
Division 2-Prospectuses
Dating of prospectus and particulars to be contained therein
377.-(1) It shall
not be lawful for any person to issue, circulate or distribute in Fiji any
prospectus offering for subscription shares
in or debentures of a company
incorporated or to be incorporated outside Fiji, whether the company has or has
not established, or,
when formed, will or will not establish a place of business
in Fiji, unless the prospectus is dated and-
(a) contains particulars with respect to the following matters-
(i) the instrument constituting or defining the constitution of the company;
(ii) the legislation or provisions having the force of legislation, by or under which the incorporation of the company was effected;
(iii) an address in Fiji where the said instrument, enactments or provisions, or copies thereof, and, if the same are in a language other than English, an English translation thereof certified in the prescribed manner, can be inspected;
(iv) the date on which and the country in which the company was incorporated;
(v) whether the company has established a place of business in Fiji, and, if so, the address of its principal office in Fiji;
(b) subject to the provisions of this section, states the matters specified in Part I of the Fourth Schedule and sets out the reports specified in Part II of that Schedule, subject always to the provisions contained in Part III of that Schedule:
Provided that the provisions of subparagraphs (i), (ii) and (iii) of paragraph (a) shall not apply in the case of a prospectus issued more than 2 years after the date at which the company is entitled to commence business, and, in the application of Part I of the Fourth Schedule for the purposes of this subsection, paragraph 2 thereof shall have effect with the substitution, for the references to the articles, of a reference to the constitution of the company.
(2) Any
condition requiring or binding an applicant for shares or debentures to waive
compliance with any requirement imposed by virtue
of paragraph
(a) or paragraph
(b) of subsection (1), or purporting
to affect him with notice of any contract, document or matter not specifically
referred to in the
prospectus, shall be void.
(3) It shall not be lawful
for any person to issue to any person in Fiji a form of application for shares
in or debentures of such
a company or intended company as is mentioned in
subsection (1), unless the form is issued with a prospectus which complies with
this part of this Act and the issue whereof in Fiji does not contravene the
provisions of section
378:
Provided that this
subsection shall not apply, if it is shown that the form of application was
issued in connection with a bona fide
invitation to a person to enter into an underwriting agreement with
respect to the shares or debentures.
(4) In the event of non-compliance
with or contravention of any of the requirements imposed by paragraphs
(a) and
(b) of subsection (1), a director or
other person responsible for the prospectus shall not incur any liability by
reason of the non-compliance
or contravention, if-
(a) as regards any matter not disclosed, he proves that he was not cognizant thereof; or
(b) he proves that the non-compliance or contravention arose from an honest mistake of fact on his part; or
(c) the non-compliance or contravention was in respect of matters which, in the opinion of the court dealing with the case, were immaterial or were otherwise such as ought, in the opinion of that court, having regard to all the circumstances of the case, reasonably to be excused:
Provided that, in the event of failure to include in a prospectus a statement with respect to the matters contained in paragraph 16 of the Fourth Schedule, no director or other person shall incur any liability in respect of the failure, unless it be proved that he had knowledge of the matters not disclosed.
(5) This section-
(a) shall not apply to the issue to existing members or debenture holders of a company of a prospectus or form of application relating to shares in or debentures of the company, whether an applicant for shares or debentures will or will not have the right to renounce in favour of other persons;
(b) except in so far as it requires a prospectus to be dated, shall not apply to the issue of a prospectus relating to shares or debentures which are or are to be, in all respects, uniform with shares or debentures previously issued,
but, subject as aforesaid, this section shall apply to a prospectus or form of application, whether issued on or with reference to the formation of a company or subsequently.
(6) Nothing in this section
shall limit or diminish any liability which any person may incur under the
general law or this Act, apart
from this section.
Provisions as to expert's consent and allotment
378.-(1) It shall
not be lawful for any person to issue, circulate or distribute in Fiji any
prospectus offering for subscription shares
in or debentures of a company
incorporated or to be incorporated outside Fiji, whether the company has or has
not established, or,
when formed, will or will not establish, a place of
business in Fiji-
(a) if, where the prospectus includes a statement purporting to be made by an expert, he has not given, or has, before delivery of the prospectus for registration, withdrawn, his written consent to the issue of the prospectus with the statement included in the form and context in which it is included or there does not appear in the prospectus a statement that he has given and has not withdrawn his consent as aforesaid; or
(b) if the prospectus does not have the effect, where an application is made in pursuance thereof, or rendering all persons concerned bound by all the provisions (other than penal provisions) of sections 54 and 55 so far as applicable.
(2) In this section, "expert"
includes engineer, valuer, accountant and any other person whose profession
gives authority to a statement
made by him and, for the purposes of this
section, a statement shall be deemed to be included in a prospectus, if it is
contained
therein or in any report or memorandum appearing on the face thereof
or by reference incorporated therein or issued therewith.
Registration of prospectus
379.-(1) It shall
not be lawful for any person to issue, circulate or distribute in Fiji any
prospectus offering for subscription shares
in or debentures of a company
incorporated or to be incorporated outside Fiji, whether the company has or has
not established, or,
when formed, will or will not establish, a place of
business in Fiji, unless before the issue, circulation or distribution of the
prospectus in Fiji, a copy thereof certified by the chairman and 2 other
directors of the company as having been approved by resolution
of the managing
body has been delivered to the registrar for registration, and the prospectus
states on the face of it that a copy
has been so delivered, and there is
endorsed on or attached to the copy-
(a) any consent to the issue of the prospectus required by section 378;
(b) a copy of any contract required by paragraph 14 of the Fourth Schedule to be stated in the prospectus or, in the case of a contract not reduced into writing, a memorandum giving full particulars thereof; and
(c) where the persons making any report required by Part II of that Schedule have made therein or have, without giving the reasons, indicated therein any such adjustments as are mentioned in paragraph 29 of that Schedule, a written statement signed by those persons setting out the adjustments and giving the reasons therefor.
(2) The references in paragraph
(b) of subsection (1) to the copy of a
contract required thereby to be endorsed on or attached to a copy of the
prospectus shall, in
the case of a contract wholly or partly in a language other
than English, be construed as references to a copy of a translation of
the
contract in English or a copy embodying a translation in English of the parts in
a language other than English, as the case may
be, being a translation certified
in the prescribed manner to be a correct translation, and the reference to a
copy of a contract
required to be available for inspection shall include a
reference to a copy of a translation thereof or a copy embodying a translation
of parts thereof.
Penalty for contravention of sections 377, 378 and 379
380. Any person
who is knowingly responsible for the issue, circulation or distribution of a
prospectus, or for the issue of a form of
application for shares or debentures,
in contravention of any of the provisions of sections
377, 378 and
379 shall be liable to a fine not
exceeding $1,000.
Civil liability for mis-statements in prospectus
381. Section
47 shall extend to every prospectus
offering for subscription shares in or debentures of a company incorporated or
to be incorporated
outside Fiji, whether the company has or has not established,
or, when formed, will or will not establish, a place of business in
Fiji, with
the substitution for references to section 44
of references to section
378.
Interpretation of provisions as to prospectus
382.-(1) Where
any document by which any shares in or debentures of a company incorporated
outside Fiji are offered for sale to the public
would, if the company concerned
had been a company within the meaning of this Act, have been deemed, by virtue
of section 49, to be a prospectus
issued by the company, that document shall be deemed to be, for the purposes of
this Part, a prospectus issued
by the company.
(2) An offer of shares or
debentures for subscription or sale to any person whose ordinary business it is
to buy or sell shares or
debentures, whether as principal or agent, shall not be
deemed an offer to the public for the purposes of this Part.
(3) In this
Part, "prospectus", "shares" and "debentures" have the same meaning as when used
in relation to a company incorporated
under this Act.
PART XI-GENERAL PROVISIONS AS TO REGISTRATION
Appointment of registrar, etc.
383.-(1) The
Minister shall appoint a registrar, a deputy registrar and such assistant
registrars as he considers necessary for the registration
of companies under
this Act.
(2) The deputy registrar and every assistant registrar may,
subject to the directions of the registrar, perform any act or discharge
any
duty which the registrar may lawfully do or is required by this Act to do and,
for such purpose, shall have all the powers, privileges
and authority of the
registrar.
(3) The Minister may direct a seal or seals to be prepared for
the authentication of documents required for or connected with the
registration
of companies.
(4) There shall be provided and maintained in proper
repair, at public expense, substantial and fireproof premises to serve as a
place
of deposit and preservation of the registers and all other documents
connected with the registration of companies, and such premises
shall be
equipped with such fireproof safes, strong rooms and other secure places as may
be necessary.
(5) The Minister may make regulations with respect to the
duties of the registrar, deputy registrar and assistant registrars under
this
Act.
Fees
384. The fees to
be paid to the registrar under this Act shall be such as may, from time to time,
be prescribed by the Minister.
Inspection, production and evidence of documents kept by registrar
385.-(1) Any
person may-
(a) inspect the documents kept by the registrar, on payment of the prescribed fee;
(b) require a certificate of the incorporation of any company, or a copy or extract of any other document or any part of any other document, to be certified by the registrar, on payment for the certificate, certified copy or extract of the prescribed fee:
Provided that-
(i) in relation to documents delivered to the registrar with a prospectus in pursuance of sub-paragraph (i) of paragraph (b) of subsection (1) of section 45, the rights conferred by this subsection shall be exercisable only during the 14 days beginning with the date of the prospectus or with the permission of the registrar, and, in relation to documents so delivered in pursuance of paragraph (b) of subsection (1) of section 379, the said rights shall be exercisable only during the 14 days beginning with the date of the prospectus, or with the permission of the registrar; and
(ii) the right conferred by paragraph (a) of this subsection shall not extend to any copy sent to the registrar, under section 352, of a statement as to the affairs of a company or of any comments of the receiver or his successor or a continuing receiver or manager thereon, but only to the summary thereof, except where the person claiming the right either is, or is the agent of, a person stating himself, in writing, to be a member or creditor of the company to which the statement relates, and the right conferred by paragraph (b) of this subsection shall be similarly limited.
(2) No process
for compelling the production of any documents kept by the registrar shall issue
from any court, except with the leave
of that court, and any such process, if
issued, shall bear thereon a statement that it is issued with the leave of the
court.
(3) A copy of, or extract from, any document kept and registered
at the office of the registrar, certified to be a true copy under
the hand of
the registrar (whose official position it shall not be necessary to prove),
shall, in all legal proceedings, be admissible
as prima facie evidence of such
documents or extract, as the case may be, and of the matters, transactions and
accounts therein recorded.
(4) The registrar shall not, in any legal
proceeding to which he is not a party, be compellable-
(a) to produce any document the contents of which can be proved under subsection (3); or
(b) to appear as a witness to prove the matters, transactions or accounts recorded in any such document, unless by order of the court made for special cause.
(5)
Any person untruthfully stating himself, in writing, for the purposes of proviso
(ii) to subsection (1), to be a member or creditor
of a company shall be liable
to a fine not exceeding $100.
Enforcement of duty of company to make returns to registrar
386.-(1) If a
company, having made default in complying with any provision of this Act which
requires it to file with, deliver or send
to the registrar any return, account
or other document, or to give notice to him of any matter, fails to make good
the default within
14 days after the service of a notice on the company
requiring it to do so, the court may, on any application made to the court by
any member or creditor of the company or by the registrar, make an order
directing the company and any officer thereof to make good
the default within
such time as may be specified in the order.
(2) Any such order may
provide that all costs of and incidental to the application shall be borne by
the company or by any officer
of the company responsible for the
default.
(3) Nothing in this section shall be taken to prejudice the
operation of any written law imposing penalties on a company or its officers
in
respect of any default as aforesaid.
PART XII-MISCELLANEOUS PROVISIONS WITH RESPECT TO INSURANCE COMPANIES, AND CERTAIN SOCIETIES AND PARTNERSHIPS
Certain companies to publish periodical statement
387.-(1) Every
company, including a company incorporated outside Fiji and having a place of
business in Fiji, being an insurance company
or a deposit, provident or benefit
society, shall, before it commences business, and also on the first Monday in
February and the
first Tuesday in August in every year during which it carries
on business, deliver to the registrar, for registration, a statement
in the form
set out in the Tenth Schedule, or as near thereto as circumstances
admit.
(2) A copy of the statement shall be exhibited in a conspicuous
place in every office of the company, or other place where the business
of the
company is carried on.
(3) Every member and every creditor of the company
shall be entitled to a copy of the statement, on payment of a sum not exceeding
50 cents.
(4) If default is made in complying with this section, the
company and every officer of the company who is in default shall be liable
to a
default fine.
(5) The section shall not apply to or in respect of a bank
licensed under the Banking Act.
(Cap. 212.)
(6) This section shall not apply to any insurance company
to which the provisions of the Insurance Act, as to the accounts and balance
sheet to be prepared annually and deposited by such company, apply, if the
company complies with those provisions.
(Cap. 217.)
Certain companies deemed insurance companies
388. For the
purposes of this Act, a company which carries on the business of insurance in
common with any other business or businesses
shall be deemed to be an insurance
company.
Prohibition of partnerships with more than 25 members
389.-(1) No
company, association or partnership consisting of more than 25 persons shall be
formed for the purpose of carrying on any
business that has for its object the
acquisition of gain by the company, association or partnership, or by the
individual members
thereof, unless it is registered as a company under this Act,
or is formed in pursuance of some other Act, Act of the United Kingdom,
or of
letters patent.
(2) Nothing in subsection (1) shall prohibit the
formation-
(a) for the purpose of carrying on practice as barristers and solicitors, of a partnership consisting of persons each of whom is a barrister and solicitor;
(b) for the purpose of carrying on practice as accountants, of a partnership consisting of persons each of whom falls within subsection (1) of section 164.
PART XIII-GENERAL
Form of registers, etc.
390.-(1)
Any register, index, minute book or book of account required by this Act
to be kept by a company may be kept either by making entries
in bound books or
by recording the matters in question in any other manner.
(2) Where any
such register, index, minute book or book of account is not kept by making
entries in a bound book, but by some other
means, adequate precautions shall be
taken for guarding against falsification and facilitating its discovery, and,
where default
is made in complying with this subsection, the company and every
officer of the company who is in default shall be liable to a fine
of $100 and
further shall be liable to a default fine.
Service of documents
391.-(1) A
document may be served on a company by sending it by post to the registered
postal address of the company in Fiji, or by leaving
it at the registered office
of the company.
(2) A document may be served on the registrar by leaving
it at, or sending it by post to, his office.
Returns, etc., filed out of time
392.-(1)
Where, under any provision of this Act, any return, account, notice or
other document or particulars is or are required to be filed,
delivered, given
or sent to the registrar within a specified period, the duty to file, deliver,
give or send the same shall not cease
on the expiration of that period., but
shall be a continuing duty.
(2) The registrar shall, on payment of such
additional fee as may be prescribed, register any document delivered to him for
registration,
notwithstanding the expiration of the period within which the'
same ought to have been delivered, but no such registration shall
relieve any
person from any liability he may have incurred by reason of his default in
delivering such document within the specified
period.
Penalty for false statements
393. If any
person in any return, report, certificate, balance sheet or other document,
required by or for the purposes of any of the
provisions of this Act specified
in the Eleventh Schedule, wilfully makes a statement false in any material
particular, knowing it
to be false, he shall be liable to imprisonment for a
term not exceeding 2 years or to a fine not exceeding $1,000, or to
both.
Penalty for improper use of word "Limited"
394. If any
person or persons trade or carry on business under any name or title of which
"Limited", or any contraction or imitation
of that word, is the last word, that
person or those persons shall, unless duly incorporated with limited liability,
be liable to
a fine not exceeding $10 for every day upon which that name or
title has been used.
Provision with respect to default fines and meaning of "officer in default"
395.-(1) Where,
by any section of this Act, it is provided that a company and every officer of
the company who is in default shall be
liable to a default fine, the company and
every officer shall, for every day during which the default, refusal or
contravention continues,
be liable to a fine not exceeding such amount as is
specified in such section, or, if the amount of the fine is not so specified,
to
a fine not exceeding $20.
(2) For the purpose of any section of this Act
which provides that an officer of a company who is in default shall be liable to
a
fine or penalty, "officer who is in default" means any officer of the
company:
Provided-
(i) in any proceedings against an officer of a company who is alleged to be in default, it shall be a good defence to prove that he had reasonable grounds to believe, and did believe, that a competent and reliable person was responsible for complying with the particular requirement and was in a position to discharge that responsibility; and
(ii) an officer who is in default shall not be sentenced to imprisonment for such default unless, in the opinion of the court, the offence was committed wilfully.
Production and inspection of books where offence suspected
396.-(1) If, on
an application made to a judge of the Supreme Court in chambers by the Director
of Public Prosecutions, or the registrar,
there is shown to be reasonable cause
to believe that any person has, while an officer of a company, committed an
offence in connection
with the management of the company's affairs and that
evidence of the commission of the offence is to be found in any books or papers
of or under the control of the company, an order may be made-
(a) authorizing any person named therein to inspect the said books or papers or any of them for the purpose of investigating and obtaining evidence of the offence; or
(b) requiring a secretary of the company or such other officer thereof as may be named in the order to produce the said books or papers or any of them to a person named in the order at a place so named.
(2) Subsection (1) of this
section shall apply also in relation to any books or papers of a person carrying
on the business of banking,
so far as they relate to the company's affairs, as
it applies to any books or papers of or under the control of the company, except
that no such order as is referred to in paragraph
(b) thereof shall be made by virtue of
this subsection.
(3) The decision of a judge of the Supreme Court on an
application under this section shall not be appealable.
Cognizance of offences
397.-(1) No court
inferior to that of a resident magistrate shall try any offence under this
Act.
(2) Proceedings in respect of any offence under this Act may,
notwithstanding anything to the contrary contained in the Criminal Procedure
Code, be taken by the Director of Public Prosecutions or by the registrar at any
time within 12 months from the date on which evidence
sufficient, in the opinion
of the Director of Public Prosecutions or the registrar, as the case may be, to
justify the proceedings
comes to the knowledge of the Director of Public
Prosecutions or the registrar, as the case may be:
(Cap. 22.)
Provided that proceedings shall not be so taken more than
3 years after the commission of the offence.
(3) For the purposes of
subsection (2), a certificate of the Director of Public Prosecutions or the
registrar as to the date on which
such evidence as aforesaid came to his
knowledge shall be conclusive evidence thereof.
(4) Subsection (2), so
far as it relates to the time within which proceedings may be taken, and
subsection (3), shall apply to proceedings
in respect of offences under the
repealed Companies Act as it applies to proceedings in respect of the offences
mentioned in subsection (2):
Provided that this subsection shall not have
effect in relation to any proceedings, if the time allowed under the said Act,
apart
from this section, for taking them had already expired before 1 January
1984.
Application of fines
398. The court
imposing any fine under this Act may direct that the whole or any part thereof
shall be applied in or towards rewarding
the person on whose information or at
whose suit the fine is recovered.
Provisions relating to institution of criminal
proceedings
by the Director of Public Prosecutions
399. Nothing in
this Act relating to the institution of criminal proceedings by the Director of
Public Prosecutions shall be taken to
preclude any person from instituting or
carrying on such proceedings:
Provided that, where, by this Act, the
consent of the Director of Public Prosecutions is required before any
proceedings are instituted
or thing done, nothing in this section shall be taken
as permitting any person other than the Director of Public Prosecutions to
give
such consent.
Proceedings by the Attorney-General
400. Where, by
this Act, the Attorney-General is permitted or required to institute or carry on
any proceedings or to make any application,
such proceedings may be instituted
or carried on and such application may be made by the Attorney-General or, on
behalf of the Attorney-General,
by any person who-
(a) has been instructed by the Attorney-General to do so; and
(b) is otherwise entitled to appear before the court by virtue of the Legal Practitioners Act.
(Cap. 254.)
Saving for privileged communications
401. Where
proceedings are instituted under this Act against any person by the
Attorney-General, the Director of Public Prosecutions,
the registrar, or any
person, nothing in this Act shall be taken to require any person who has acted
as barrister and solicitor for
the defendant to disclose any privileged
communication made to him in that capacity.
Costs in actions by certain limited companies
402. Where a
limited company is plaintiff in any suit or other legal proceeding, any judge
having jurisdiction in the matter may, if
it appears by credible testimony that
there is reason to believe that the company will be unable to pay the costs of
the defendant
if successful in his defence, require sufficient security to be
given for those costs, and may stay all proceedings until the security
is
given.
Power of court to grant relief in certain cases
403.-(1) If, in
any proceeding for negligence, default, breach of duty or breach of trust
against an officer of a company or a person
employed by a company as auditor
(whether he is or is not an officer of the company), it appears to the court
hearing the case that
that officer or person is or may be liable in respect of
the negligence, default, breach of duty or breach of trust, but that he
has
acted honestly and reasonably, and that, having regard to all the circumstances
of the case, including those connected with his
appointment, he ought fairly to
be excused for the negligence, default, breach of duty or breach of trust, that
court may relieve
him, either wholly or partly, from his liability on such terms
as the court may think fit.
(2) Where any such officer or person
aforesaid has reason to apprehend that any claim will or might be made against
him in respect
of any negligence, default, breach of duty or breach of trust, he
may apply to the court for relief, and the court, on any such application,
shall
have the same power to relieve him as, under this section, it would have had if
it had been a court before which proceedings
against that person for negligence,
default, breach of duty or breach of trust had been brought.
Power to enforce orders
404. Orders made
by the Supreme Court under this Act may be enforced in the same manner as orders
made in a suit pending therein.
Regulations
405. The Minister
may make regulations in respect of any matters which, by this Act, are to be or
may be appointed or prescribed (other
than matters which are to be or may be
appointed or prescribed by any other person under any provision of this Act) or
which are
to be or may be provided for by the Minister.
Saving for repealed Companies Act
406.-(1) An order
made on an application under section 214
or subsection (4) of section 270
of the repealed Companies Act, which was in force immediately before 1 January
1984, shall have effect as if it were an order under section
190 of this Act.
(2) Nothing in
this Act shall affect any prosecution by a liquidator instituted or ordered by
the court to be instituted under section
272 of the repealed Companies Act, and
the court shall have the same power of directing how any costs and expenses
properly incurred by a liquidator in any such prosecution
are to be defrayed as
it would have had if this Act had not been enacted.
(3) Any document
referring to any former written law relating to companies shall be construed as
referring to the corresponding provision
of this Act.
(4) Any person
appointed to any office under or by virtue of the repealed Companies Act shall
be deemed to have been appointed to that office under or by virtue of this
Act.
(5) Any register kept under any of the repealed Acts shall be deemed
part of the register -to be kept under the corresponding provisions
of this
Act.
(6) All funds and accounts constituted under this Act shall be
deemed to be in continuation of the corresponding funds and accounts
constituted
under any of the repealed Acts.
(7) Nothing in this Act shall
affect-
(a) the incorporation of any company registered under any of the repealed Acts.
(b) Table A in the First Schedule to any of the repealed Acts, or any part thereof, so far as the same apply to any company existing on 1 January 1984.
(8) Where,
on 1 January 1984, the articles of any company carrying on business in Fiji
require any matter or thing to be done by the
passing of an extraordinary
resolution, such matter or thing shall, on and after that date, be deemed to
have been lawfully and sufficiently
done if it is done by the passing of a
special resolution.
(9) Where any offence, being an offence for the
continuance of which a penalty was provided, has been committed under the
repealed
Companies Act, proceedings may be taken under this Act in respect of
the continuance of the offence on or after 1 January 1984 in the same manner
as
if the offence had been committed under the corresponding provisions of this
Act.
(10) The mention of particular matters in this section shall be
without prejudice to the general application of the Interpretation Act, relating
to the effect of repeals.
(Cap. 7.)
Provision as to winding-up commenced prior to appointed day
407. The
provisions of this Act with respect to winding-up shall not apply to any company
of which the winding-up has commenced before
1 January 1984, but every such
company shall be wound up in the same manner and with the same incidents as if
this Act had not been
enacted and, for the purposes of the winding-up, the
repealed Companies Act shall be deemed to remain in full force.
Repeal
408. Subject to
the foregoing provisions of this Act, the Companies Act (Chapter 216 of the 1967
Revised Edition of Laws) is repealed.
_______
SCHEDULE
FIRST SCHEDULE
(Section 7)
INCIDENTAL AND ANCILLARY POWERS
1. To carry on any other business which may seem to the
company capable of being conveniently carried on in connection with its business
or calculated directly or indirectly to enhance the value of or render
profitable any of the company's property or rights.
2. To acquire and
undertake the whole or any part of the business, property, and liabilities of
any person or corporation carrying
on any business which the company is
authorised to carry on, or possessed of property suitable for the purposes of
the company.
3. To apply for, purchase, or otherwise acquire any patents,
patent rights, copyrights, trade marks, formulas, licences, concessions
and the
like, conferring any exclusive or non-exclusive or limited right to use, or any
secret or other information as to, any invention
which may seem capable of being
used for any of the purposes of the company, or the acquisition of which may
seem calculated directly
or indirectly to benefit the company; and to use,
exercise, develop, or grant licences in respect of, or otherwise turn to
account,
the property, rights, or information so acquired.
4. To
amalgamate or enter into partnership or into any arrangement for sharing of
profits, union of interests, co-operation, joint
adventure, reciprocal
concession, or otherwise, with any person or corporation carrying on or engaged
in or about to carry on or
engage in any business or transaction which the
company is authorised to carry on or engage in, or any business or transaction
capable
of being conducted so as directly or indirectly to benefit the
company.
5. To take, or otherwise acquire, and hold, shares, debentures,
or other securities of any other corporation.
6. To enter into any
arrangements with any government or authority, supreme, municipal, local, or
otherwise, that may seem conducive
to the company's objects, or any of them; and
to obtain from any such government or authority any rights, privileges, and
concessions
which the company may think it desirable to obtain; and to carry
out, exercise, and comply with any such arrangements, rights, privileges,
and
concessions.
7. To establish and support or aid in the establishment and
support of associations, institutions, funds, trusts, and conveniences
calculated to benefit employees or directors or past employees or directors of
the company or of its predecessors in business, or
the dependants or connections
of any such persons; and to grant pensions and allowances; and to make payments
towards insurance;
and to subscribe or guarantee money for charitable or
benevolent objects„ or for any exhibitions, or for any public, general,
or
useful object.
8. To promote any other corporation or corporations for
the purpose of acquiring or taking over all or any of the property, rights
and
liabilities of the company, or for any other purpose which may seem directly or
indirectly calculated to benefit the company.
9. To purchase, take on
lease or in exchange, hire, and otherwise acquire any real and personal property
and any rights or privileges
which the company may think necessary or convenient
for the purposes of its business, and in particular any land, buildings,
easements,
machinery, plant, and stock in trade.
10. To construct,
improve, maintain, develop, work, manage, carry out or control any buildings,
works factories, mills, roads, ways,
tramways, railways, branches or sidings,
bridges, reservoirs, water courses, wharves, warehouses, electric works, shops,
stores,
and other works and conveniences which may seem calculated directly or
indirectly to advance the company's interests; and to contribute
to, subsidise,
or otherwise assist or take part in the construction, improvement, maintenance,
development, working, management,
carrying out, or control thereof.
11.
To invest and deal with the money of the company not immediately required in
such manner as may from time to time be required.
12. To lend and advance
money or give credit to any person or corporation; to guarantee and give
guarantees for the payment of money
or the performance of contracts or
obligations by any person or corporation; and otherwise to assist any person or
corporation.
13. To borrow or raise or secure the payment of money in
such manner as the company may think fit, and in particular by the issue
of
debentures or debenture stock, perpetual or otherwise, charged upon all or any
of the company's property (both present and future),
including its uncalled
capital; and to purchase, redeem, or pay off any such securities.
14. To
remunerate any person or corporation for services rendered, or to be rendered,
in placing or assisting to place or guaranteeing
the placing of any of the
shares in the company's capital or any debentures, debenture stock, or other
securities of the company,
or in or about the organisation, formation, or
promotion of the company, or the conduct of its business.
15. To draw,
make, accept, endorse, discount, execute, and issue promissory notes, bills of
exchange, bills of lading, warrants, and
other negotiable or transferable
instruments.
16. To sell or dispose of the undertaking of the company or
any part thereof for such consideration as the company may think fit,
and in
particular for shares, debentures, or securities of any other corporation having
objects altogether or in part similar to
those of the company.
17. To
adopt such means of making known and advertising the business and products of
the company as may seem expedient.
18. To apply for, secure, acquire by
grant, legislative enactment, assignment, transfer, purchase, or otherwise, and
to exercise,
carry out, and enjoy any charter, licence, power, authority,
franchise, concession, right, or privilege, which any government or
authority or
any corporation or other public body may be empowered to grant; and to pay for,
aid in, and contribute towards carrying
the same into effect; and to appropriate
any of the company's shares, debentures, or other securities and assets to
defray the necessary
costs, charges, and expenses thereof.
19. To apply
for, promote, and obtain any statute, order, regulation, or other authorisation
or enactment which may seem calculated
directly or indirectly to benefit the
company; and to oppose any bills, proceedings, or applications which may seem
calculated directly
or indirectly to prejudice the company's
interests.
20. To procure the company to be registered or recognised in
any country or place outside Fiji.
21. To sell, improve, manage, develop,
exchange, lease, dispose of, turn to account, or otherwise deal with all or any
part of the
property and rights of the company.
22. To issue and allot
fully or partly paid shares in the capital of the company in payment or part
payment of any real or personal
property purchased or otherwise acquired by the
company or any services rendered to the company.
23. To distribute any of
the property of the company among the members in kind or otherwise.
24.
To take or hold mortgages, liens, and charges to secure payment of the purchase
price, or any unpaid balance of the purchase price,
of any part of the company's
property of whatsoever kind sold by the company, or any money due to the company
from purchasers and
others.
25. To carry out all or any of the objects of
the company and do all or any of the above things as principal, agent,
contractor, or
trustee or otherwise, and by or through trustees or agents or
otherwise, and either alone or in conjunction with others.
26. To do all
such other things as are incidental or conducive to the attainment of the
objects and the exercise of the powers of
the company.
_______
SECOND SCHEDULE
(Sections 2, 13, 15)
TABLES A, B, C, D and E
TABLE A
PART I-REGULATIONS FOR THE MANAGEMENT OF A COMPANY LIMITED BY SHARES, NOT BEING A PRIVATE COMPANY
INTERPRETATION
1. In these Regulations-
"the Act" means the Companies Act;
"the seal" means the common seal of the company;
"secretary" means any person appointed to perform the duties of the secretary of the company.
Expressions referring to writing
shall, unless the contrary intention appears, be construed as including
references to printing, typewriting,
lithography, photography, and other modes
of representing or reproducing words in a visible form.
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 ordinary resolution,
determine.
3. Subject to the provisions of section
62 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 provisions
of these Regulations relating to general meetings shall
apply, but so that the necessary quorum shall be 2 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
57 of the Act, provided that the rate
per cent or the amount of the commission paid or agreed to be paid shall be
disclosed in the manner
required by the said section and rate of the commission
shall not exceed the rate of 10 per cent of the price at which the shares
in
respect whereof the same is paid are issued or an amount equal to 10 per cent 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. Except as required by law, no person shall
be recognized by the company as holding any share upon any trust, and the
company shall
not be bound by or be compelled in any way to recognize (even when
having notice thereof) any equitable, contingent, future or partial
interest in
any share or any interest in any fractional part of a share or (except only as
by these Regulations or by law otherwise
provided) any other rights in respect
of any share, except an absolute right to the entirety thereof in the registered
holder.
8. Every person whose name is entered as a member in the register
of members shall be entitled without payment to receive within 2
months after
allotment or lodgement of transfer (or within such other period as the
conditions of issue shall provide) 1 certificate
for all his shares or several
certificates each for 1 or more of his shares upon payment of 50 cents 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 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
1 certificate, and delivery of a
certificate for a share to 1 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 50 cents 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 section 58(1) 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 all shares (other than
fully paid shares) standing registered in the name of a single person for all
moneys presently payable
by him or his estate to the company; but the directors
may at any time declare any share to be wholly or in part exempt from the
provisions of this regulation. The company's lien, if any, on a share shall
extend to all dividends payable thereon.
12. The company may sell, in
such manner as the directors think fit, any shares on which the company has a
lien, but no sale shall
be made unless a sum in respect of which the lien exists
is presently payable, not until the expiration of 14 days after a notice
in
writing, stating and demanding payment of such part of the amount in respect of
which the lien exists as is presently payable,
has been given to the registered
holder for the time being of the share, or the person entitled thereto by reason
of his death or
bankruptcy.
13. To give effect to any such sale, the
directors may authorize some person to transfer the shares sold to the purchaser
thereof.
The purchaser shall be registered as the holder of the shares comprised
in any such transfer, and he shall not be bound to see to
the application of the
purchase money, nor shall his title to the shares be affected by any
irregularity or invalidity in the proceedings
in reference to the
sale.
14. The proceeds of the sale shall be received by the company and
applied in payment of such part of the amount in respect of which
the lien
exists as is presently payable, and the residue, if any, shall (subject to a
like lien for sums not presently payable as
existed upon the shares before the
sale) be paid to the person entitled to the shares at the date of the
sale.
CALLS ON SHARES
15. The directors may, from time to time, make calls upon
the members in respect of any moneys unpaid on their shares (whether on
account
of the nominal value of the shares or by way of premium) and not by the
conditions of allotment thereof made payable at fixed
times, provided that no
call shall exceed one-fourth of the nominal value of the share or be payable at
less than 1 month from the
date fixed for the payment of the last preceding
call, and each member shall (subject to receiving at least 14 days' notice
specifying
the time or times and place of payment)pay to the company at the time
or times and place so specified the amount called on his shares.
A call may be
revoked or postponed as the directors may determine.
16. A call shall be
deemed to have been made at the time when the resolution of the directors
authorizing the call was passed and
may be required to be paid by
instalments.
17. The joint holders of a share shall be jointly and
severally liable to pay all calls in respect thereof.
18. If a sum called
in respect of a share is not paid before or on the day appointed for payment
thereof, the person from whom the
sum is due shall pay interest on the sum from
the day appointed for payment thereof to the time of actual payment at such
rate, not
exceeding 5 per cent per annum, as the directors may determine, but
the directors shall be at liberty to waive payment of such interest
wholly or in
part.
19. Any sum which by the terms of issue of a share becomes payable
on allotment or at any fixed date, whether on account of the nominal
value of
the share or by way or premium, shall, for the purposes of these Regulations, be
deemed to be a call duly made and payable
on the date on which by the terms of
issue the same becomes payable and, in case of non-payment, all the relevant
provisions of these
Regulations as to payment of interest and expenses,
forfeiture or otherwise shall apply as if such sum had become payable by virtue
of a call duly made and notified.
20. The directors may, on the issue of
shares, differentiate between the holders as to the amount of calls to be paid
and the times
of payment.
21. The directors may, if they think fit,
receive from any member willing to advance the same, all or any part of the
moneys uncalled
and unpaid upon any shares held by him, and upon all or any of
the moneys so advanced may (until the same would, but for such advance,
become
payable) pay interest at such rate, not exceeding (unless the company in general
meeting shall otherwise direct) 6 per cent
per annum, as may be agreed upon
between the directors and the member paying such sum in advance.
TRANSFER OF SHARES
22. The instrument of transfer of any share shall be
executed by or on behalf of the transferor and transferee, and the transferor
shall be deemed to remain a holder of the share until the name of the transferee
is entered in the register of members in respect
thereof.
23. Subject to
such of the restrictions of these Regulations as may be applicable, any member
may transfer all or any of his shares
by instrument in writing in any usual or
common form or any other form which the directors may approve.
24. The
directors may decline to register the transfer of a share (not being a fully
paid share) to a person of whom they shall not
approve, and they may also
decline to register the transfer of a share on which the company has a
lien.
25. The directors may also decline to recognize any instrument of
transfer unless-
(a) a fee of 50 cents or such lesser sum as the directors may from time to time require is paid to the company in respect thereof;
(b) the instrument of transfer is accompanied by the certificate of the shares to which it relates, and such other evidence as the directors may reasonably require to show the right of the transferor to make the transfer; and
(c) the instrument of transfer is in respect of only 1 class of share.
26. If the
directors refuse to register a transfer they shall, within 60 days after the
date on which the transfer was lodged with
the company, send to the transferee
notice of the refusal.
27. The registration of transfers may be suspended
at such times and for such periods as the directors may, from time to time,
determine,
provided always that such registration shall not be suspended for
more than 30 days in any year.
28. The company shall be entitled to
charge a fee not exceeding 50 cents on the registration of every probate,
letters of administration,
certificate of death or marriage, power of attorney
or other instrument.
TRANSMISSION OF SHARES
29. In case of the death of a member, the survivor or
survivors where the deceased was a joint holder, and the personal
representatives
of the deceased where he was a sole holder, shall be the only
persons recognized by the company as having any title to his interest
in the
shares; but nothing herein contained shall release the estate of a deceased
joint holder from any liability in respect of
any share which had been jointly
held by him with other persons.
30. Any person becoming entitled to a
share in consequence of the death or bankruptcy of a member may, upon such
evidence being produced,
as may, from time to time, properly be required by the
directors and subject as hereinafter provided, elect either to be registered
himself as holder of the share or to
have some person nominated by him registered as the transferee thereof, but the
directors shall, in either case, have the same
right to decline or suspend
registration as they would have had in the case of a transfer of the share by
that member before his
death or bankruptcy, as the case may be.
31. If
the person so becoming entitled shall elect to be registered himself, he shall
deliver or send to the company a notice in writing
signed by him stating that he
so elects. If he shall elect to have another person registered, he shall testify
his election by executing
to that person a transfer of the share. All the
limitations, restrictions and provisions of these Regulations relating to the
right
to transfer and the registration of transfers of shares shall be
applicable to any such notice or transfer as aforesaid as if the
death or
bankruptcy of the member had not occurred and the notice of transfer were a
transfer signed by that member.
32. A person becoming entitled to a share
by reason of the death or bankruptcy of the holder shall be entitled to the same
dividends
and other advantages to which he would be entitled if he were the
registered holder of the share, except that he shall not, before
being
registered as a member in respect of the share, be entitled in respect of it to
exercise any right conferred by membership
in relation to meetings of the
company:
Provided always that the directors may, at any time, give notice
requiring any such person to elect either to be registered himself
or to
transfer the share and, if the notice is not complied with within 3 months, the
directors may thereafter withhold payment of
all dividends, bonuses or other
moneys payable in respect of the share until the requirements of the notice have
been complied with.
FORFEITURE OF SHARES
33. If a member fails to pay any call or instalment of a
call on the day appointed for payment thereof, the directors may, at any
time
thereafter during such time as any part of the call or instalment remains
unpaid, serve a notice on him requiring payment of
so much of the call or
instalment as is unpaid; together with any interest which may have
accrued.
34. The notice shall name a further day (not earlier than the
expiration of 14 days from the date of service of the notice) on or
before which
the payment required by the notice is to be made, and shall state that, in the
event of non-payment at or before the
time appointed, the shares in respect of
which the call was made will be liable to be forfeited.
35. If the
requirements of any such notice as aforesaid are not complied with, any share in
respect of which the notice has been given
may, at any time thereafter, before
the payment required by the notice has been made, be forfeited by a resolution
of the directors
to that effect.
36. A forfeited share may be sold or
otherwise disposed of on such terms and in such manner as the directors think
fit and, at any
time before a sale or disposition, the forfeiture may be
cancelled on such terms as the directors think fit.
37. A person whose
shares have been forfeited shall cease to be a member in respect of the
forfeited shares, but shall, notwithstanding,
remain liable to pay to the
company all moneys which, at the date of forfeiture, were payable by him to the
company in respect of
the shares, but his liability shall cease if and when the
company shall have received payment in full of all such moneys in respect
of the
shares.
38. A statutory declaration in writing that the declarant is a
director or a secretary of the company, and that a share in the company
has been
duly forfeited on a date stated in the declaration, shall be conclusive evidence
of the facts therein stated as against
all persons claiming to be entitled to
the share. The company may receive the consideration, if any, given for the
share on any sale
or disposition thereof and may execute a transfer of the share
in favour of the person to whom the share is sold or disposed of and
he shall
thereupon be registered as the holder of the share, and shall not be bound to
see to the application of the purchase money,
if any, nor shall his
title to the share be affected by any
irregularity or invalidity in the proceedings in reference to the forfeiture,
sale or disposal of
the share.
39. The provisions of these Regulations as
to forfeiture shall apply in the case of non-payment of any sum which, by the
terms of
issue of a share, becomes payable at a fixed time, whether on account
of the nominal value of the share or by way of premium, as
if the same had been
payable by virtue of a call duly made and notified.
CONVERSION OF SHARES INTO STOCK
40. The company may by ordinary resolution convert any
paid-up shares into stock, and reconvert any stock into paid-up shares of any
denomination.
41. The holders of stock may transfer the same, or any part
thereof, in the same manner, and subject to the same regulations, as and
subject
to which the shares from which the stock arose might previously to conversion
have been transferred, or as near thereto as
circumstances admit; and the
directors may, from time to time, fix the minimum amount of stock transferable
but so that such minimum
shall not exceed the nominal amount of the shares from
which the stock arose.
42. The holders of stock shall, according to the
amount of stock held by them, have the same rights, privileges and advantages as
regards dividends, voting at meetings of the company and other matters as if
they held the shares from which the stock arose, but
no such privilege or
advantage (except participation in the dividends and profits of the company and
in the assets on winding-up)
shall be conferred by an amount of stock which
would not, if existing in shares, have conferred that privilege or
advantage.
43. Such of the regulations of the company as are applicable
to paid-up shares shall apply to stock, and the words "share" and "shareholder"
therein shall include "stock" and "stockholder".
ALTERATION OF CAPITAL
44. The company may, from time to time, by ordinary
resolution increase the share capital by such sum, to be divided into shares of
such amount, as the resolution shall prescribe.
45. The company may, by
ordinary resolution-
(a) consolidate and divide all or any of its share capital into shares of larger amount than its existing shares;
(b) subdivide its existing shares, or any of them, into shares of smaller amount than is fixed by the memorandum of association subject, nevertheless, to the provisions of section 65(1)(d) of the Act;
(c) cancel any shares which, at the date of the passing of the resolution, have not been taken or agreed to be taken by any person.
46. The company may, by special
resolution, reduce its share capital, any capital redemption reserve fund or any
share premium account
in any manner and with, and subject to, any incident
authorized, and consent required, by law.
GENERAL MEETINGS
47. The company shall, in each year, hold a general
meeting as its annual general meeting in addition to any other meetings in that
year, and shall specify the meeting as such in the notices calling it; and not
more than 15 months shall elapse between the date
of the annual general meeting
of the company and that of the next:
Provided that, so long as the
company holds its first annual general meeting within 18 months of its
incorporation, it need not hold
it in the year of its incorporation or in the
following year. The annual general meeting shall be held at such time and place
as
the directors shall appoint.
48. All general meetings other than
annual general meetings shall be called extraordinary general
meetings.
49. The directors may, whenever they think fit, convene an
extraordinary general meeting, and extraordinary general meetings shall
also be
convened on such requisition, or, in default may be convened by such
requisitionists, as provided by section
134 of the Act. If, at any time, there
are not within Fiji sufficient directors capable of acting to form a quorum, any
director or any
2 members of the company may convene an extraordinary general
meeting in the same manner as nearly as possible as that in which meetings
may
be convened by the directors.
NOTICE OF GENERAL MEETINGS
50. Every general meeting shall be called by 21 days'
notice in writing at the least. The notice shall be exclusive of the day on
which it is served or deemed to be served and of the day for which it is given,
and shall specify the place, the day and the hour
of meeting and, in case of
special business, the general nature of that business, and shall be given, in
the manner hereinafter mentioned
or in such other manner, if any, as may be
prescribed by the company in general meeting, to such persons as are, under the
regulations
of the company, entitled to receive such notices from the
company:
Provided that a meeting of the company shall, notwithstanding
that it is called by shorter notice than that specified in this regulation,
be
deemed to have been duly called if it is so agreed-
(i) in the case of a meeting called as the annual general meeting, by all the members entitled to attend and vote thereat; and
(ii) in the case of any other meeting, by a majority in number of the members having a right to attend and vote at the meeting, being a majority together holding not less than 95 per cent in nominal value of the shares giving that right.
51. The accidental omission to give
notice of a meeting to, or the non-receipt of notice of a meeting by, any person
entitled to receive
notice shall not invalidate the proceedings at that
meeting.
PROCEEDINGS AT GENERAL MEETINGS
52. All business shall be deemed special that is
transacted at an extraordinary general meeting, and also all that is transacted
at
an annual general meeting, with the exception of declaring a dividend, the
consideration of the accounts, balance sheets, and the
reports of the directors
and auditors, the election of directors in the place of those retiring and the
appointment of, and the fixing
of the remuneration of, the auditors.
53.
No business shall be transacted at any general meeting, unless a quorum of
members is present at the time when the meeting proceeds
to business; save as
herein otherwise provided, 3 members present in person shall be a
quorum.
54. If, within half an hour from the time appointed for the
meeting, a quorum is not present, the meeting, if convened upon the requisition
of members, shall be dissolved; in any other case, it shall stand adjourned to
the same day in the next week, at the same time and
place or to such other day
and at such other time and place as the directors may determine, and if, at the
adjourned meeting, a quorum
is not present within half an hour from the time
appointed for the meeting, the members present shall be a quorum.
55. The
chairman, if any, of the board of directors shall preside as chairman at every
general meeting of the company, or if there
is not such chairman, or if he shall
not be present within 15 minutes after the time appointed for the holding of the
meeting or
is unwilling to act, the directors present shall elect 1 of their
number to be chairman of the meeting.
56. If, at any meeting, no director
is willing to act as chairman, or if no director is present within 15 minutes
after the time appointed
for holding the meeting, the members present shall
choose 1 of their number to be chairman of the meeting.
57. The chairman
may, with the consent of any meeting at which a quorum is present (and shall if
so directed by the meeting), adjourn
the meeting from time to time and from
place to place, but no business shall be transacted at any adjourned meeting
other than the
business left unfinished at the meeting from which the
adjournment took place. When a meeting is adjourned for 30 days or more, notice
of the adjourned meeting shall be given as in the case of an original meeting.
Save as aforesaid, it shall not be necessary to give
any notice of an
adjournment or of the business to be transacted at an adjourned
meeting.
58. At any general meeting, a resolution put to the vote of the
meeting shall be decided on a show of hands, unless a poll is (before
or on the
declaration of the result of the show of hands) demanded-
(a) by the chairman; or
(b) by at least 3 members present in person or by proxy; or
(c) by any member or members present in person or by proxy and representing not less than one-tenth of the total voting rights of all the members having the right to vote at the meeting; or
(d) by a member or members holding shares in the company conferring a right to vote at the meeting, being shares on which an aggregate sum has been paid up equal to not less than one-tenth of the total sum paid up on all the shares conferring that right.
Unless a poll be so demanded, a declaration by the chairman that a resolution has, on a show of hands, been carried or carried unanimously, or by a particular majority, or lost and an entry to that effect in the book containing the minutes of the proceedings of the company shall be conclusive evidence of the fact without proof of the number or proportion of the votes recorded in favour of or against such resolution. The demand for a poll may be withdrawn.
59. Except as provided in
regulation 61, if a poll is duly demanded, it shall be taken in such manner as
the chairman directs, and
the result of the poll shall be deemed to be the
resolution of the meeting at which the poll was demanded.
60. In the case
of an equality of votes, whether on a show of hands or on a poll, the chairman
of the meeting at which the show of
hands takes place or at which the poll is
demanded shall be entitled to a second or casting vote.
61. A poll
demanded on the election of a chairman or on a question of adjournment shall be
taken forthwith. A poll demanded on any
other question shall be taken at such
time as the chairman of the meeting directs, and any business other than that
upon which a
poll has been demanded may be proceeded with, pending the taking of
the poll.
VOTES OF MEMBERS
62. Subject to any rights or restrictions for the time
being attached to any class or classes of shares, on a show of hands every
member present in person shall have 1 vote, and on a poll every member shall
have 1 vote for each share of which he is the holder.
63. In the case of
joint holders, the vote of the senior who tenders a vote, whether in person or
by proxy, shall be accepted to the
exclusion of the votes of the other joint
holders; and, for this purpose, seniority shall be determined by the order in
which the
names stand in the register of members.
64. A member of unsound
mind in respect of whose estate a committee has been appointed under section
45 of the Mental Treatment Act may
vote, whether on a show of hands or on a poll, by his said committee, and any
such committee may, on a poll, vote by proxy.
65. No member shall be
entitled to vote at any general meeting, unless all calls or other sums
presently payable by him in respect
of shares in the company have been
paid.
66. No objection shall be raised to the qualification of any voter,
except at the meeting or adjourned meeting at which the vote objected
to is
given or tendered, and every vote not disallowed at such meeting shall be valid
for all purposes. Any such objection made in
due time shall be referred to the
chairman of the meeting, whose decision shall be final and
conclusive.
67. On a poll, votes may be given either personally or by
proxy.
68. The instrument appointing a proxy shall be in writing under
the hand of the appointor or of his attorney duly authorized in writing,
or, if
the appointor is a corporation, either under seal, or under the hand of an
officer or attorney duly authorized. A proxy need
not be a member of the
company.
69. The instrument appointing a proxy and the power of attorney
or other authority, if any, under which it is signed or a notarially
certified
copy of that power or authority shall be deposited at the registered office of
the company or at such other place within
Fiji as is specified for that purpose
in the notice convening the meeting, not less than 48 hours before the time for
holding the
meeting or adjourned meeting, at which the person named in the
instrument proposes to vote, or, in the case of a poll, not less than
24 hours
before the time appointed for the taking of the poll, and in default the
instrument of proxy shall not be treated as valid.
70. An instrument
appointing a proxy shall be in the following form or a form as near thereto as
circumstances admit:-
"................................................................Limited
I/We, ............... of ......., being a member/members of the above-named company, hereby appoint ................of, or failing him, .................. of, as my/our proxy to vote for me/us on my/our ...................... behalf at the [annual or extraordinary, as the case may be] general meeting of the company to be held on the ..... day of ......,19...., and at any adjournment thereof.
Signed this ........ day of .................. day of, 19."
71. Where it is desired to afford members
an opportunity of voting for or against a resolution, the instrument appointing
a proxy
shall be in the following form or a form as near thereto as
circumstances admit:-
".................................................................. Limited
I/We ............................................, of ..........................., being a member/members of ........................... the above-named company, hereby appoint ......... of ........................, or failing him, .................. of ............, as my/our proxy to vote for me/us on my/our behalf at the [annual or extraordinary, as the case may be] general meeting of the company to be held on the ........... day of ........, 19.., and at any adjournment thereof.
Signed this ............ day of ........... day of, 19...
This form is to be used *in favour of/against the resolution. Unless otherwise instructed, the proxy will vote as he thinks fit.
*Strike out whichever is not desired."
72. The
instrument appointing a proxy shall be deemed to confer authority to demand or
join in demanding a poll.
73. A vote given in accordance with the terms
of an instrument of proxy shall, be valid, notwithstanding the previous death or
insanity
of the principal or revocation of the proxy or of the authority under
which the proxy was executed, or the transfer of the share
in respect of which
the proxy is given, provided that no intimation in writing of such death,
insanity, revocation or transfer as
aforesaid shall have been received by the
company at the office before the commencement of the meeting or adjourned
meeting at which
the proxy is used.
CORPORATIONS ACTING BY REPRESENTATIVES AT MEETINGS
74. Any corporation which is a member of the company may,
by resolution of its directors or other governing body, authorize such person
as
it thinks fit to act as its representative at any meeting of the company or of
any class of members of the company, and the person
so authorized shall be
entitled to exercise the same powers on behalf of the corporation which he
represents as that corporation
could exercise if it were an individual member of
the company.
DIRECTORS
75. The number of the directors and the names of the first
directors shall be determined in writing by the subscribers of the memorandum
of
association or a majority of them and, until such determination, the signatories
to the memorandum of association shall be the
first directors.
76. The
remuneration of the directors shall, from time to time, be determined by the
company in general meeting. Such remuneration
shall be deemed to accrue from day
to day. The directors may also be paid all travelling, hotel and other expenses
properly incurred
by them in attending and returning from meetings of the
directors or any committee of the directors or general meetings of the company
or in connection with the business of the company.
77. The shareholding
qualification for directors may be fixed by the company in general meeting, and
unless and until so fixed, no
qualification shall be required.
78. A
director of the company may be or become a director or other officer of, or
otherwise interested in, any company promoted by
the company or in which the
company may be interested as shareholder or otherwise, and no such director
shall be accountable to the
company for any remuneration or other benefits
received by him as a director or officer of, or from his interest in, such other
company,
unless the company otherwise directs.
BORROWING POWERS
79. The directors may exercise all the powers of the
company to borrow money, and to mortgage or charge its undertaking, property
and
uncalled capital, or any part thereof, and to issue debentures, debenture stock,
and other securities whether outright or as
security for any debt, liability or
obligation of the company or of any third party:
Provided that the amount
for the time being remaining undischarged of moneys borrowed or secured by the
directors as aforesaid (apart
from temporary loans obtained from the company's
bankers in the ordinary course of business) shall not, at any time, without the
previous sanction of the company in general meeting, exceed the nominal amount
of the share capital of the company for the time being
issued, but nevertheless
no lender or other person dealing with the company shall be concerned to see or
inquire whether this limit
is observed. No debt incurred or security given in
excess of such limit shall be invalid or ineffectual, except in the case of
express
notice to the lender or the recipient of the security at the time when
the debt was incurred or security given that the limit hereby
imposed had been
or was thereby exceeded.
POWERS AND DUTIES OF DIRECTORS
80. The business of the company shall be managed by the
directors, who may pay all expenses incurred in promoting and registering
the
company, and may exercise all such powers of the company as are not, by the Act
or by these Regulations, required to be exercised
by the company in general
meeting, subject, nevertheless, to any of these Regulations, to the provisions
of the Act and to such regulations,
being not inconsistent with the aforesaid
regulations or provisions, as may be prescribed by the company in general
meeting; but
no regulation made by the company in general meeting shall
invalidate any prior act of the directors which would have been valid
if that
regulation had not been made.
81. The directors may, from time to time
and at any time, by power of attorney, appoint any company, firm or person or
body of persons,
whether nominated directly or indirectly by the directors, to
be the attorney or attorneys of the company for such purposes and with
such
powers, authorities and discretions (not exceeding those vested in or
exercisable by the directors under these Regulations)
and for such period and
subject to such conditions as they may think fit, and any such powers of
attorney may contain such provisions
for the protection and convenience of
persons dealing with any such attorney as the directors may think fit and may
also authorize
any such attorney to delegate all or any of the powers,
authorities and discretions vested in him.
82. The company may exercise
the powers conferred by section 39 of
the Act with regard to having an official seal for use abroad, and such powers
shall be vested in the directors.
83. The company may exercise the powers
conferred upon the company by sections 123
to 126 (both inclusive) of the
Act with regard to the keeping of a branch register, and the directors may
(subject to the provisions of
those sections) make and vary such regulations as
they may think fit respecting the keeping of any such register.
84.-(1) A
director who is in any way, whether directly or indirectly, interested in a
contract or proposed contract with the company
shall declare the nature of his
interest in accordance with section 201
of the Act.
(2) A director shall not vote in respect of any contract or
arrangement in which he is interested and, if he shall do so, his vote
shall not
be counted, nor shall he be counted in the quorum present at the meeting, but
neither of these prohibitions shall apply
to-
(a) any arrangement for giving any director any security or indemnity in respect of money lent by him to or obligations undertaken by him for the benefit of the company; or
(b) to any arrangement for the giving by the company of any security to a third party in respect of a debt or obligation of the company for which the director himself has assumed responsibility in whole or in part under a guarantee or indemnity or by the deposit of a security; or
(c) any contract by a director to subscribe for or underwrite shares or debentures of the company; or
(d) any contract or arrangement with any other corporation in which he is interested only as an officer of the corporation or as holder of shares or other securities,
and these prohibitions may, at any
time, be suspended or relaxed to any extent, and either generally or in respect
of any particular
contract, arrangement or transaction, by the company in
general meeting.
(3) A director may hold any other office or place of
profit under the company (other than the office of auditor) in conjunction with
his office of director for such period and on such terms (as to remuneration and
otherwise) as the directors may determine and no
director or intending director
shall be disqualified by his office from contracting with the company, either
with regard to his tenure
of any such other office or place of profit, or as a
vendor, purchaser or otherwise, nor shall any such contract, or any contract
or
arrangement entered into by or on behalf of the company in which any director is
in any way interested, be liable to be avoided,
nor shall any director so
contracting or being so interested be liable to account to the company for any
profit realized by any such
contract or arrangement by reason of such director
holding that office or of the fiduciary relation thereby established.
(4)
A director, notwithstanding his interest, may be counted in the quorum present
at any meeting whereat he or any other director
is appointed to hold any such
office or place of profit under the company or whereat the terms of any such
appointment are arranged,
and he may vote on any such appointment or arrangement
other than his own appointment or the arrangement of the terms
thereof.
(5) Any director may act by himself or his firm in a
professional capacity for the company, and he or his firm shall be entitled to
remuneration for professional services as if he were not a
director:
Provided that nothing herein contained shall authorize a
director or his firm to act as auditor to the company.
85. All cheques,
promissory notes, drafts, bills of exchange and other negotiable instruments,
and all receipts for moneys paid to
the company, shall be signed, drawn,
accepted, endorsed or otherwise executed, as the case may be, in such manner as
the directors
shall, from time to time, by resolution, determine.
86. The
directors shall cause minutes to be made in books provided for the
purpose-
(a) of all appointments of officers made by the directors;
(b) of the names of the directors present at each meeting of the directors and of any committee of the directors;
(c) of all resolutions and proceedings at all meetings of the company, and of the directors, and of committees of directors,
and every director present at any
meeting of directors or committee of directors shall sign his name in a book to
be kept for that
purpose.
87. The directors, on behalf of the company,
may pay a gratuity or pension or allowance on retirement to any director who has
held
any other salaried office or place of profit with the company or to his
widow or dependants and may make contributions to any fund
and pay premiums for
the purchase or provision of any such gratuity, pension or allowance.
DISQUALIFICATION OF DIRECTORS
88. The office of director shall be vacated if the
director-
(a) ceases to be a director by virtue of section 184 or 187 of the Act; or
(b) becomes bankrupt or makes any arrangement or composition with his creditors generally; or
(c) becomes prohibited from being a director by reason of any order made under section 190 of the Act; or
(d) becomes of unsound mind; or
(e) resigns his office by notice in writing to the company; or
(f) shall, for more than 6 months, have been absent without permission of the directors from meetings of the directors held during that period.
ROTATION OF DIRECTORS
89. At the first annual general meeting of the company,
all the directors shall retire from office and, at the annual general meeting
in
every subsequent year, one-third of the directors for the time being, or, if
their number is not 3 or a multiple of 3, then the
number nearest one third,
shall retire from office.
90. The directors to retire in every year shall
be those who have been longest in office since their last election but, as
between
persons who became directors on the same day, those to retire shall
(unless they otherwise agree among themselves) be determined
by lot.
91.
A retiring director shall be eligible for re-election.
92. The company,
at the meeting at which a director retires in manner aforesaid, may fill the
vacated office by electing a person
thereto and, in default, the retiring
director shall, if offering himself for re-election, be deemed to have been
re-elected, unless
at such meeting it is expressly resolved not to fill such
vacated office or unless a resolution for the re-election of such director
shall
have been put to the meeting and lost.
93. No person other than a
director retiring at the meeting shall, unless recommended by the directors, be
eligible for election to
the office of director at any general meeting, unless
not less than 3 nor more than 21 days before the date appointed for the meeting
there shall have been left at the registered office of the company notice in
writing, signed by a member duly qualified to attend
and vote at the meeting for
which such notice is given, of his intention to propose such person for
election, and also notice in
writing signed by that person of his willingness to
be elected.
94. The company may, from time to time, by ordinary
resolution, increase or reduce the number of directors, and may also determine
in what rotation the increased or reduced number is to go out of
office.
95. The directors shall have power at any time, and from time to
time, to appoint any person to be a director, either to fill a casual
vacancy or
as an addition to the existing directors, but so that the total number of
directors shall not, at any time, exceed the
number fixed in accordance with
these Regulations. Any director so appointed shall hold office only until the
next following annual
general meeting, and shall then be eligible for
re-election but shall not be taken into account in determining the directors who
are to retire by rotation at such meeting.
96. The company may, by
ordinary resolution of which special notice has been given in accordance with
section 144 of the Act, remove any
director before the expiration of his period of office, notwithstanding anything
in these Regulations or in
any agreement between the company and such director.
Such removal shall be without prejudice to any claim such director may have
for
damages for breach of any contract of service between him and the
company.
97. The company may, by ordinary resolution, appoint another
person in place of a director removed from office under regulation 96,
and,
without prejudice to the powers of the directors under regulation 95, the
company in general meeting may appoint any person
to be a director either to
fill a casual vacancy or as an additional director. A person appointed in place
of a director so removed
or to fill such a vacancy shall be subject to
retirement at the same time as if he had become a director on the day on which
the
director in whose place he is appointed was last elected a director.
PROCEEDINGS OF DIRECTORS
98. The directors may meet
together for the despatch of business, adjourn, and otherwise regulate their
meetings, as they think fit.
Questions arising at any meeting shall be decided
by a majority of votes. In case of an equality of votes, the chairman shall have
a second or casting vote. A director may, and a secretary on the requisition of
a director shall, at any time, summon a meeting of
the directors. It shall not
be necessary to give notice of a meeting of directors to any director for the
time being absent from
Fiji.
99. The quorum necessary for the transaction
of the business of the directors may be fixed by the directors, and unless so
fixed shall
be 2.
100. The continuing directors may act, notwithstanding
any vacancy in their body, but, if and so long as their number is reduced below
the number fixed by or pursuant to the regulations of the company as the
necessary quorum of directors, the continuing directors
or director may act for
the purpose of increasing the number of directors to that number, or of
summoning a general meeting of the
company, but for no other
purpose.
101. The directors may elect a chairman of their meetings and
determine the period for which he is to hold office; but if no such
chairman is
elected, or if at any meeting the chairman is not present within 5 minutes after
the time appointed for holding the same,
the directors present may choose 1 of
their number to be a chairman of the meeting.
102. The directors may
delegate any of their powers to committees consisting of such member or members
of their body as they think
fit; any committee so formed shall, in the exercise
of the powers so delegated, conform to any regulations that may be imposed on
it
by the directors.
103. A committee may elect a chairman of its meetings;
if no such chairman is elected, or if at any meeting the chairman is not present
within 5 minutes after the time appointed for holding the same, the members
present may choose 1 of their number to be chairman of
the meeting.
104.
A committee may meet and adjourn as it thinks proper. Questions arising at any
meeting shall be determined by a majority of votes
of the members present and,
in the case of an equality of votes, the chairman shall have a second or casting
vote.
105. All acts done by any meeting of the directors or of a
committee of directors or by any person acting as a director shall,
notwithstanding
that it be afterwards discovered that there was some defect in
the appointment of any such director or person acting as aforesaid,
or that they
or any of them were disqualified, be as valid as if every such person had been
duly appointed and was qualified to be
a director.
106. A resolution in
writing, signed by all the directors for the time being entitled to receive
notice of a meeting of the directors,
shall be as valid and effectual as if it
had been passed at a meeting of the directors duly convened and held.
MANAGING DIRECTOR
107. The directors may, from time to time, appoint 1 or
more of their body to the office of managing director for such period and
on
such terms as they think fit, and, subject to the terms of any agreement entered
into in any particular case, may revoke such
appointment. A director so
appointed shall not, whilst holding that office, be subject to retirement by
rotation or be taken into
account in determining the rotation of retirement of
directors, but his appointment shall be automatically determined if he ceases
from any cause to be a director.
108. A managing director shall receive
such remuneration (whether by way of salary, commission or participation in
profits, or partly
in one way and partly in another) as the directors may
determine.
109. The directors may entrust to and confer upon a managing
director any of the powers exercisable by them upon such terms and conditions
and with such restrictions as they may think fit, and either collaterally with
or to the exclusion of their own powers and may, from
time to time, revoke,
withdraw, alter or vary all or any of such powers.
SECRETARY
110. A secretary shall be appointed by the directors for
such term, at such remuneration and upon such conditions as they may think
fit;
and any secretary so appointed may be removed by them.
THE SEAL
111. The directors shall provide for the safe custody of
the seal, which shall only be used by the authority of the directors or of
a
committee of the directors authorized by the directors in that behalf, and every
instrument to which the seal shall be affixed
shall be signed by a director and
shall be countersigned by a secretary or by a second director or by some other
person appointed
by the directors for the purpose.
DIVIDENDS AND RESERVE
112. The company in general meeting may declare dividends,
but no dividend shall exceed the amount recommended by the
directors.
113. The directors may, from time to time, pay to the members
such interim dividends as appear to the directors to be justified by
the profits
of the company.
114. No dividend shall be paid otherwise than out of
profits.
115. The directors may, before recommending any dividend, set
aside out of the profits of the company such sums as they think proper
as a
reserve or reserves which shall, at the discretion of the directors, be
applicable for any purpose to which the profits of the
company may be properly
applied, and pending such application may, at the like discretion, either be
employed in the business of
the company or be invested in such investments
(other than shares of the company) as the directors may, from time to time,
think
fit. The directors may also, without placing the same to reserve, carry
forward any profits which they may think prudent not to divide.
116.
Subject to the rights of persons, if any, entitled to shares with special rights
as to dividend, all dividends shall be declared
and paid according to the
amounts paid or credited as paid on the shares in respect whereof the dividend
is paid, but no amount paid
or credited as paid on a share in advance of calls
shall be treated, for the purposes of this regulation, as paid on the share. All
dividends shall be apportioned and paid proportionately to the amounts paid or
credited as paid on the shares during any portion
or portions of the period in
respect of which the dividend is paid; but, if any share is issued on terms
providing that it, shall
rank for dividend as from a particular date, such share
shall rank for dividend accordingly.
117. The directors may deduct from
any dividend payable to any member all sums of money (if any) presently payable
by him to the company
on account of calls or otherwise in relation to the shares
of the company.
118. Any general meeting declaring a dividend or bonus
may direct payment of such dividend or bonus or partly by the distribution
of
specific assets and, in particular, of paid-up shares, debentures of debenture
stock of any other company or in any 1 or more
of such ways, and the directors
shall give effect to such resolution and, where any difficulty arises in regard
to such distribution,
the directors may settle the same as they think expedient
and, in particular, may issue fractional certificates and fix the value
for
distribution of such specific assets or any part thereof and may determine that
cash payments shall be made to any members upon
the footing of the value so
fixed in order to adjust the rights of all parties, and may vest any such
specific assets in trustees
as may seem expedient to the directors.
119.
Any dividend, interest or other moneys payable in cash in respect of shares may
be paid by cheque or warrant sent through the
post directed to the registered
address of the holder or, in the case of joint holders, to the registered
address of that one of
the joint holders who is first named on the register of
members or to such person and to such address as the holder or joint holders
may, in writing, direct. Every such cheque or warrant shall be made payable to
the order of the person to whom it is sent. Any 1
of 2 or more joint holders may
give effectual receipts for any dividends, bonuses or other moneys payable in
respect of the shares
held by them as joint holders.
120. No dividend
shall bear interest against the company.
ACCOUNTS
121. The directors shall cause proper books of account to
be kept with respect to-
(a) all sums of money received and expended by the company and the matters in respect of which the receipt and expenditure takes place;
(b) all sales and purchases of goods by the company; and
(c) the assets and liabilities of the company.
Proper books shall not be deemed to
be kept, if there are not kept such books of account as are necessary to give a
true and fair
view of the state of the company's affairs and to explain its
transactions.
122. The books of account shall be kept at the registered
office of the company, or, subject to section
149(3) of the Act, at such other place
or places as the directors think fit, and shall always be open to the inspection
of the directors.
123. The directors shall, from time to time, determine
whether and to what extent and at what times and places and under what
conditions
or regulations the accounts and books of the company or any of them
shall be open to the inspection of members, not being directors,
and no member
(not being a director) shall have any right of inspecting any account or book or
document of the company, except as
conferred by statute or authorized by the
directors or by the company in general meeting.
124. The directors shall
from time to time, in accordance with sections
150,
152 and
159 of the Act, cause to be prepared
and to be laid before the company in general meeting such profit and loss
accounts, balance sheets,
group accounts (if any) and reports as are referred to
in those sections.
125. A copy of every balance sheet (including every
document required by law to be annexed thereto) which is to be laid before the
company in general meeting, together with a copy of the auditors' report, shall,
not less than 21 days before the date of the meeting,
be sent to every member
of, and every holder of debentures of, the company and to every person
registered under regulation 31:
Provided that this regulation shall not
require a copy of those documents to be sent to any person of whose address the
company is
not aware or to more than 1 of the joint holders of any shares or
debentures.
CAPITALIZATION OF PROFITS
126. The company in general meeting may, upon the
recommendation of the directors, resolve that it is desirable to capitalize any
part of the amount for the time being standing to the credit of any of the
company's reserve accounts or to the credit of the profit
and loss account or
otherwise available for distribution and, accordingly, that such sum be set free
for distribution amongst the
members who would have been entitled thereto if
distributed by way of dividend and in the same proportions, on condition that
the
same be not paid in cash but be applied either in or towards paying up any
amounts for the time unpaid on any shares held by such
members respectively or
paying up in full unissued shares or debentures of the company to be allotted
and distributed credited as
fully paid up to and amongst such members in the
proportion aforesaid, or partly in the one way and partly in the other and the
directors
shall give effect to such resolution:
Provided that a share
premium account and a capital redemption reserve fund may, for the purposes of
this regulation, only be applied
in the paying up of unissued shares to be
issued to members of the company as fully-paid bonus shares.
127.
Whenever such a resolution as aforesaid shall have been passed, the directors
shall make all appropriations and applications
of the undivided profits resolved
to be capitalized thereby, and all allotments and issues of fully-paid shares or
debentures, if
any, and generally shall do all acts and things required to give
effect thereto, with full power to the directors to make such provision
by the
issue of fractional certificates or by payment in cash or otherwise, as they
think fit, for the case of shares or debentures
becoming distributable in
fractions, and also to authorize any person to enter, on behalf of all the
members entitled thereto, into
an agreement with the company providing for the
allotment to them respectively, credited as fully paid up of any further shares
or
debentures to which they may be entitled upon such capitalization, or (as the
case may require) for the payment up by the company
on their behalf, by the
application thereto of their respective proportions of the profits resolved to
be capitalized, of the amounts
or any part of the amounts remaining unpaid on
their existing shares, and any agreement made under such authority shall be
effective
and binding on all such members.
AUDIT
128. The provisions of sections
161 to
165 of the Act shall apply to the
appointment of, and duties of, auditors.
NOTICES
129. A notice may be given by the company to any member
either personally or by sending it by post to him at his registered address,
or
(if he has no registered address within Fiji) to him at the address, if any,
within Fiji supplied by him to the company for the
giving of notice to him.
Where a notice is sent by post, service of the notice shall be deemed to be
effected by properly addressing,
prepaying, and posting a letter containing the
notice, and to have been effected, in the case of a notice of a meeting, at the
expiration
of 72 hours after the letter containing the same is posted and, in
any other case, at the time at which the letter would be delivered
in the
ordinary course of post.
130. A notice may be given by the company to the
joint holders of a share by giving the notice to the joint holder first named in
the register of members in respect of the share.
131. A notice may be
given by the company to the persons entitled to a share in consequence of the
death or bankruptcy of a member
by sending it through the post in a prepaid
letter addressed to them by name, or by the title of representatives of the
deceased,
or trustee of the bankrupt, or by any like description, at the
address, if any, within Fiji supplied for the purpose by the persons
claiming to
be so entitled, or (until such an address has been so supplied) by giving the
notice in any manner in which the same
might have been given if the death or
bankruptcy had not occurred.
132. Notice of every general meeting shall
be given in any manner hereinbefore authorized to-
(a) every member, except those members who (having no registered address within Fiji) have not supplied to the company an address within Fiji for the giving of notices to them;
(b) every person upon whom the ownership of a share devolves by reason of his being a person representative or a trustee in bankruptcy of a member, where the member but for his death or bankruptcy would be entitled to receive notice of the meeting; and
(c) the auditor (if any) for the time being of the company.
No other person shall be
entitled to receive notices of general meetings.
WINDING-UP
133. If the company shall be wound up, the liquidator may,
with the sanction of a special resolution of the company and any other
sanction
required by the Act, divide amongst the members in specie or kind the whole or
any part of the assets of the company (whether
they shall consist of property of
the same kind or not) and may, for such purpose, set such value as he deems fair
upon any property
to be divided as aforesaid and may determine how such division
shall be carried out as between the members or different classes of
members. The
liquidator may, with the like sanction, vest the whole or any part of such
assets in trustees upon such trust for the
benefit of the contributories as the
liquidator, with the like sanction, shall think fit, but so that no member shall
be compelled
to accept any shares or other securities whereon there is any
liability.
INDEMNITY
134. Every director, managing director, agent, auditor,
secretary and other officer for the time being of the company shall be
indemnified
out of the assets of the company against any liability incurred by
him in defending any proceedings, whether civil or criminal, in
which judgment
is given in his favour or in which he is acquitted or in connection with any
application under section 403 of the
Act in which relief is granted to him by the court.
PART II - REGULATIONS FOR THE MANAGEMENT OF A PRIVATE COMPANY LIMITED BY SHARES
1. The regulations contained in Part I of Table A (with
the exception of regulations 24 and 53) shall apply.
2. The company is a
private company and accordingly-
(a) the right to transfer shares is restricted in manner hereinafter prescribed;
(b) the number of members of the company (exclusive of persons who are in the employment of the company and of persons who having been formerly in the employment of the company were, while in such employment, and have continued, after the determination of such employment, to be members of the company) is limited to 50:
Provided that, where 2 or more persons hold 1 or more shares in the company jointly, they shall, for the purpose of this regulation, be treated as a single member;
(c) any invitation to the public to subscribe for any shares or debentures of the company is prohibited;
(d) the company shall not have power to issue share warrants to bearer.
3. The
directors may, in their absolute discretion and without assigning any reason
therefor, decline to register any transfer of
any share, whether or not it is a
fully paid share.
4. No business shall be transacted at any general
meeting unless a quorum of members is present at the time when the meeting
proceeds
to business; save as herein otherwise provided, 2 members present in
person or by proxy shall be a quorum.
5. Subject to the provisions of the
Act, a resolution in writing signed by all the members for the time being
entitled to receive
notice of and to attend and vote at general meetings (or
being corporations by their duly authorized representatives) shall be as
valid
and effective as if the same had been passed at a general meeting of the company
duly convened and
held.
Note-Regulations 3 and 4
of this Part are alternative to regulations 24 and 53 respectively of Part
1.
__________
TABLE B
FORM OF MEMORANDUM OF ASSOCIATION OF A COMPANY LIMITED BY SHARES
1st-The name of the company is, "The Pacific Steam Packet
Company Limited".
2nd-The registered office of the company will be
situate in Fiji.
3rd-The objects for which the company is established
are, "the conveyance of passengers and goods in ships or boats between such
places
as the company may, from time to time, determine, and the doing of all
such other things as are incidental or conducive to the attainment
of the above
object".
4th-The liability of the members is limited.
5th-The
share capital of the company is $2,000 divided into 1,000 shares of $2
each.
WE, the several persons whose names and addresses are subscribed,
are desirous of being formed into a company, in pursuance of this
memorandum of
association, and we respectively agree to take the number of shares in the
capital of the company set opposite our
respective names.
|
Names,
Postal Addresses, and Occupation of Subscribers
|
Number of Shares taken by
each Subscriber
|
Signatures
|
|
1.
|
|
|
|
2.
|
|
|
|
3.
|
|
|
|
4.
|
|
|
|
5.
|
|
|
|
6.
|
|
|
|
7.
|
|
|
|
8.
|
______
|
|
Total shares taken |
______
|
|
Dated the........................................... day
of ..........................................., 19........
Witness to the above signatures.
__________
TABLE C
FORM OF MEMORANDUM AND ARTICLES OF ASSOCIATION OF A COMPANY LIMITED BY GUARANTEE, AND NOT HAVING A SHARE CAPITAL
MEMORANDUM OF ASSOCIATION
1st-The name of the company is "The Suva School
Association Limited".
2nd-The registered office of the company will be
situate in Fiji.
3rd-The objects for which the company is established are
"the carrying on of a school for boys in the City of Suva and the doing of
all
such other things as are incidental or conducive to the attainment of the above
object."
4th-The liability of the members is limited.
5th-Every
member of the company undertakes to contribute to the assets of the company in
the event of its being wound up while he
is a member, or within 1 year
afterwards, for payment of the debts and liabilities of the company contracted
before he ceases to
be a member, and the costs, charges and expenses of
winding-up, and for the adjustment of the rights of the contributories among
themselves, such amount as may be required, not exceeding $20.
WE, the
several persons whose names and addresses are subscribed, are desirous of being
formed into a company, in pursuance of this
memorandum of association.
|
Names,
Postal Addresses and Occupations of subscribers
|
Signatures
|
|
1.
|
|
|
2.
|
|
|
3.
|
|
|
4.
|
|
|
5.
|
|
|
6.
|
|
|
7.
|
|
Dated the..............................:.......... day of
........................................., 19...
Witness to the above signatures.
_________
ARTICLES OF ASSOCIATION TO ACCOMPANY PRECEDING MEMORANDUM OF ASSOCIATION
INTERPRETATION
1. In these Articles-
"the Act" means the Companies Act;
"the seal" means the common seal of the company;
"secretary" means any person appointed to perform the duties of the secretary of the company.
Expressions referring to writing
shall, unless the contrary intention appears, be construed as including
references to printing, typewriting,
lithography, photography, and other modes
of representing or reproducing words in a visible form.
Unless the
context otherwise requires, words or expressions contained in these Articles
shall bear the same meaning as in the Act
or any statutory modification thereof
in force at the date at which these Articles become binding on the
company.
MEMBERS
2. The number of members with which the company proposes
to be registered is 500, but the directors may, from time to time, register
an
increase of members.
3. The subscribers to the memorandum of association
and such other persons as the directors shall admit to membership shall be
members
of the company.
GENERAL MEETINGS
4. The company shall, in each year, hold a general meeting
as its annual general meeting in addition to any other meetings in that
year,
and shall specify the meeting as such in the notices calling it; and not more
than 15 months shall elapse between the date
of 1 annual general meeting of the
company and that of the next:
Provided that, so long as the company holds
its first annual general meeting within 18 months of its incorporation, it need
not hold
it in the year of its incorporation or in the following year. The
annual general meeting shall be held at such time and place as
the directors
shall appoint.
5. All general meetings other than annual general meetings
shall be called extraordinary general meetings.
6. The directors may,
whenever they think fit, convene an extraordinary general meeting, and
extraordinary general meetings shall
also be convened on such requisition, or,
in default, may be convened by such requisitionists, as provided by section
134 of the Act. If, at any time, there
are not within Fiji sufficient directors capable of acting to form a quorum, any
director or any
2 members of the company may convene an extraordinary general
meeting in the same manner as nearly as possible as that in which meetings
may
be convened by the directors.
NOTICE OF GENERAL MEETINGS
7. Every general meeting shall be called by 21 days'
notice in writing at the least. The notice shall be exclusive of the day on
which
it is served or deemed to be served and of the day for which it is given,
and shall specify the place, the day and the hour of meeting
and, in case of
special business, the general nature of that business and shall be given, in
manner hereinafter mentioned or in such
other manner, if any, as may be
prescribed by the company in general meeting, to such persons as are, under the
articles of the company,
entitled to receive such notices from the
company:
Provided that a meeting of the company shall, notwithstanding
that it is called by shorter notice than that specified in this article,
be
deemed to have been duly called if it is so agreed-
(i) in the case of a meeting called as the annual general meeting, by all the members entitled to attend and vote thereat; and
(ii) in the case of any other meeting, by a majority in number of the members having a right to attend and vote at the meeting, being a majority together representing not less than 95 per cent of the total voting rights at that meeting of all the members.
8. The accidental
omission to give notice of a meeting to, or the non-receipt of notice of a
meeting by, any person entitled to receive
notice shall not invalidate the
proceedings at that meeting.
PROCEEDINGS AT GENERAL MEETINGS
9. All business shall be deemed special that is transacted
at an extraordinary general meeting, and also all that is transacted at
an
annual general meeting, with the exception of declaring a dividend, the
consideration of the accounts, balance sheets, and the
reports of the directors
and auditors, the election of directors in the place of those retiring and the
appointment of, and the fixing
of the remuneration of the auditors.
10.
No business shall be transacted at any general meeting, unless a quorum of
members is present at the time when the meeting proceeds
to business; save as
herein otherwise provided, 3 members present in person shall be a
quorum.
11. If, within half an hour from the time appointed for the
meeting, a quorum is not present, the meeting, if convened upon the requisition
of members, shall be dissolved; in any other case, it shall stand adjourned to
the same day in the next week, at the same time and
place, or to such other day
and at such other time and place as the directors may determine and, if, at the
adjourned meeting, a
quorum is not present within half an hour from the time
appointed for the meeting, the members present shall be a quorum.
12. The
chairman, if any, of the board of directors shall preside as chairman at every
general meeting of the company, or if there
is no such chairman, or if he shall
not be present within 15 minutes after the time appointed for the holding of the
meeting or is
unwilling to act, the directors present shall elect 1 of their
number to be chairman of the meeting.
13. If, at any meeting, no director
is willing to act as chairman or if no director is present within 15 minutes
after the time appointed
for holding the meeting, the members present shall
choose 1 of their number to be chairman of the meeting.
14. The chairman
may, with the consent of any meeting at which a quorum is present (and shall if
so directed by the meeting), adjourn
the meeting from time to time and from
place to place, but no business shall be transacted at any adjourned meeting
other than the
business left unfinished at the meeting from which the
adjournment took place. When a meeting is adjourned for 30 days or more, notice
of the adjourned meeting shall be given as in the case of an original meeting.
Save as aforesaid, it shall not be necessary to give
any notice of an
adjournment or of the business to be transacted at an adjourned
meeting.
15. At any general meeting, a resolution put to the vote of the
meeting shall be decided on a show of hands, unless a poll is (before
or on the
declaration of the result of the show of hands) demanded-
(a) by the chairman; or
(b) by at least 3 members present in person or by proxy; or
(c) by any member or members present in person or by proxy and representing not less than one-tenth of the total voting rights of all the members having the right to vote at the meeting.
Unless a poll be so demanded, a
declaration by the chairman that a resolution has on a show of hands been
carried or carried unanimously,
or by a particular majority, or lost and an
entry to the effect in the book containing the minutes of proceedings of the
company
shall be conclusive evidence of the fact without proof of the number or
proportion of the votes recorded in favour of or against
such
resolution.
The demand for a poll may be withdrawn.
16. Except as
provided in article 18, if a poll is duly demanded, it shall be taken in such
manner as the chairman directs, and the
result of the poll shall be deemed to be
the resolution of the meeting at which the poll was demanded.
17. In the
case of an equality of votes, whether on a show of hands or on a poll, the
chairman of the meeting at which the show of
hands takes place, or at which the
poll is demanded, shall be entitled to a second or casting vote.
18. A
poll demanded on the election of a chairman, or on a question of adjournment,
shall be taken forthwith. A poll demanded on any
other question shall be taken
at such time as the chairman of the meeting directs, and any business other than
that upon which a
poll has been demanded may be proceeded with pending the
taking of the poll.
19. Subject to the provisions of the Act, a
resolution in writing signed by all the members for the time being entitled to
receive
notice of and to attend and vote at general meetings (or being
corporations by their duly authorized representatives) shall be as
valid and
effective as if the same had been passed at a general meeting of the company
duly convened and held.
VOTES OF MEMBERS
20. Every member shall have 1 vote.
21. A member of
unsound mind in respect of whose estate a committee has been appointed under
section 45 of the Mental Treatment Act
may vote, whether on a show of hands or on a poll, by his said committee, and
any such committee may, on a poll, vote by proxy.
22. No member shall be
entitled to vote at any general meeting, unless all moneys presently payable by
him to the company have been
paid.
23. On a poll, votes may be given
either personally or by proxy.
24. The instrument appointing a proxy
shall be in writing under the hand of the appointor or of his attorney duly
authorized in writing,
or, if the appointor is a corporation, either under seal
or under the hand of an officer or attorney duly authorized. A proxy need
not be
a member of the company.
25. The instrument appointing a proxy and the
power of attorney or other authority, if any, under which it is signed or a
notarially
certified copy of that power or authority shall be deposited at the
registered office of the company or at such other place within
Fiji as is
specified for that purpose in the notice convening the meeting, not less than 48
hours before the time for holding the
meeting or adjourned meeting at which the
person named in the instrument proposes to vote, or, in the case of a poll, not
less than
24 hours before the time appointed for the taking of the poll, and in
default the instrument of proxy shall not be treated as valid.
26. An
instrument appointing a proxy shall be in the following form or a form as near
thereto as circumstances admit-
"......................................................................... Limited.
I/We ........................................ of ........................................., being a member/members of the above-named company, hereby appoint, .................of .................... or failing him ..................... of....................., as my/our proxy to vote for me/us on my/our behalf at the [annual or extraordinary, as the case may be] general meeting of the company to be held on the ........................................ day of ........................................ ,19........, and at any adjournment thereof.
Signed this ............................ day of............................, 19........."
27. Where it is desired to afford
members an opportunity of voting for or against a resolution, the instrument
appointing a proxy
shall be in the following form or a form as near thereto as
circumstances admit-
"......................................................................Limited.
I/We ........................................ of ........................................ being a member/members of the above-named company, hereby appoint ..................... of .............or failing him ....................of..................... as my/our proxy to vote for me/us on my/our behalf at the [annual or extraordinary, as the case may be] general meeting of the company to be held on the ......................... day of .......................... 19.., and at any adjournment thereof.
Signed this .............................. day of ............................... 19.......
This
form is to be used *in favour of/against the resolution.
Unless otherwise
instructed, the proxy will vote as he thinks fit.
* Strike out whichever is not desired."
28. The instrument
appointing a proxy shall be deemed to confer authority to demand or
join in demanding a
poll.
29. A vote given in accordance with the terms of an instrument of
proxy shall be valid, notwithstanding the previous death or insanity
of
principal or revocation of the proxy or of the authority under which the proxy
was executed, provided that no intimation in writing
of such death, insanity or
revocation as aforesaid shall have been received by the company at the office
before the commencement
of the meeting or adjourned meeting at which the proxy
is used.
CORPORATIONS ACTING BY REPRESENTATIVES AT MEETINGS
30 Any corporation which is a member of the company may,
by resolution of its directors or other governing body, authorize such person
as
it thinks fit to act as its representative at any meeting of the company, and
the person so authorized shall be entitled to exercise
the same powers on behalf
of the corporation which he represents as that corporation could exercise if it
were an individual member
of the company.
DIRECTORS
31. The number of the directors and the names of the first
directors shall be determined in writing by the subscribers of the memorandum
of
association or a majority of them.
32. The remuneration of the directors
shall, from time to time, be determined by the company in general meeting. Such
remuneration
shall be deemed to accrue from day to day. The directors shall also
be paid all travelling, hotel and other expenses properly incurred
by them in
attending and returning from meetings of the directors or any committee of the
directors or general meetings of the company
or in connection with the business
of the company.
BORROWING POWERS
33. The directors may exercise all the powers of the
company to borrow money, and to mortgage or charge its undertaking and property,
or any part thereof, and to issue debentures, debenture stock and other
securities, whether outright or as security for any debt,
liability or
obligation of the company or of any third party.
POWERS AND DUTIES OF DIRECTORS
34. The business of the company shall be managed by the
directors, who may pay all expenses incurred in promoting and registering
the
company, and may exercise all such powers of the company as are not, by the Act
or by these Articles, required to be exercised
by the company in general
meeting, subject: nevertheless to the provisions of the Act or these Articles
and to such regulations,
being not inconsistent with the aforesaid provisions,
as may be prescribed by the company in general meeting; but no regulations
made
by the company in general meeting shall invalidate any prior act of the
directors which would have been valid if that regulation
had not been
made.
35. The directors may, from time to time and at any time, by power
of attorney, appoint any company, firm or person or body of persons,
whether
nominated directly or indirectly by the directors, to be the attorney or
attorneys of the company for such purposes and with
such powers, authorities and
discretions (not exceeding those vested in or exercisable by the directors under
these Articles) and
for such period and subject to such conditions as they may
think fit, and any such powers of attorney may contain such provisions
for the
protection and convenience of persons dealing with any such attorney as the
directors may think fit and may also authorize
any such attorney to delegate all
or any of the powers, authorities and discretions vested in him.
36. All
cheques, promissory notes, drafts, bills of exchange and other negotiable
instruments, and all receipts for moneys paid to
the company, shall be signed,
drawn, accepted, endorsed, or otherwise executed, as the case may be, in such
manner as the directors
shall, from time to time, by resolution, determine.
37. The directors shall cause minutes to be made in books provided for
the purpose-
(a) of all appointments of officers made by the directors;
(b) of the names of the directors present at each meeting of the directors and of any committee of the directors;
(c) of all resolutions and proceedings at all meetings of the company, and of the directors, and of committees of directors,
and every director present at any
meeting of directors or committee of directors shall sign his name in a book to
be kept for that
purpose.
DISQUALIFICATION OF DIRECTORS
38. The office of director shall be vacated, if the
director-
(a) without the consent of the company in general meeting, holds any other office of profit under the company; or
(b) becomes bankrupt or makes any arrangement or composition with his creditors generally; or
(c) becomes prohibited from being a director by reason of any order made under section 190 of the Act; or
(d) becomes of unsound mind; or
(e) resigns his office by notice in writing to the company; or
(f) ceases to be a director by virtue of section 187 of the Act; or
(g) is directly or indirectly interested in any contract with the company and fails to declare the nature of his interest in manner required by section 201 of the Act.
A director shall not vote
in respect of any contract in which he is interested or any matter arising
thereout and, if he does so vote,
his vote shall not be counted.
ROTATION OF DIRECTORS
39. At the first annual general meeting of the company,
all the directors shall retire from office and, at the annual general meeting
in
every subsequent year, one-third of the directors for the time being, or, if
their number is not 3 or a multiple of 3, then the
number nearest one-third,
shall retire from office.
40. The directors to retire in every year shall
be those who have been longest in office since their last election, but, as
between
persons who became directors on the same day, those to retire shall
(unless they otherwise agree among themselves) be determined
by lot.
41.
A retiring director shall be eligible for re-election.
42. The company,
at the meeting at which a director retires in manner aforesaid, may fill the
vacated office by electing a person
thereto, and in default the retiring
director shall, if offering himself for re-election, be deemed to have been
re-elected, unless
at such meeting it is expressly resolved not to fill such
vacated office or unless resolution for the re-election of such director
shall
have been put to the meeting and lost.
43. No person other than a
director retiring at the meeting shall, unless recommended by the directors, be
eligible for election to
the office of director at any general meeting, unless,
not less than 3 nor more than 21 days before the date appointed for the meeting,
there shall have been left at the registered office of the company notice in
writing, signed by a member duly qualified to attend
and vote at the meeting for
which such notice is given, of his intention to propose such person for
election, and also notice in
writing signed by that person of his willingness to
be elected.
44. The company may, from time to time, by ordinary
resolution, increase or reduce the number of directors, and may also determine
in what rotation the increased or reduced number is to go out of
office.
45. The directors shall have power at any time, and from time to
time, to appoint any person to be a director, either to fill a casual
vacancy or
as an addition to the existing directors, but so that the total number of
directors shall not at any time exceed the number
fixed in accordance with these
Articles. Any director so appointed shall hold office only until the next
following annual general
meeting, and shall then be eligible for re-election,
but shall not be taken into account in determining the directors who are to
retire by rotation at such meeting.
46. The company may, by ordinary
resolution, of which special notice has been given in accordance with section
144 of the Act, remove any director
before the expiration of his period of office, notwithstanding anything in these
Articles or in any
agreement between the company and such director. Such removal
shall be without prejudice to any claim such director may have for
damages for
breach of any contract of service between him and the company.
47. The
company may, by ordinary resolution, appoint another person in place of a
director removed from office under article 46. Without
prejudice to the powers
of the directors under article 45, the company in general meeting may appoint
any person to be a director
either to fill a casual vacancy or as an additional
director. The person appointed to fill such a vacancy shall be subject to
retirement
at the same time as if he had become a director on the day on which
the director in whose place he is appointed was last elected
a director.
PROCEEDINGS OF DIRECTORS
48. The directors may meet together for the despatch of
business, adjourn, and otherwise regulate their meetings, as they think fit.
Questions arising at any meeting shall be decided by a majority of votes. In the
case of an equality of votes, the chairman shall
have a second or casting vote.
A director may, and a secretary on the requisition of a director shall, at any
time summon a meeting
of the directors. It shall not be necessary to give notice
of a meeting of directors to any director for the time being absent from
Fiji.
49. The quorum necessary for the transaction of the business of the
directors may be fixed by the directors, and unless so fixed shall
be
2.
50. The continuing directors may act notwithstanding any vacancy in
their body, but, if and so long as their number is reduced below
the number
fixed by or pursuant to the articles of the company as the necessary quorum of
directors, the continuing directors or
director may act for the purpose of
increasing the number of directors to that number, or of summoning a general
meeting of the company,
but for no other purpose.
51. The directors may
elect a chairman of their meetings and determine the period for which he is to
hold office; but, if no such
chairman is elected, or if at any meeting the
chairman is not present within 5 minutes after the time appointed for holding
the same,
the directors present may choose 1 of their number to be chairman of
the meeting.
52. The directors may delegate any of their powers to
committees consisting of such member or members of their body as they think
fit;
any committee so formed shall, in the exercise of the powers so delegated,
conform to any regulations that may be imposed on
it by the
directors.
53. A committee may elect a chairman of its meetings; if no
such chairman is elected, or if at any meeting the chairman is not present
within 5 minutes after the time appointed for holding the same, the members
present may choose 1 of their number to be chairman of
the meeting.
54. A
committee may meet and adjourn as it thinks proper. Questions arising at any
meeting shall be determined by majority of votes
of the members present and, in
the case of an equality of votes, the chairman shall have a second or casting
vote.
55. All acts done by any meeting of the directors or of a committee
of directors, or by any person acting as a director, shall, notwithstanding
that
it be afterwards discovered that there was some defect in the appointment of any
such director or person acting as aforesaid,
or that they or any of them were
disqualified, be as valid as if every such person had been duly appointed and
was qualified to be
a director.
56. A resolution in writing, signed by
all the directors for the time being entitled to receive notice of a meeting of
the directors,
shall be as valid and effectual as if it had been passed at a
meeting of the directors duly convened and held.
SECRETARY
57. A secretary shall be appointed by the directors for
such term, at such remuneration and upon such conditions as they may think
fit;
and any secretary so appointed may be removed by them.
THE SEAL
58. The directors shall provide for the safe custody of
the seal, which shall only be used by the authority of the directors or of
a
committee of the directors authorized by the directors in that behalf, and every
instrument to which the seal shall be affixed
shall be signed by a director and
shall be countersigned by a secretary or by a second director or by some other
person appointed
by the directors for the purpose.
ACCOUNTS
59. The directors shall cause proper books of account to
be kept with respect to-
(a) all sums of money received and expended by the company and the matters in respect of which the receipt and expenditure takes place;
(b) all sales and purchases of goods by the company; and
(c) the assets and liabilities of the company.
Proper books shall not be deemed to
be kept, if there are not kept such books of account as are necessary to give a
true and fair
view of the state of the company's affairs and to explain its
transactions.
60. The books of account shall be kept at the registered
office of the company, or, subject to section
149(3) of the Act, at such other place
or places as the directors think fit, and shall always be open to the inspection
of the directors.
61. The directors shall, from time to time, determine
whether and to what extent and at what times and places and under what
conditions
or regulations the accounts and books of the company or any of them
shall be open to the inspection of members, not being directors,
and no member
(not being a director) shall have any right of inspecting any account or book or
document of the company, except as
conferred by statute or authorized by the
directors or by the company in general meeting.
62. The directors shall,
from time to time, in accordance with sections
150,
152 and
159 of the Act, cause to be prepared
and to be laid before the company in general meeting such profit and loss
accounts, balance sheets,
group accounts (if any) and reports as are referred to
in those sections.
63. A copy of every balance sheet (including every
document required by law to be annexed thereto) which is to be laid before the
company in general meeting, together with a copy of the auditor's report shall,
not less than 21 days before the date of the meeting,
be sent to every member
of, and every holder of debentures of, the company:
Provided that this
article shall not require a copy of those documents to be sent to any person of
whose address the company is not
aware or to more than 1 of the joint holders of
any debentures.
AUDIT
64. The provisions of sections
161 to
165 of the Act shall apply to the
appointment of, and duties of, auditors.
NOTICES
65. A notice may be given by the company to any member
either personally or by sending it by post to him at his registered address,
or
(if he has no registered address within Fiji) to him at the address, if any,
within Fiji supplied by him to the company for the
giving of notice to him.
Where a notice is sent by post, service of the notice shall be deemed to be
effected by properly addressing,
prepaying and posting a letter containing the
notice and to have been effected, in the case of a notice of a meeting, at the
expiration
of 72 hours after the letter containing the same is posted, and, in
any other case, at the time at which the letter would be delivered
in the
ordinary course of post.
66. Notice of every general meeting shall be
given in any manner hereinbefore authorized to-
(a) every member, except those members who (having no registered address within Fiji) have not supplied to the company an address within Fiji for the giving of notices to them;
(b) every person being a personal representative or a trustee in bankruptcy of a member, where the member, but for his death or bankruptcy, would be entitled to receive notice of the meeting; and
(c) the auditor (if any) for the time being of the company.
No other person shall be
entitled to receive notices of general meetings.
|
Names,
Postal Addresses and Occupations of Subscribers
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Signatures
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1.
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2.
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3.
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4.
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5.
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6.
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7.
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Dated the.......................... day of
.................... 19..
Witness to the above signatures.
_________
TABLE D
FORM OF MEMORANDUM AND ARTICLES OF ASSOCIATION OF A COMPANY LIMITED BY GUARANTEE, AND HAVING A SHARE CAPITAL
MEMORANDUM OF ASSOCIATION
1st-The name of the company is "The Monasavu Hotel Company
Limited".
2nd-The registered office of the company will be situate in
Fiji.
3rd-The objects for which the company is established are "the
facilitating of travelling in the interior of Fiji, by providing hotels
and
conveyances by land for the accommodation of travellers, and the doing of all
such other things as are incidental or conducive
to the attainment of the above
object".
4th-The liability of the members is limited.
5th-Every
member of the company undertakes to contribute to the assets of the company in
the event of its being wound up while he
is a member, or within 1 year
afterwards, for payment of the debts and liabilities of the company, contracted
before he ceases to
be a member, and the costs, charges and expenses of
winding-up the same and for the adjustment of the rights of the contributories
amongst themselves, such amount as may be required, not exceeding
$40.
6th-The share capital of the company shall consist of $10,000
divided into 5,000 shares $2 each.
WE, the several persons whose names
and addresses are subscribed, are desirous of being formed into a company, in
pursuance of this
memorandum of association, and we respectively agree to take
the number of shares in the capital of the company set opposite our
respective
names.
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Names,
Postal Addresses, and Occupation of Subscribers
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Number of Shares taken by
each Subscriber
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Signatures
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1.
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2.
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3.
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4.
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5.
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6.
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7.
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______
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Total shares taken |
______
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Dated the............................... day
of............................, 19...
Witness to the above signatures.
_________
ARTICLES OF ASSOCIATION TO ACCOMPANY PRECEDING MEMORANDUM OF ASSOCIATION
1. The number of members with which the company proposes
to be registered is 50, but the directors may, from time to time, register
an
increase of members.
2. The regulations of Table A, Part I, set out in
the Second Schedule to the Companies Act shall be deemed to be incorporated with
these Articles and shall apply to the company.
|
Names,
Postal Addresses and Occupations
of subscribers |
Signatures
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1.
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2.
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3.
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4.
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5.
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6.
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7.
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Dated the ..................... day of
..................... ,19.....
Witness to the above signatures.
________
TABLE E
FORM OF MEMORANDUM AND ARTICLES OF ASSOCIATION OF AN UNLIMITED COMPANY HAVING A SHARE CAPITAL
MEMORANDUM OF ASSOCIATION
1st-The name of the company is "The Patent Stereotype
Company".
2nd-The registered office of the company will be situate in
Fiji.
3rd-The objects for which the company is established are "the
working of a patent method of founding and casting stereotype plates
of which
method John Smith, of Suva, is the sole patentee, and the doing of all such
things as are incidental or conducive to attainment
of the above
objects".
WE, the several persons whose names are subscribed, are
desirous of being formed into a company, in pursuance of this Memorandum of
Association, and we respectively agree to take the number of shares in the
capital of the company set opposite our respective names.
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Names,
Postal Addresses, and Occupation of Subscribers
|
Number of Shares taken by
each Subscriber
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Signatures
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1.
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2.
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3.
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4.
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5.
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6.
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7.
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_______
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Total shares taken |
______
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Dated the .......................... day of
............................., 19....
Witness to the above signatures.
ARTICLES OF ASSOCIATION TO ACCOMPANY THE PRECEDING MEMORANDUM OF ASSOCIATION
1. The number of members with which the company proposes
to be registered is 20, but the directors may, from time to time, register
an
increase of members.
2. The share capital of the company is $4,000
divided into 20 shares of $200 each.
3. The company may, by special
resolution-
(a) increase the share capital by such sum to be divided into shares of such amount as the resolution may prescribe;
(b) consolidate its shares into shares of a larger amount than its existing shares;
(c) subdivide its shares into shares of a smaller amount than its existing shares;
(d) cancel any shares which, at the date of the passing of the resolution, have not been taken or agreed to be taken by any person;
(e) reduce its share capital in any way.
4. The regulations of Table A, Part I,
set out in the Second Schedule to the Companies Act (other than regulations 40
to 46 inclusive)
shall be deemed to be incorporated with these Articles and
shall apply to the company.
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Names,
Postal Addresses and Occupations
of subscribers |
Signatures
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1.
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2.
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3.
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4.
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5.
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6.
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7.
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Dated the .......................... day of
...................., 19......
Witness to the above signatures.
________
THIRD SCHEDULE
(Section 34)
________
FORM OF STATEMENT IN LIEU OF PROSPECTUS TO BE DELIVERED TO REGISTRAR BY A PRIVATE COMPANY ON BECOMING A PUBLIC COMPANY AND REPORTS TO BE SET OUT THEREIN
________
PART I-FORM OF STATEMENT AND PARTICULARS TO BE CONTAINED THEREIN
THE COMPANIES ACT
Statement in lieu of Prospectus
delivered for registration by
(insert the
name of the company)
Pursuant to section 34 of the Companies Act
Delivered for registration by
|
The nominal share capital of the company
................................................
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$ |
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Divided
into...........................................
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Shares of $
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Each
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Shares of $
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Each
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||
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Shares of $
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Each
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||
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Amount (if any) of above capital which consists of
redeemable preference shares.
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Shares of $
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Each
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The earliest date on which the company has power to redeem
these shares.
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Names, occupations and postal addresses of directors or
proposed directors.
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Amount of shares issued........................
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Shares.
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Amount of commissions paid in connection therewith.
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Amount of discount (if any) allowed on the issue of any
shares, or so much thereof as has not been written off at the date of the
statement .....................
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Unless more than 1 year has elapsed since the date on which
the company was entitled to commence business-
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Amount of preliminary expenses
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$
|
|||
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By whom those expenses have been paid or are payable.
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|
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Amount paid to any promoter .........
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Name of promoter-
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Amount: $
|
||
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Consideration for the payment ........
|
Consideration-
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|
||
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Any other benefit given to any promoter.
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Name of promoter
Nature and value of benefit- |
|||
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Consideration of giving of benefit
|
Consideration-
|
|||
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If the share capital of the company is divided into
different classes of shares, the right of voting at meetings of the company
conferred
by, and the rights in respect of capital and dividends attached to,
the several classes of shares respectively.
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|
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Number and amount of shares and debentures issued within the
2 years preceding the date of this statement as fully or partly paid
up
otherwise than for cash or agreed to be so issued at the date of this
statement.
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1.
2. |
shares of $
fully paid. shares upon which $ per share credited as paid. |
||
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3.
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Debenture $
|
||
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Consideration for the issue of those shares or debentures
......................
|
4 |
Consideration- |
||
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Number, description and amount of any shares or debentures
which any person has or is entitled to be given an option to subscribe
for, or
to acquire from a person to whom they have been allotted or agreed to be
allotted with a view to his offering them for sale
|
1.
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Shares of $
and debentures of $ |
||
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Period during which option is exercisable
|
2.
|
Until
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||
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Price to be paid for shares or debentures subscribed for or
acquired under option.
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3.
|
|||
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Consideration for option or right to option
..................................................
|
4.
|
Consideration-
|
||
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Persons to whom option or right to option was given or, if
given to existing shareholders or debenture holders as such, the relevant
shares
or debentures ...........................................
|
5.
|
Names and postal addresses-
|
||
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Names and postal addresses of vendors of property (1)
purchased or acquired by the company within the 2 years pre-ceding the date
of
this statement or (2) agreed or proposed to be purchased or acquired by the
company, except where the contract for its purchase
or acquisition was entered
into in the ordinary course of business and there is no connection between the
contract and the company
ceasing to be a private company or where the amount of
the purchase money is not material.
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|
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Amount (in cash, shares or debentures) paid or payable to
each separate vendor.
|
|
|||
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Amount paid or payable in cash, shares or debentures for any
such property, specifying the amount paid or payable for goodwill
.........................................
|
Total purchase price
Cash ...................................... $ Shares .................................... $ Debentures.............................. $ Goodwill................................. $ |
|||
|
Short particulars of any transaction relating to any such
property which was completed within the 2 preceding years and in which any
vendor to the company or any person who is, or was at the time thereof, a
promoter, director or proposed director of the company
had any interest direct
or indirect.
|
|
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Dates of, parties to, and general nature, of every material
contract (other than contracts entered into in the ordinary course of
business
or entered into more than 2 years before the delivery of this statement).
|
|
|||
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Time and place at which the contracts or copies thereof may
be inspected or (1) in the case of a contract not reduced into writing,
a
memorandum giving full particulars thereof, and (2) in the case of a contract
wholly or partly in a foreign language, a copy of
a translation thereof in
English or embodying a translation in English of the parts in a foreign
language, as the case may be, being
a translation certified in the prescribed
manner to be a correct translation.
|
|
|||
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Names and postal addresses of the auditors of the
company.
|
|
|||
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Full particulars of the nature and extent of the interest of
every director in any property purchased or acquired by the company within
the 2
years preceding the date of this statement or proposed to be purchased or
acquired by the company or, where the interest of
such a director consists in
being a partner in a firm, the nature and extent of the interest of the firm,
with a statement of all
sums paid or agreed to be paid to him or to the firm in
cash or shares, or otherwise, by any person either to induce him to become
or to
qualify him as, a director, or otherwise for services rendered or to be rendered
to the company by him or by the firm.
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|||
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Rates of the dividends (if any) paid by the company in
respect of each class of shares in the company in each of the 5 financial years
immediately preceding the date of this statement or since the incorporation of
the company, whichever period is the shorter.
|
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|||
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Particulars of the cases in which no dividends have been
paid in respect of any class of shares in any of these years.
|
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(Signatures of the persons above named as directors or
proposed directors or of their agents authorized in writing.)
...........................................................
...........................................................
...........................................................
Date
PART II-REPORTS TO BE SET OUT
1. If unissued shares or debentures of the company are to
be applied in the purchase of a business, a report made by accountants (who
shall be named in the statement) upon-
(a) the profits or losses of the business in respect of each of the 5 financial years immediately preceding the delivery of the statement to the registrar; and
(b) the assets and liabilities of the business at the last date to which the accounts of the business were made up.
2.-(1) If unissued shares or debentures of
the company are to be applied directly or indirectly in any manner resulting in
the acquisition
of shares in a body corporate which, by reason of the
acquisition or anything to be done in consequence thereof or in connection
therewith, will become a subsidiary of the company, a report made by accountants
(who shall be named in the statement) with respect
to the profits and losses and
assets and liabilities of the other body corporate in accordance with
subparagraph (2) or (3), as the
case requires, indicating how the profits or
losses of the other body corporate dealt with by the report would, in respect of
the
shares to be acquired, have concerned members of the company, and what
allowance would have fallen to be made, in relation to assets
and liabilities so
dealt with, for holders of other shares, if the company had at all material
times held the shares to be acquired.
(2) If the other body corporate has
no subsidiaries, the report referred to in subparagraph (1) shall-
(a) so far as regards profits and losses, deal with the profits or losses of the body corporate in respect of each of the 5 financial years immediately preceding the delivery of the statement to the registrar; and
(b) so far as regards assets and liabilities, deal with the assets and liabilities of the body corporate at the last date to which the accounts of the body corporate were made up.
(3) If the other body corporate has
subsidiaries, the report referred to in subparagraph (1) shall-
(a) so far as regards profits and losses, deal separately with other body corporate's profits or losses as provided by subparagraph (2) and, in addition, deal either-
(i) as a whole with the combined profits or losses of its subsidiaries, so far as they concern members of the other body corporate; or
(ii) individually with the profits or losses of each subsidiary, so far as they concern members of the other body corporate,
or, instead of dealing separately with the other body corporate's profits or losses, deal as a whole with the profits or losses of the other body corporate and, so far as they concern members of the other body corporate, with the combined profits or losses of its subsidiaries; and
(b) so far as regards assets and liabilities, deal separately with the other body corporate's assets and liabilities as provided by subparagraph (2) and, in addition, deal either-
(i) as a whole with the combined assets and liabilities of its subsidiaries, with or without the other body corporate's assets and liabilities; or
(ii) individually with the assets and liabilities of each subsidiary,
and shall indicate, as respects
the assets and liabilities of the subsidiaries, the allowance to be made for
persons other than members
of the company.
PART III-PROVISIONS APPLYING TO PARTS I AND II OF THIS SCHEDULE
3. In this Schedule, the expression "vendor" includes a
vendor as defined in Part III of the Fourth Schedule, and the expression
"financial
year" has the meaning assigned to it in that Part of that
Schedule.
4. If, in the case of a business which has been carried on, or
of a body corporate which has been carrying on business, for less than
5 years,
the accounts of the business or body corporate have only been made up in respect
of 4 years, 3 years, 2 years or 1 year,
Part II of this Schedule shall have
effect as if references to 4 years, 3 years, 2 years or 1 year, as the case may
be, were substituted
for references to 5 years.
5. Any report required by
Part II of this Schedule shall either indicate, by way of note, any adjustments
as respects the figures
of any profits or losses or assets and liabilities dealt
with by the report which appear to the persons making the report necessary
or
shall make those adjustments and indicate that adjustments have been
made.
6. Any report by accountants required by Part II of this Schedule
shall be made by accountants qualified under this Act for appointment
as
auditors of a company which is not a private company and shall not be made by
any accountant who is an officer or servant, or
a partner of or in the
employment of an officer or servant, of the company, or of the company's
subsidiary or holding company or
of a subsidiary of the company's holding
company; and, for the purposes of this paragraph, the expression "officer" shall
include
a proposed director but not an auditor.
________
FOURTH SCHEDULE
(Sections 34, 42, 45, 51, 377, 379.)
________
MATTERS TO BE SPECIFIED IN PROSPECTUS AND REPORTS TO BE SET OUT THEREIN
PART I-MATTERS TO BE SPECIFIED
1. The number of founders or management or deferred
shares, if any, and the nature and extent of the interest of the holders in the
property and profits of the company.
2. The number of shares, if any,
fixed by the articles as the qualification of a director, and any provision in
the articles as to
the remuneration of the directors.
3. The names,
occupations and postal addresses of the directors or proposed
directors.
4. Where shares are offered to the public for subscription,
particulars as to-
(a) the minimum amount which, in the opinion of the directors, must be raised by the issue of those shares in order to provide the sums, or, if any part thereof is to be defrayed in any other manner, the balance of the sums, required to be provided in respect of each of the following matters:-
(i) the purchase price of any property purchased or to be purchased which is to be defrayed in whole or in part out of the proceeds of the issue;
(ii) any preliminary expenses payable by the company, and any commission so payable to any person in consideration of his agreeing to subscribe for, or of his procuring or agreeing to procure subscriptions for, any shares in the company;
(iii) the repayment of any moneys borrowed by the company in respect of any of the foregoing matters;
(iv) working capital; and
(b) the amounts to be provided in respect of the matters aforesaid otherwise than out of the proceeds of the issue and the sources out of which those amounts are to be provided.
5. The time of the opening of the
subscription lists.
6. The amount payable on application and allotment on
each share, and, in the case of a second or subsequent offer of shares, the
amount offered for subscription on each previous allotment made within the 2
preceding years, the amount actually allotted, and the
amount, if any, paid on
the shares so allotted.
7. The number, description and amount of any
shares in or debentures of the company which any person has, or is entitled to
be given,
an option to subscribe for, together with the following particulars of
the option, that is to say-
(a) the period during which it is exercisable;
(b) the price to be paid for shares or debentures subscribed for under it;
(c) the consideration (if any) given or to be given for it or for the right to it;
(d) the names and postal addresses of the persons to whom it or the right to it was given or, if given to existing shareholders or debenture holders as such, the relevant shares or debentures.
8. The number and amount of shares
and debentures which within the 2 preceding years have been issued, or agreed to
be issued, as
fully or partly paid up otherwise than in cash and, in the latter
case, the extent to which they are so paid up, and, in either case,
the
consideration for which those shares or debentures have been issued or are
proposed or intended to be issued.
9.-(1) As respects any property to
which this paragraph applies-
(a) the names and postal addresses of the vendors;
(b) the amount payable in cash, shares or debentures to the vendor and, where there is more than 1 separate vendor, or the company is a sub-purchaser, the amount so payable to each vendor;
(c) short particulars of any transaction relating to the property completed within the 2 preceding years in which any vendor of the property to the company or any person who is, or was at the time of the transaction, a promoter or a director or proposed director of the company had any interest direct or indirect.
(2) The property to which this
paragraph applies is property purchased or acquired by the company or proposed
so to be purchased or
acquired, which is to be paid for wholly or partly out of
the proceeds of the issue offered for subscription by the prospectus or
the
purchase or acquisition of which has not been completed at the date of the issue
of the prospectus, other than property-
(a) the contract for the purchase or acquisition whereof was entered into in the ordinary course of the company's business the contract not being made in contemplation of the issue nor the issue in consequence of the contract; or
(b) as respects which the amount of the purchase money is not material.
10. The
amount, if any, paid or payable as purchase money in cash, shares or debentures
for any property to which paragraph 9 applies,
specifying the amount, if any,
payable for goodwill.
11. The amount, if any, paid within the 2 preceding
years, or payable, as commission (but not including commission to
sub-underwriters)
for subscribing or agreeing to subscribe, or procuring or
agreeing to procure subscriptions, for any shares in or debentures of the
company, or the rate of any such commission.
12. The amount or estimated
amount of preliminary expenses and the persons by whom any of those expenses
have been paid or are payable,
and the amount or estimated amount of the
expenses of the issue and the persons by whom any of those expenses have been
paid or are
payable.
13. Any amount or benefit paid or given within the 2
preceding years or intended to be paid or given to any promoter, and the
consideration
for the payment or the giving of the benefit.
14. The dates
of, parties to and general nature of every material contract, not being a
contract entered into in the ordinary course
of the business carried on or
intended to be carried on by the company or a contract entered into more than 2
years before the date
of issue of the prospectus.
15. The names and
postal addresses of the auditors, if' any, of the company.
16. Full
particulars of the nature and extent of the interest, if any, of every director
in the promotion of, or in the property proposed
to be acquired by, the company,
or, where the interest of such a director consists in being a partner in a firm,
the nature and extent
of the interest of the firm, with a statement of all sums
paid or agreed to be paid to him or to the firm in cash or shares or otherwise
by any person either to induce him to become, or to qualify him as, a director,
or otherwise for services rendered by him or by the
firm in connection with the
promotion or formation of the company.
17. If the prospectus invites the
public to subscribe for shares in the company and the share capital of the
company is divided into
different classes of shares, the right of voting at
meetings of the company conferred by, and the rights in respect of capital and
dividends attached to, the several classes of shares respectively.
18. In
the case of a company which has been carrying on business, or of a business
which has been carried on for less than 3 years,
the length of time during which
the business of the company or the business to be acquired, as the case may be,
has been carried
on.
PART II-REPORTS TO BE SET OUT
19.-(1) A report by the auditors of the company with
respect to-
(a) profits and losses and assets and liabilities, in accordance with subparagraph (2) or (3), as the case requires; and
(b) the rates of the dividends, if any, paid by the company in respect of each class of shares in the company in respect of each of the 5 financial years immediately preceding the issue of the prospectus, giving particulars of each such class of shares on which such dividends have been paid and particulars of the cases in which no dividends have been paid in respect of any class of shares in respect of any of those years,
and, if no accounts have been made up
in respect of any part of the period of 5 years ending on a date 3 months before
the issue of
the prospectus, containing a statement of that fact.
(2) If
the company has no subsidiaries, the report shall-
(a) so far as regards profits and losses, deal with the profits or losses of the company in respect of each of the 5 financial years immediately preceding the issue of the prospectus; and
(b) so far as regards assets and liabilities, deal with the assets and liabilities of the company at the last date to which the accounts of the company were made up.
(3) If the company has subsidiaries, the
report shall-
(a) so far as regards profits and losses, deal separately with the company's profits or losses as provided by subparagraph (2) and, in addition, deal either-
(i) as a whole with the combined profits or losses of is subsidiaries, so far as they concern members of the company; or
(ii) individually with the profits or losses of each subsidiary, so far as they concern members of the company,
or, instead of dealing separately with the company's profits or losses, deal as a whole with the profits or losses of the company and, so far as they concern members of the company, with the combined profits or losses of its subsidiaries; and
(b) so far as regards assets and liabilities, deal separately with the company's assets and liabilities as provided by subparagraph (2) and, in addition, deal either-
(i) as a whole with the combined assets and liabilities of its subsidiaries, with or without the company's assets and liabilities; or
(ii) individually with the assets and liabilities of each subsidiary, and shall indicate, as respects the assets and liabilities of the subsidiaries, the allowance to be made for persons other than members of the company.
20. If the proceeds, or
any part of the proceeds, of the issue of the shares or debentures are or is to
be applied directly or indirectly
in the purchase of any business, a report made
by accountants (who shall be named in the prospectus) upon-
(a) the profits or losses of the business in respect of each of the 5 financial years immediately preceding the issue of the prospectus; and
(b) the assets and liabilities of the business at the last date to which the accounts of the business were made up.
21.-(1) If-
(a) the proceeds, or any part of the proceeds, of the issue of the shares or debentures are or is to be applied directly or indirectly in any manner resulting in the acquisition by the company of shares in any other body corporate; and
(b) by reason of that acquisition or anything to be done in consequence thereof or in connection therewith that body corporate will become a subsidiary of the company,
a report made by accountants (who shall be
named in the prospectus) upon-
(i) the profits or losses of the other body corporate in respect of each of the 5 financial years immediately preceding the issue of the prospectus; and
(ii) the assets and liabilities of the other body corporate at the last date to which the accounts of the body corporate were made up.
(2) The said report
shall-
(a) indicate how the profits or losses of the other body corporate dealt with by the report would, in respect of the shares to be acquired, have concerned members of the company and what allowance would have fallen to be made, in relation to assets and liabilities do dealt with, for holders of other shares, if the company had, at all material times, held the shares to be acquired; and
(b) where the other body corporate has subsidiaries, deal with the profits or losses and the assets and liabilities of the body corporate and its subsidiaries in the manner provided by subparagraph (3) of paragraph 19 in relation to the company and its subsidiaries.
PART III-PROVISIONS APPLYING TO PARTS I AND II OF THIS SCHEDULE
22. Paragraphs 2, 3, 12 (so far as it relates to
preliminary expenses) and 16 shall not apply in the case of a prospectus issued
more
than 2 years after the date at which the company is entitled to commence
business.
23. Every person shall, for the purposes of this Schedule, be
deemed to be a vendor who has entered into any contract, absolute or
conditional, for the sale or purchase, or for any option of purchase, of any
property to be acquired by the company, in any case
where-
(a) the purchase money is not fully paid at the date of the issue of the prospectus;
(b) the purchase money is to be paid or satisfied wholly or in part out of the proceeds of the issue offered for subscription by the prospectus;
(c) the contract depends for its validity or fulfilment on the result of that issue.
24. Where any property to be acquired
by the company is to be taken on lease, this Schedule shall have effect as if
the expression
"vendor" included the lessor, and the expression "purchase money"
included the consideration for the lease, and the expression "sub-purchaser"
included a sub-lessee.
25. References in paragraph 7 to subscribing for
shares or debentures shall include acquiring them from a person to whom they
have
been allotted or agreed to be allotted with a view to his offering them for
sale.
26. For the purposes of paragraph 9, where the vendors or any of
them are a firm, the members of the firm shall not be treated as
separate
vendors.
27. If, in the case of a company which has been carrying on
business, or of a business which has been carried on for less than 5 years,
the
accounts of the company or business have only been made up in respect of 4
years, 3 years, 2 years or 1 year, Part II of this
Schedule shall have effect as
if references to 4 years, 3 years, 2 years or 1 year, as the case may be, were
substituted for references
to 5 years.
28. The expression "financial
year" in Part II of this Schedule means the year in respect of which the
accounts of the company or
of the business, as the case may be, are made up and,
where, by reason of any alteration of the date on which the financial year
of
the company or business terminates, the accounts of the company or business have
been made up for a period greater or less than
a year, that greater or less
period shall, for the purpose of that Part of this Schedule, be deemed to be a
financial year.
29. Any report required by Part II of this Schedule shall
either indicate by way of note any adjustments as respects the figures of
any
profits or losses or assets and liabilities dealt with by the report which
appear to the persons making the report necessary
or shall make those
adjustments and indicate that adjustments have been made.
30. Any report
by accountants required by Part II of this Schedule shall be made by accountants
qualified under this Act for appointment
as auditors of a company which is not a
private company and shall not be made by any accountant who is an officer or
servant, or
a partner of or in the employment of an officer or servant, of the
company or of the company's subsidiary or holding company or of
a subsidiary of
the company's holding company; and, for the purposes of this paragraph, the
expression "officer" shall include a
proposed director but not an
auditor.
_______
FIFTH SCHEDULE
(Section 52)
_______
FORM OF STATEMENT IN LIEU OF PROSPECTUS TO BE DELIVERED TO REGISTRAR BY A COMPANY WHICH DOES NOT ISSUE A PROSPECTUS OR WHICH DOES NOT GO TO ALLOTMENT ON A PROSPECTUS ISSUED, AND REPORTS TO BE SET OUT THEREIN
PART I-FORM OF STATEMENT AND PARTICULARS TO BE CONTAINED THEREIN
THE COMPANIES ACT
Statement in lieu of prospectus
delivered for registration by
(Insert the name of the company)
Pursuant to section
52 of the Companies Act
Delivered
for registration by
.......................................................................................
|
The nominal share capital of the
company ..................................................... |
$
|
|||
|
Divided into
................................................
|
Shares of $
|
each.
|
||
|
Amount (if any) of above capital which consists of
redeemable preference shares.............................................
|
Shares of $
Shares of $ Shares of $ |
each.
each. each. |
||
|
The earliest date on which the company has power to redeem
these shares.
|
|
|||
|
Names, occupations and postal addresses of directors or
proposed directors.
|
|
|||
|
If the share capital of the company is divided into
different classes of shares, the right of voting at meetings of the company
conferred
by, and the rights in respect of capital and dividends attached to,
the several classes of shares respectively.
|
|
|||
|
Number and amount of shares and debentures agreed to be
issued as fully or partly paid up otherwise than in cash.
|
1.
|
shares of $
|
fully paid.
|
|
|
The consideration for the intended issue of those shares and
debentures.
|
2.
|
shares upon which $ per share credited as paid.
|
|
|
|
|
3.
|
debenture $
|
||
|
|
4.
|
Consideration:-
|
||
|
Number, description and amount of any shares or debentures
which any person has or is entitled to be given an option to subscribe
for, or
to acquire from a person to whom they have been allotted or agreed to be
allotted with a view to his offering them for sale.
|
1.
|
shares of $
debentures of $ |
And
|
|
|
Period during which option is exercisable.
|
2.
|
Until
|
||
|
Price to be paid for shares or debentures subscribed for or
acquired under option.
|
3.
|
|||
|
Consideration for option or right to option.
|
4.
|
Consideration:
|
||
|
Persons to whom option or right to option was given or, if
given to existing shareholders or debentures holders as such, the relevant
shares or debentures.
|
5.
|
Consideration:
|
||
|
Names and postal addresses of vendors of property purchased
or acquired, or proposed to be purchased or acquired by the company, except
where the contract for its purchase or acquisition was entered into in the
ordinary course of the business intended to be carried
on by the company or the
amount of the purchase money is not material
|
|
|||
|
Amount (in cash, shares or debentures) payable to each
separate vendor.
|
|
|||
|
Amount (if any) paid or payable (in cash, or shares or
debentures) for any such property, specifying amount (if any) paid or payable
for goodwill.
|
Total purchase price $
Cash ............................... $ |
|||
|
Short particulars of any transaction relating to any such
property which was completed within the 2 preceding years and in which any
vendor to the company or any person who is, or was at the time thereof, a
promoter, director or proposed director of the company
had any interest direct
or indirect.
|
|
|||
|
Amount (if any) paid or payable (in Amount (if any) paid or
payable as commission for subscribing or agreeing to subscribe or procuring
or
agree to procure subscriptions for any shares or debentures in the company;
or
|
Amount paid.
Amount payable. |
|||
|
Rate of the commission ..........................
|
Rate per cent.
|
|||
|
The number of shares, if any, which persons have agreed for
a commission to subscribe absolutely.
|
|
|||
|
Estimated amount of preliminary expenses
.......................................................................
|
$ |
|||
|
By whom those expenses have been paid or are payable.
|
|
|||
|
Amount paid or intended to be paid to any promoter.
|
Name of promoter
Amount $ |
|||
|
Consideration for the payment ......................
|
Consideration:-
|
|||
|
Any other benefit given or intended to be given to any
promoter.
|
Name of promoter Amount:-
Nature and value of benefit:- |
|||
|
Consideration for giving of benefit............
|
Consideration:-
|
|||
|
Dates of, parties to and general nature of every material
contract (other than contracts entered into in the ordinary course of the
business intended to be carried on by the company or entered into more than 2
years before the delivery of this statement).
|
|
|||
|
Time and place at which the contracts or copies thereof may
be inspected or (1) in the case of a contract not reduced into writing,
a
memorandum giving full particulars thereof, and (2) in the case of a contract
wholly or partly in a foreign language, a copy of
a translation thereof in
English or embodying a translation in English of the parts in a foreign
language, as the case may be, being
a translation certified in the prescribed
manner to be a correct translation.
|
|
|||
|
Names and postal addresses of the auditors of the company
(if any).
|
|
|||
|
Full particulars of the nature and extent of the interest of
every director in the promotion of or in the property proposed to be
acquired by
the company, or where the interest of such a director consists in being a
partner in a firm, the nature and extent of
the interest of the firm, with a
statement of all sums paid or agreed to be paid to him or to the firm in cash or
shares, or otherwise,
by any person either to induce him to become, or to
qualify him as, a director, or otherwise for services rendered by him or by the
firm in connection with the promotion or formation of the company.
|
|
|||
|
(Signatures of the persons above-named as directors or
proposed directors, or of their agents authorized in writing.)
|
..................................................................................................................................................................
Date
PART II-REPORTS TO BE SET OUT
1. Where it is proposed to acquire a business, a report
made by accountants (who shall be named in the statement) upon-
(a) the profits or losses of the business in respect of each of the 5 financial years immediately preceding the delivery of the statement to the registrar; and
(b) the assets and liabilities of the business at the last date to which the accounts of the business were made up.
2.-(1) Where it is proposed to acquire
shares in a body corporate which, by reason of the acquisition or anything to be
done in consequence
thereof or in connection therewith, will become a subsidiary
of the company, a report made by accountants (who shall be named in
the
statement) with respect to the profits and losses and assets and liabilities of
the other body corporate in accordance with subparagraph
(2) or (3), as the case
requires, indicating how the profits or losses of the other body corporate dealt
with by the report would,
in respect of the shares to be acquired, have
concerned members of the company, and what allowance would have fallen to be
made,
in relation to assets and liabilities so dealt with, for holders of other
shares, if the company had, at all material times, held
the shares to be
acquired.
(2) If the other body corporate has not subsidiaries, the
report referred to in subparagraph (1) shall-
(a) so far as regards profits and losses, deal with the profits or losses of the body corporate in respect of each of the 5 financial years immediately preceding the delivery of the statement to the registrar; and
(b) so far as regards assets and liabilities, deal with the assets and liabilities of the body corporate at the last date to which the accounts of the body corporate were made up.
(3) If the other body corporate has
subsidiaries, the report referred to in subparagraph (1) shall-
(a) so far as regards profits and losses, deal separately with the other body corporate's profits or losses as provided by subparagraph (2) and, in addition, deal either-
(i) as a whole with the combined profits or losses of its subsidiaries, so far as they concern members of the other body corporate; or
(ii) individually with the profits or losses of each subsidiary, so far as they concern members of the other body corporate, or, instead of dealing separately with the other body corporate's profits or losses, deal as a whole with the profits or losses of the other body corporate and, so far as they concern members of the other body corporate, with the combined profits or losses of its subsidiaries; and
(b) so far as regards assets and liabilities, deal separately with the other body corporate's assets and liabilities as provided by subparagraph (2) and, in addition, deal either-
(i) as a whole with the combined assets and liabilities of its subsidiaries, with or without the other body corporate's assets and liabilities; or
(ii) individually with the assets and liabilities of each subsidiary, and shall indicate as respects the assets and liabilities of the subsidiaries the allowance to be made for persons other than members of the company.
PART III-PROVISIONS APPLYING TO PARTS I AND II OF THIS SCHEDULE
3. In this Schedule the expression "vendor" includes a
vendor as defined in Part III of the Fourth Schedule, and the expression
"financial
year" has the meaning assigned to it in that Part of that
Schedule.
4. If, in the case of a business which has been carried on, or
of a body corporate which has been carrying on business, for less than
5 years,
the accounts of the business or body corporate have only been made up in respect
of 4 years, 3 years, 2 years or 1 year,
Part II of this Schedule shall have
effect as if references to 4 years, 3 years, 2 years or 1 year, as the case may
be, were substituted
for references to 5 years.
5. Any report required by
Part II of this Schedule shall either indicate by way of note any adjustments as
respects the figures of
any profits or losses or assets and liabilities dealt
with by the report which appear to the persons making the report necessary
or
shall make those adjustments and indicate that adjustments have been
made.
6. Any report by accountants required by Part II of this Schedule
shall be made by accountants qualified under this Act for appointment
as
auditors of a company which is not a private company and shall not be made by
any accountant who is an officer or servant, or
a partner of or in the
employment of an officer or servant, of the company or of the company's
subsidiary or holding company or of
a subsidiary of the company's holding
company; and, for the purposes of this paragraph, the expression "officer" shall
include a
proposed director but not an auditor.
________
SIXTH
SCHEDULE
(Section 127)
________
CONTENTS AND FORM OF ANNUAL RETURN OF A COMPANY HAVING A SHARE CAPITAL
PART I-CONTENTS
1. The situation of the registered office of the company
and the company's registered postal address.
2.-(1) If the register of
members is, under the provisions of this Act, kept elsewhere than at the
registered office of the company,
the address of the place where it is
kept.
(2) If any register of holders of debentures of the company or part
of any such register is, under the provisions of this Act, kept
elsewhere than
at the registered office of the company, the address of the place where it is
kept.
3. A summary, distinguishing between shares issued for cash and
shares issued as fully or partly paid up otherwise than in cash, specifying
the
following particulars:-
(a) the amount of the share capital of the company and the number of shares into which it is divided;
(b) the number of shares taken, from the commencement of the company up to the date of the return;
(c) the amount called up on each share;
(d) the total amount of calls received;
(e) the total amount of calls unpaid;
(f) the total amount of the sums (if any) paid by way of commission in respect of any shares or debentures;
(g) the discount allowed on the issue of any shares issued at a discount or so much of that discount as has not been written off at the date on which the return is made;
(h) the total amount of the sums (if any) allowed by way of discount in respect of any debentures since the date of the last return;
(i) the total number of shares forfeited;
(j) the total amount of shares for which share warrants are outstanding at the date of the return and of share warrants issued and surrendered respectively since the date of the last return, and the number of shares comprised in each warrant.
4. Particulars of the total amount of
the indebtedness of the company as at the date of this return in respect of all
mortgages and
charges which are required to be registered with the registrar
under this Act.
5. A list-
(a) containing the names and postal addresses of all persons who, on the fourteenth day after the company's annual general meeting for the year, are members of the company, and of persons who have ceased to be members since the date of the last return or, in the case of the first return, since the incorporation of the company;
(b) stating the number of shares held by each of the existing members at the date of the return, specifying shares transferred since the date of the last return (or, in the case of the first return, since the incorporation of the company) by persons who are still members and have ceased to be members respectively and the dates of registration of the transfers;
(c) if the names aforesaid are not arranged in alphabetical order, having annexed thereto an index sufficient to enable the name of any person therein to be easily found.
6. All such particulars with respect to
the persons who, at the date of the return, are the directors of the company and
any person
who, at that date, is a secretary of the company as are, by this Act,
required to be contained with respect to directors and secretaries
respectively
in the register of the directors and secretaries of a company.
PART II-FORM
ANNUAL RETURN
of
........................................................................
Limited,
Made up to the
................................. day of .................., 19....
(being
the fourteenth day after the date of the annual general meeting for the year
19...).
1. Address.
(Situation and
postal address of the registered office of the company)
2.
Situation of Registers of Members and Debenture-holders.
(a) (Address of place at which the register of members is kept, if other than the registered office of the company.)
(b) (Address of any place in Fiji other than the registered office of the company at which is kept any register of holders of debentures of the company or part of any such register which is kept outside Fiji.)
3. Summary of Share Capital and
Debentures
(a) Nominal Share Capital
Nominal share capital
$........... divided into:
(Insert number and class) |
shares of .............................each
|
|
|
.............................
|
.....................
|
Shares of ............................each
|
|
.............................
|
.....................
|
Shares of ............................each
|
|
.............................
|
.....................
|
Shares of ............................each
|
(b) Issued Share Capital and Debentures
|
Number of shares of each class taken up to the date of this
return (which number must agree with the total shown in the list as held
by
existing members).
|
Number
|
Class
|
|
|
|
|
|
..........................
.......................... .......................... .......................... |
...........................
........................... .......................... ........................... |
Shares
shares shares shares |
|
Number of shares of each class issued subject to payment
wholly in cash.
|
................................................
........................ ........................ |
.....................................................
........................... .......................... |
Shares
shares shares shares |
|
Number of shares of each class issued as fully paid up for a
consideration other than cash.
|
...........................
........................... ........................... ........................... |
.....................................................
........................... .......................... |
Shares
shares shares shares |
Number of shares of each class...................
............................ shares
issued as partly paid up to the
consideration other than the extent of $...per share.
cash and extent to
which ........................ ...............................shares
each
such share is so paid up. issued as paid up to the
extent of $.........................per share.
......................... ........................ shares
issued as paid up to the
extent of $.........................per shares
......................... ........................ shares
|
Number of shares (if any) of each class issued at a
discount.
|
...........................
........................... ........................... ........................... |
.....................................................
........................... .......................... |
Shares
shares shares shares |
|
Amount of discount on the issue of shares which has not been
written off at the date of this return.
|
|
$
..................................................................................
|
|
Amount called $... per share on
|
.......................... ............... shares
|
|
Up on number $.... per share
|
|
|
on
|
.......................... ............... shares
|
|
of shares of $... per share on
|
.......................... ............... shares
|
|
each class $... per share on
|
.......................... ............... shares
|
|
Total amount of calls received, including payments on
application and allotment and any sums received on shares forfeited.
|
|
$.......................................................................................
.
|
|
|
|
Number
|
Class
|
|
Total amount (if any) agreed to be considered as paid on
number of shares of each class issued as fully paid up for a consideration
other
than cash.
|
|
.....................
..................... ..................... ..................... |
....................................
.................................... |
Shares
Shares Shares shares |
|
}$.. on{
|
||||
|
|
|
Total amount (if any) agreed to be considered as paid on
number of shares of each class issued as fully paid up for a consideration
other
than cash.
|
|
.....................
....................... ....................... ..................... |
....................................
.................................... |
Shares
Shares Shares shares |
|
}$.. on{
|
||||
|
|
||||
|
Total amount of calls unpaid.
|
$.........................................................................................
|
|||
|
Total amount of the sums (if any) paid by way of commission
in respect of any shares or debentures.
|
|
$...................................................................
|
|
Total amount of the sums (if any) allowed by way of discount
in respect of any debentures since the date of the last return.
|
|
$.........................................................................................
|
|
|
Number
|
Class
|
|
|
Total number of shares of each class forfeited.
|
..........................
.......................... .......................... .......................... |
.....................
..................... ..................... .................... |
Shares
shares shares shares |
|
Total amount paid (if any) on shares forfeited.
|
|
$.........................................................................................
|
|
Total amount of shares for which share warrants to bearer
are outstanding.
|
|
$.........................................................................................
|
|
Total amount of shares warrants to bearer issued and
surrendered respectively since the date of the last return.
|
Issued:
|
$.............................................
|
|
Surrendered:
|
$.............................................
|
|
Number of shares comprised in each share warrant to bearer,
specifying in the case of warrants of different kinds, particulars of
each
kind.
|
|
|
.......................................................
|
4. Particulars of Indebtedness
Total amount of
indebtedness of the company in respect of all mortgages and charges which are
required to be registered with the registrar
of companies under the Companies
Act.$ .........
5. List of Past and Present Members
List of
persons holding shares or stock in the company on the fourteenth day after the
annual general meeting for 19....., and of
persons who have held shares or stock
therein at any time since the date of the last return, or in the case of the
first return,
of the incorporation of the company.
|
|
|
|
Account of shares
|
|
||
|
Number of shares held by existing members at the date of
return*†
|
Particular of shares transferred since the date of the last
return, or, in the case of the first return, of the incorporation of the
Company, by (a) persons who are still
members and (b) persons who have
ceased to be members‡
|
|||||
|
Folio in
register ledger containing particulars |
||||||
|
Names and postal addresses
|
||||||
|
Remarks
|
||||||
|
|
||||||
|
Number †
|
Date of registration
of transfer |
|
||||
|
|
|
|
(a)
|
(b)
|
|
|
* The aggregate number of shares held by each member must
be stated, and the aggregates must be added up so as to agree with the number
of
shares stated in the Summary of Share Capital and Debentures to have been taken
up.
†When the shares are of different classes these columns should
be subdivided so that the number of each class held, or transferred,
may be
shown separately. Where any shares have been converted into stock the amount of
stock held by each member must be shown.
‡The date of registration
of each transfer should be given as well as the number of shares transferred on
each date. The particulars
should be placed opposite the name of the transferor
and not opposite that of the transferee, but the name of the transferee may
be
inserted in the "Remarks" column immediately opposite the particulars of each
transfer.
Notes
1. If the return for either of the 2 immediately preceding years has given, as at the date of that return, the full particulars required as to past and present members and the shares and stock held and transferred by them, only such of the particulars need be given as relate to persons ceasing to be or becoming members since the date of the last return and to shares transferred since that date or to changes as compared with that date in the amount of stock held by a member.
2. If the names in the list are not arranged in alphabetical order, an index sufficient to enable the name of any person to be readily found must be annexed.
6.
Particulars of Directors and Secretaries
Particulars of the persons who
are directors of the company at the date of this return.
|
|
Any former forename or names and surname
|
|
|
Occupation and particulars of all other directorships
|
|
|
Name
|
Nationality
|
Usual postal address
|
Date of Birth
|
||
|
|
|
|
|||
|
|
|
|
|
|
Particulars of each person who is a secretary of the
company at the date of this return.
|
|
Other
occupation (if any) |
|
|
Name
|
Usual postal address
|
|
|
|
|
Signed..............................,
Secretary.
Signed.............................., Secretary.
Notes
"Director" includes any
person who occupies the position of a director, by whatsoever name called, and
any person in accordance with
whose directions or instructions the directors of
the company are accustomed to
act.
"Surname", in the case of a
peer or person usually known by a title different from his surname, means that
title.
"Former forename" and
"former surname" do not include-
(a) in the case of a peer or a person usually known by a British title different from his surname, the name by which he was known previous to the adoption of or succession to the title; or
(b) in the case of any person, a former forename or surname where that name or surname was changed or disused before the person bearing the name attained the age of 18 years or has been changed or disused for a period of not less than 20 years; or
(c) in the case of a married woman, the name or surname by which she was known previous to the marriage.
The
names of all bodies corporate incorporated in Fiji of which the director is also
a director should be given, except bodies corporate
of which the company making
the return is the wholly-owned subsidiary or bodies corporate which are the
wholly-owned subsidiaries
either of the company or of another company of which
the company is the wholly-owned subsidiary. A body corporate is deemed to be
the
wholly-owned subsidiary of another if it has no members except that other and
that other's wholly-owned subsidiaries and its
or their nominees. If the space
provided in the form is insufficient, particulars of other directorships should
be listed on a separate
statement attached to this
return.
Dates of birth need only
be given in the case of a company which is subject to section
187
of the Act.
________________
* Delivered for filing by
..............................................................................................................
________
CERTIFICATES AND OTHER DOCUMENTS ACCOMPANYING ANNUAL RETURN
Certificate to be Given by a Director and a Secretary of Every Private Company
We certify that the company has not since the date of
t (the incorporation of the
company/the last annual return) issued any invitation to the public to subscribe
for any shares or debentures
of the company.
Signed...............................,
Director.
Signed ..............................., Secretary.
_____________________
* This should be printed
at the bottom of the first page of the
return.
†In the case of the
first return, strike out the second alternative. In the case of a second or
subsequent return, strike out
the first alternative.
Further
Certificate to be Given as
Aforesaid
if the Number of Members
of the Company Exceeds 50
We certify that the excess of the number of members of the
company over 50 consists wholly of persons who, under paragraph
(b) of subsection (1) of section
32 of the Companies Act are not to be
included in reckoning the number of 50.
Signed...............................,
Director.
Signed .............................., Secretary.
Further Certificate to be Given by a Director and a Secretary of a Private Company to which Section 130 of the Act Does Not Apply
We certify that, to the best of our knowledge and belief,
none of the shares of the company is held by a company which is not a private
company or by a company which is a subsidiary of a company which is not a
private company and that this has been the position at
all times since the date
of (the incorporation of the company/the last annual return).
Signed
.............................., Director.
Signed
.............................., Secretary.
Certified Copies of Accounts
In the case of every company to which section
130 of the Companies Act applies, there
shall be annexed to this return a written copy, certified both by a director and
by a secretary of the company to
be a true copy, of every balance sheet laid
before the company in general meeting during the period to which this return
relates
(including every document, required by law to be annexed to the balance
sheet) and a copy (certified as aforesaid) of the report
of the auditors on, and
of the report of the directors accompanying, in each such balance sheet. If any
such balance sheet or document
required by law to be annexed thereto is in a
foreign language, there must also be annexed to that balance sheet a translation
in
English of the balance sheet or document certified in the prescribed manner
to be a correct translation. If any such balance sheet
as aforesaid or document
required by law to be annexed thereto did not comply with the requirements of
the law as in force at the
date of the audit with respect to the form of balance
sheet or document aforesaid, as the case may be, there must be made such
additions
to and corrections in the copy as would have been required to be made
in the balance sheet or document have been required to be made
in the balance
sheet or document in order to make it comply with the said requirements, and the
fact that the copy has been so amended
must be stated thereon.
_______
SEVENTH SCHEDULE
(Sections 60, 151, 154, 159)
_______
ACCOUNTS - PRELIMINARY
1. Paragraphs 2 to 11 apply to the balance sheet and 12 to
14 to the profit and loss account, and are subject to the exceptions and
modifications provided for by Part II of this Schedule in the case of a holding
company and by Part III thereof in the case of companies
of the classes there
mentioned; and this Schedule has effect in addition to the provisions of
sections 198 and
199 of this Act.
PART I-GENERAL PROVISIONS AS TO BALANCE SHEET AND PROFIT AND LOSS ACCOUNT
BALANCE SHEET
2. The authorised share capital, issued share capital,
liabilities and assets shall be summarised, with such particulars as are
necessary
to disclose the general nature of the assets and liabilities, and
there shall be specified-
(a) any part of the issued capital that consists of redeemable preference shares, and the earliest date on which the company has power to redeem those shares;
(b) so far as the information is not given in the profit and loss account, any share capital on which interest has been paid out of capital during the financial year, and the rate at which interest has been so paid;
(c) the amount of the share premium account;
(d) particulars of any redeemed debentures which the company has power to reissue.
3. There shall be stated under
separate headings, so far as they are not written off-
(a) the preliminary expenses;
(b) any expenses incurred in connection with any issue of share capital or debentures;
(c) any sums paid by way of commission in respect of any shares or debentures;
(d) any sums allowed by way of, discount in respect of any debentures; and
(e) the amount of the discount allowed on any issue of shares at a discount.
4.-(1)
The reserves, provisions, liabilities and fixed and current classified under
headings appropriate to the company's business:
Provided that-
(i) where the amount of any class is not material, it may be included under the same heading as some other class; and
(ii) where any assets of one class are not separable from assets of another class, those assets may be included under the same heading; and
(iii) where any asset cannot properly be described either as "fixed" or as "current", it shall be separately classified and described.
(2) Fixed assets shall be
distinguished from current assets.
(3) The method or methods used to
arrive at the amount of the fixed assets under each heading shall be
stated.
5.-(1) The method of arriving at the amount of any fixed asset
shall, subject to subparagraph (2), be to take the difference between-
(a) its cost, or if it stands in the company's books at a valuation, the amount of the valuation; and
(b) the aggregate amount provided or written off since the date of acquisition or valuation, as the case may be, for depreciation or diminution in value,
and, for
the purposes of this paragraph, the net amount at which any assets stand in the
company's books on 1 January 1984 (after
deduction of the amounts previously
provided or written off for depreciation or diminution in value) shall, if the
figures relating
to the period before 1 January 1984 cannot be obtained without
unreasonable expense or delay, be treated as if it were the amount
of a
valuation of those assets made on 1 January 1984 and, where any of those assets
are sold, the said net amount less the amount
of the sales shall be treated as
if it were the amount of a valuation so made of the remaining assets.
(2)
Subparagraph (1) shall not apply-
(a) to assets for which the figures relating to the period beginning with 1 January 1984 cannot be obtained without unreasonable expense or delay; or
(b) to assets the replacement of which is provided for wholly or partly-
(i) by making provision for renewals and charging the cost of replacement against the provision so made; or
(ii) by charging the cost of replacement direct to revenue; or
(c) to any investments of which the market value (or, in the case of investments not having a market value, their value as estimated by the directors) is shown either as the amount of the investments or by way of note; or
(d) to goodwill, patents or trade-marks.
(3) For the assets under each
heading whose amount is arrived at in accordance with subparagraph (1), there
shall be shown-
(a) the aggregate of the amounts referred to in head (a) of that subparagraph; and
(b) the aggregate of the amounts referred to in head (b) thereof.
(4) As respects the assets under each
heading whose amount is not arrived at in accordance with subparagraph (1)
because their replacement
is provided for as mentioned in subparagraph
(2)(b), there shall be stated-
(a) the means by which their replacement is provided for; and
(b) the aggregate amount of the provision (if any) made for renewals and not used.
6. The aggregate amounts respectively of
capital reserves, revenue reserves and provisions (other than provisions for
depreciation,
renewals or diminution in value of assets) shall be stated under
separate headings:
Provided that-
(i) this paragraph shall not require a separate statement, of any of the said 3 amounts which is not material; and
(ii) the registrar may direct that it shall not require a separate statement of the amount of provisions where he is satisfied that that is not required in the public interest and would prejudice the company, but subject to the condition that any heading stating an amount arrived at after taking into account a provision (other than as aforesaid) shall be so framed or marked as to indicate that fact.
7.-(1) There shall also be shown
(unless it is shown in the profit and loss account or a statement or report
annexed thereto, or the
amount involved is not material)-
(a) where the amount of the capital reserves, of the revenue reserves or of the provisions (other than provisions for depreciation renewals or diminution in value of assets) shows an increase as compared with the amount at the end of the immediately preceding financial year, the source from which the amount of the increase has been derived; and
(b) where-
(i) the amount of the capital reserves or of the revenue reserves shows a decrease as compared with the amount at the end of the immediately preceding financial year; or
(ii) the amount at the end of the immediately preceding financial year of the provisions (other than provisions for depreciation, renewals or diminution in value of assets) exceeded the aggregate of the sum since applied and amounts still retained for the purposes thereof, the application of the amounts derived from the difference.
(2) Where
the heading showing any of the reserves or provisions aforesaid is divided into
sub-headings, this paragraph shall apply
to each of the separate amounts shown
in the sub-headings instead of applying to the aggregate amount
thereof.
8.-(1) There shall be shown under separate headings-
(a) the aggregate amounts respectively of the company's trade investments, quoted investments other than trade investments and unquoted investments other than trade investments;
(b) if the amount of the goodwill and of any patents and trade-marks or part of that amount is shown as a separate item in or is otherwise ascertainable from the books of the company, or from any contract for the sale or purchase of any property to be acquired by the company, or from any documents in the possession of the company relating to the stamp duty payable in respect of any such contract or the conveyance of any such property, the said amount so shown or ascertained so far as not written off or, as the case may be, the said amount so far as it is so shown or ascertainable and as so shown or ascertained, as the case may be;
(c) the aggregate amount of any outstanding loans made under the authority of provisos (ii), (iii) and (iv) of subsection (1) of section 58 of this Act;
(d) the aggregate amount of bank loans and overdrafts;
(e) the net aggregate amount (after deduction of income tax which is recommended for distribution by way of dividend.
(2) Nothing in head
(b) of subparagraph (1) shall be taken
as requiring the amount of the goodwill, patents and trademarks to be stated
otherwise than as
a single item.
(3) The heading showing the amount of
the quoted investments other than trade investment shall be subdivided, where
necessary to distinguish
the investments as respects which there has, and those
as respects which there has not, been granted a quotation or permission to
deal
on a stock exchange of repute.
9. Where any liability of the company is
secured otherwise than by operation of law on any assets of the company, the
fact that that
liability is so secured shall be stated, but it shall not be
necessary to specify the assets on which the liability is secured.
10.
Where any of the company's debentures are held by a nominee of or trustee for
the company, the nominal amount of the debentures
and the amount at which they
are stated in the books of the company shall be stated.
11.-(1) The
matters referred to in the following subparagraphs shall be stated by way of
note, or in a statement or report annexed,
if not otherwise shown.
(2)
The number, description and amount of any shares in the company which any person
has an option to subscribe for, together with
the following particulars of the
option, that is to say-
(a) the period during which is exercisable;
(b) the price to be paid for shares subscribed for under it.
(3) The amount of any
arrears of fixed cumulative dividends on the company's shares and the period for
which the dividends or, if
there is more than 1 class, each class of them are in
arrear, the amount to be stated before deduction of income tax, except that,
in
the case of tax-free dividends, the amount shall be shown free of tax and the
fact that it is so shown also be stated.
(4) Particulars of any charge on
the assets of the company to secure the liabilities of any other person,
including, where practicable,
the amount secured.
(5) The general nature
of any other contingent liabilities not provided for and, where practicable, the
aggregate amount or estimated
amount of those liabilities, if it is
material.
(6) Where practicable, the aggregate amount or estimated
amount, if it is material, of contracts for capital expenditure, so far as
not
provided for.
(7) If in the opinion of the directors any of the current
assets have not a value, on realisation in the ordinary course of the company's
business, at least equal to the amount at which they are stated, the fact that
the directors are of that opinion.
(8) The aggregate market value of the
company's quoted investments, other than trade investments, where it differs
from the amount
of the investments as stated and the stock exchange value of any
investments of which the market value is shown (whether separately
or not) and
is taken as being higher than their stock exchange value.
(9) The basis
on which foreign currencies have been converted into Fiji currency, where the
amount of the assets or liabilities affected
is material.
(10) The amount
or the estimated amount of any liability to income tax in respect of the profits
made by the company to the date of
the balance sheet, together with the bases on
which such amount, if any, set aside for income tax is computed.
(11)
Except in the case of the first balance sheet laid before the company on or
after 1 January 1984, the corresponding amounts at
the end of the immediately
preceding financial year for all items shown in the balance sheet.
PROFIT AND LOSS ACCOUNT
12.-(1) There shall be shown-
(a) the amount charged to revenue by way of provision for depreciation, renewals or diminution in value of fixed assets;
(b) the amount of the interest on the company's debentures and other fixed loans;
(c) the amount of the charge for income tax and any other taxation on profits to date;
(d) the amounts respectively provided for redemption of share capital and for redemption of loans;
(e) the amount, if material, set aside or proposed to be set aside to or withdrawn from, reserves;
(f) subject to subparagraph (2), the amount, if material, set aside to provisions other than provisions for depreciation, renewals or diminution in value of assets or, as the case may be, the amount, if material, withdrawn from such provisions and not applied for the purposes thereof;
(g) the amount of income from investments, distinguishing between trade investments and other investments;
(h) the aggregate amount of the dividends paid and proposed.
(2) The registrar
may direct that a company shall not be obliged to show an amount set aside to
provisions in accordance with subparagraph
(1)(f), if he is satisfied that that
is not required in the public interest and would prejudice the company, but
subject to the condition
that any heading stating an amount arrived at after
taking into account the amount set aside as aforesaid shall be so framed or
marked
as to indicate that fact.
13. If the remuneration of the auditors
is not fixed by the company in general meeting, the amount thereof shall be
shown under a
separate heading and, for the purposes of this paragraph, any sums
paid by the company in respect of the auditors' expenses shall
be deemed to be
included in the expression "remuneration".
14.-(1) The matters referred
to in the following subparagraphs shall be stated by way of note, if not
otherwise shown.
(2) If depreciation or replacement of fixed assets is
provided for by some method other than a depreciation charge or provision for
renewals, or is not provided for, the method by which it is provided for or the
fact that is not provided for, as the case may be.
(3) The basis on which
the amount, if any, set aside for income tax is computed.
(4) Whether or
not the amount stated for dividends paid and proposed is for dividends subject
to deduction of income tax.
(5) Except in the case of the first profit
and loss account laid before the company on or after 1 January 1984, the
corresponding
amounts for the immediately preceding financial year for all items
shown in the profit and loss account.
(6) Any material respects in which
any items shown in the profit and loss account are affected-
(a) by transactions of a sort not usually undertaken by the company or otherwise by circumstances of an exceptional or non-recurrent nature; or
(b) by any change in the basis of accounting.
PART II-SPECIAL PROVISIONS WHERE THE COMPANY IS A HOLDING OR SUBSIDIARY COMPANY
MODIFICATIONS OF AND ADDITIONS TO REQUIREMENTS AS TO COMPANY'S OWN ACCOUNTS
15.-(1) This paragraph shall apply where the company is a
holding company, whether or not it is itself a subsidiary of another body
corporate.
(2) The aggregate amount of assets consisting of shares in, or
amounts owing (whether on account of a loan or otherwise) from, the
company's
subsidiaries, distinguishing shares from indebtedness, shall be set out in the
balance sheet separately from all the other
assets of the company, and the
aggregate amount of indebtedness (whether on account of a loan or otherwise) to
the company's subsidiaries
shall be so set out separately from all its other
liabilities and-
(a) the references in Part I of this Schedule to the company's investments shall not include investments in its subsidiaries required by this paragraph to be separately set out; and
(b) paragraph 5, subparagraph (1)(a) of paragraph 12, and subparagraph (2) of paragraph 14 shall not apply in relation to fixed assets consisting of interests in the company's subsidiaries.
(3) There shall be shown by way
of note on the balance sheet or in a statement or report annexed thereto the
number, description and
amount of the shares in and debentures of the company
held by its subsidiaries or their nominees, but excluding any of those shares
or
debentures in the case of which the subsidiary is concerned as personal
representative or in the case of which it is concerned
as trustee and neither
the company nor any subsidiary thereof is beneficially interested under the
trust, otherwise than by way of
security only for the purposes of a transaction
entered into by it in the ordinary course of a business which includes the
lending
of money.
(4) Where group accounts are not submitted, there shall
be annexed to the balance sheet a statement showing-
(a) the reasons why subsidiaries are not dealt with in group accounts;
(b) the net aggregate amount, so far as it concerns members of the holding company and is not dealt with in the company's accounts, of the subsidiaries' profits after deducting the subsidiaries' losses (or vice versa)-
(i) for the respective financial years of the subsidiaries ending with or during the financial year of the company; and
(ii) for their previous financial years since they respectively became the holding company's subsidiary;
(c) the net aggregate amount of the subsidiaries' profits after deducting the subsidiaries' losses (or vice versa); and
(i) for the respective financial years of the subsidiaries ending with or during the financial year of the company; and
(ii) for their other financial years since they respectively became the holding company's subsidiary; so far as those profits are dealt with, or provision is made for those losses, in the company's accounts;
(d) any qualifications contained in the report of the auditors of the subsidiaries on their accounts for their respective financial years ending as aforesaid, and any note or saving contained in those accounts to call attention to a matter which, apart from the note or saving, would properly have been referred to in such a qualification, in so far as the matter which is the subject of the qualification or note is not covered by the company's own accounts and is material from the point of view of its members,
or, in so far as the information
required by this subparagraph is not obtainable, a statement that it is not
obtainable:
Provided that the registrar may, on the application or with
the consent of the company's directors, direct that, in relation to any
subsidiary, this subparagraph shall not apply or shall apply only to such extent
as may be provided by the direction.
(5) Paragraphs
(b) and
(c) of subparagraph (4) shall apply
only to profits and losses of a subsidiary which may properly be treated in the
holding company's
accounts as revenue profits or losses, and the profits or
losses attributable to any shares in a subsidiary for the time being held
by the
holding company or any other of its subsidiaries shall not (for that or any
other purpose) be treated as aforesaid so far
as they are profits or losses for
the period before the date on or as from which the shares were acquired by the
company or any of
its subsidiaries, except that they may, in a proper case, be
so treated, where-
(a) the company is itself the subsidiary of another body corporate; and
(b) the shares were acquired from that body corporate or a subsidiary of it;
and, for
the purposes of determining whether any profits or losses are to be treated as
profits or losses for the said period, the
profit or loss for any financial year
of the subsidiary may, if it is not practicable to apportion it with reasonable
accuracy by
reference to the facts, be treated as accruing from day to day
during that year and be apportioned accordingly.
(6) Where group accounts
are not submitted, there shall be annexed to the balance sheet a statement
showing, in relation to the subsidiaries
(if any) whose financial years did not
end with that of the company-
(a) the reasons why the company's directors consider that the subsidiaries' financial years should not end with that of the company; and
(b) the dates on which the subsidiaries' financial years ending last before that of the company respectively ended or the earliest and latest of those dates.
16.-(1) The balance sheet of a company
which is a subsidiary of another body corporate, whether or not it is itself a
holding company,
shall show the aggregate amount of its indebtedness to all
bodies corporate of which it is subsidiary or a fellow subsidiary and
the
aggregate amount of indebtedness of all such bodies corporate to it,
distinguishing in each case between indebtedness in respect
of debentures and
otherwise.
(2) For the purposes of this paragraph, a company shall be
deemed to be a fellow subsidiary of another body corporate if both are
subsidiaries of the same body corporate but neither is the other's.
CONSOLIDATED ACCOUNTS OF HOLDING COMPANY AND SUBSIDIARIES
17. Subject to the following paragraphs of this Part of
this Schedule, the consolidated balance sheet and profit and loss account
shall
combine the information contained in the separate balance sheets and profit and
loss accounts of the holding company and of
the subsidiaries dealt with by the
consolidated accounts, but with such adjustments (if any) as the directors of
the holding company
think necessary.
18. Subject as aforesaid and to Part
III of this Schedule, the consolidated accounts shall, in giving the said
information, comply,
so far as practicable, with the requirements of this Act as
if they were the accounts of an actual company.
19. Sections
198 and
199 of this Act shall not, by virtue of
the paragraphs 17 and 18, apply for the purpose of the consolidated
accounts.
20. Paragraph 7 shall not apply for the purpose of any
consolidated accounts laid before a company with the first balance sheet so
laid
on or after 1 January 1984.
21. In relation to any subsidiaries of the
holding company not dealt with by the consolidated accounts-
(a) subparagraphs (2) and (3) of paragraph 15 shall apply for the purpose of those accounts as if those accounts were the accounts of an actual company of which they were subsidiaries; and
(b) there shall be annexed the like statement as is required by subparagraph (4) of paragraph 15 where there are no group accounts, but as if references therein to the holding company's accounts were references to the consolidated accounts.
22. In relation to any subsidiaries
(whether or not dealt with by the consolidated accounts), whose financial years
did not end with
that of the company, there shall be annexed the like statement
as is required by subparagraph (6) of paragraph 15 where there are
no group
accounts.
PART III-EXCEPTIONS FOR LICENSED BANKS AND FOR INSURANCE COMPANIES
23.-(1) So long as any licensed bank complies with the
requirements of any enactment in force in the country of the incorporation
of
such bank relating to the keeping of accounts by a banking company, it shall not
be subject to the requirements of Part I of this
Schedule:
Provided that,
if the Minister is satisfied that any licensed bank is not complying with the
requirements of any such enactment of
its country of incorporation, or if there
are no such requirements in such enactment, he may, by order, direct that such
Bank shall
comply with the requirements of Part I of this Schedule.
(2)
For the purposes of this part of this Schedule, "licensed bank" shall have the
same meaning as in the Banking Act.
(Cap. 212.)
24. An insurance company, as defined in the Insurance Act,
which is subject to the requirements of that Act as respects the preparation
and
deposit with the Commissioner of Insurance of a balance sheet and profit and
loss account shall not so long as it complies with
those requirements, be
subject to the requirements of Part I of this Schedule other than-
(Cap. 217.)
(a) as respects its balance sheet, those of paragraphs 2 and 3, paragraphs 4 (so far as it relates to fixed and current assets), paragraph 8 (except subparagraph (1)(a) and (d) subparagraph (3)), paragraphs 9 and 10 and paragraph 11 (except subparagraphs (4) and (8) inclusive and (10));
(b) as respects its profit and loss account, those of subparagraph (1)(h) of paragraph 12, paragraph 13 and subparagraph (1), (4) and (5) of paragraph 14.
PART IV-INTERPRETATION OF SCHEDULE
25.-(1) For the purposes of this Schedule, unless the
context otherwise requires-
(a) the expression "provision" shall, subject to subparagraph (2), mean any amount written off or retained by way of providing for depreciation, renewals or diminution in value of assets or retained by way of providing for any known liability of which the amount cannot be determined with substantial accuracy;
(b) the expression "reserve" shall not, subject as aforesaid, include any amount written off or retained by way of providing for depreciation, renewals or diminution in value of assets or retained by way of providing for any known liability;
(c) the expression "capital reserve" shall not include any amount regarded as free for distribution through the profit and loss account and the expression "revenue reserve" shall mean any reserve other than a capital reserve,
and, in
this paragraph, the expression "liability" shall include all liabilities in
respect of expenditure contracted for and all
disputed or contingent
liabilities.
(2) Where-
(a) any amount written off or retained by way of providing for depreciation, renewals or diminution in value of assets, not being an amount written off in relation to fixed assets before 1 January 1984; or
(b) any amount retained by way of providing for any known liability, is in excess of that which, in the opinion of the directors, is reasonably necessary for the purpose, the excess shall be treated, for the purposes of this Schedule, as a reserve and not as a provision.
26. For the purposes aforesaid, the
expression "quoted investment" means an investment as respects which there has
been granted a
quotation or permission to deal on any stock exchange of repute
and the expression "unquoted investment" shall be construed accordingly.
________
EIGHTH SCHEDULE
(Section 165)
_______
MATTERS TO BE EXPRESSLY STATED IN AUDITORS' REPORT
1. Whether they have obtained all the information and
explanations which, to the best of their knowledge and belief, were necessary
for the purposes of their audit.
2. Whether, in their opinion, proper
books of account have been kept by the company, so far as appears from their
examination of those
books, and proper returns adequate for the purposes of
their audit have been received from branches not visited by them.
3.-(1)
Where the company's balance sheet and (unless it is framed as a consolidated
profit and loss account) profit and loss account
dealt with by the report are in
agreement with the books of account and returns.
(2) Whether, in their
opinion and to the best of their information and according to the explanations
given them, the said accounts
give the information required by this Act in the
manner so required and give a true and fair view-
(a) in the case of the balance sheet, of the state of the company's affairs as at the end of its financial year; and
(b) in the case of the profit and loss accounts, of the profit or loss for its financial year,
or, as the case may be, give a true and
fair view thereof subject to the non-disclosure of any matters (to be indicated
in the report)
which by virtue of Part III of the Seventh Schedule are not
required to be disclosed.
4. In the case of a holding company submitting
group accounts, whether, in their opinion, the group accounts have been properly
prepared
in accordance with the provisions of this Act so as to give a true and
fair view of the state-of-affairs and profit or loss of the
company and its
subsidiaries dealt with thereby, so far as concerns members of the company, or,
as the case may be, so as to give
a true and fair view thereof subject to the
non-disclosure of any matters (to be indicated in the report) which, by virtue
of Part
III of the Seventh Schedule, are not required to be disclosed.
________
NINTH
SCHEDULE
(Section 309)
________
PROVISIONS OF THIS ACT WHICH DO NOT APPLY IN THE CASE OF A WINDING-UP SUBJECT TO SUPERVISION OF THE COURT
|
Section
|
Subject
matter
|
233-Statement of
company's affairs to be submitted to official
receiver.
234-Report by official
receiver.
235-Power of court to
appoint liquidators.
236-Appointment
and powers of provisional
liquidator.
237-Appointment, style
etc., of liquidators.
238-Provisions
where person other than official receiver is appointed
liquidator.
239-Except subsection
(5). General provisions as to
liquidators.
243-Exercise and
control of liquidator's
powers.
244-Books to be kept by
liquidator.
245-Payments by
liquidator into bank.
246-Audit of
liquidator's accounts.
247-Control
over liquidators.
248-Release of
liquidators.
249-Meetings of
creditors and contributories to determine whether committee of inspection shall
be appointed.
250-Constitution and
proceedings of committee of
inspection.
251-Powers of court
where no committee of
inspection.
259-Appointment of
special manager.
266-Power to order
public examination of promoters and
officers.
269-Delegations to
liquidator of certain powers of
court.
348-Power to appoint official
receiver as receiver for debenture holders or creditors.
_______
TENTH
SCHEDULE
(Section
387)
______
FORM
OF STATEMENT TO BE PUBLISHED BY
INSURANCE
COMPANIES AND DEPOSIT,
PROVIDENT OR BENEFIT SOCIETIES
*The share capital of the company is
..................................................... , divided into
....................................................shares
of.................................................... each.
The number of
shares issued
is..............................................................................
Calls
to the amount of .............................................. dollars per
share have been made, under which the sum
of....................................................................
dollars
has been received.
The liabilities of the company on 1st January (or
July) were-
Debts owing to sundry persons by the company-
On decree, $
On notes or bills, $
On contracts, $
On estimated liabilities, $
The assets of the
company on that day were-
Government securities (Stating them).
Bills of exchange and promissory notes, $
Cash at the bankers, $
Other securities, $
___________________
* If the company has no
share capital the portion of the statement relating to capital and shares must
be omitted.
_______
ELEVENTH
SCHEDULE
(Section
393)
_______
PROVISIONS REFERRED TO IN SECTION 393
|
Section
or
provision of Schedule |
|
Subject
matter
|
|
19
|
Conclusiveness of certificate of incorporation.
|
|
34
|
Statement in lieu of prospectus to be delivered to registrar
by company on ceasing to be private company.
|
|
42
|
Matters to be stated and reports to be set out in
prospectus.
|
|
52
|
Prohibition of allotment in certain cases unless statement
in lieu of prospectus delivered to registrar.
|
|
56
|
Return as to allotments.
|
|
98
|
Registration of charges.
|
|
99(1)
|
Duty of company to register charges created by
company.
|
|
100
|
Duty of company to register charges existing on property
acquired.
|
|
113
|
Restrictions on commencement of business.
|
|
128
|
(Except paragraph
(a) of subsection (1).) Particulars in
annual return of company not having a share capital.
|
|
131
|
Certificates to be sent by private company with annual
return.
|
|
132
|
Statutory meeting and statutory report.
|
|
165(1), (3)
|
Auditors' report and right to information and
explanations.
|
|
183
|
Restrictions on appointment or advertisement of director.
|
|
300
|
Notice by liquidator of his appointment.
|
|
352(2)
|
Abstract of receiver's receipts and payments
|
|
354
|
Delivery to registrar of accounts of receivers and
managers.
|
|
367
|
Documents, etc., to be delivered to registrar by foreign
companies carrying on business in Fiji.
|
|
369
|
Returns to be delivered to registrar by foreign
company.
|
|
371
|
Accounts of foreign company.
|
|
372
|
Obligation to state name of foreign company, whether limited
and country where incorporated.
|
Schedule VI, Part 1, paragraphs 2, 4 and
6.
Particulars in annual return of company having a share
capital.
_______
[Subsidiary
Legislation]
CHAPTER 247
COMPANIES
_______
SECTION
345-COMPANIES
(SUPREME COURT) RULES
_______
TABLE OF
PROVISIONS
_______
RULE
1. Short
title
2.
Interpretation
3. Supreme
Court practice and procedure to apply
4.
Titling of documents
5.
Certain applications to be by
petition
6. Application to declare
dissolution of company void
7.
Application to rectify register of
members
8. Certain applications to
be by notice of motion
9. Certain
applications to be by summons
10.
Summons for directions
11.
Settlement of list of creditors
12.
Order sanctioning issue of shares at a
discount
13. Order for transfer of
property and liabilities
Schedule-Forms
---------------------------------------
Legal
Notice No. 83 of 1983
(In force 1
January, 1984*)
*See Legal Notice No. 90 of 1983
Short title
1. These Rules
may be cited as the Companies (Supreme Court) Rules.
Interpretation
2.-(1) In these
Rules, except where the context otherwise requires-
"company" means a company formed and registered under the Act and to which any application under these Rules relates;
"the Court" means the Supreme Court or any judge or other officer who for the time being exercises the jurisdiction of the Supreme Court in company matters;
"inquiry" means any inquiry made as to the debt, claims or liabilities of or affecting a company or as to any such debt, claims or liabilities ordered by the Court under these Rules;
"Registrar" means the Chief Registrar or a Deputy Registrar of the Supreme Court.
(2) A form referred to by number means
the form so numbered in the Schedule to these Rules with such variations to the
form as the
circumstances may require.
Supreme Court practice and procedure to apply
3. Any
proceedings brought under these Rules shall be deemed to be a proceeding within
the meaning of the Supreme Court Rules and the
general practice of the Court,
including the course of procedure and practice in chambers, shall apply so far
as may be practicable,
except if and so far as the Act or these Rules otherwise
provide.
Titling of documents
4. Every
petition, notice of motion and summons, and all notices, affidavits and other
proceedings under any petition, notice of motion
or summons, shall be intituled
in the Court, and in the matter of the company (showing, where applicable, that
the company is in
liquidation), in the matter of the Companies Act and in the
matter of the particular application.
Certain applications to be by petition
5. The following
applications shall be made by petition-
(a) applications to cancel an alteration of objects under section 10 of the Act;
(b) applications to cancel an alteration in conditions in the memorandum under section 27 of the Act;
(c) applications to confirm the reduction of any share premium account or any capital redemption reserve fund under section 60 or section 62 of the Act;
(d) applications to sanction the issue of shares at a discount under section 61 of the Act;
(e) applications to confirm a reduction of capital under section 71 of the Act;
(f) applications to cancel any variation of the rights of holders of special classes of shares under section 76 of the Act;
(g) applications to sanction a compromise or arrangement under section 208 of the Act;
(h) applications to restore a company's name to the register under section 340 of the Act;
(i) applications for relief by officers of a company or by persons employed as auditors by a company under section 403 of the Act.
Application to declare dissolution of company void
6. Applications
to declare the dissolution of a company void under section
339 of the Act shall be made by
petition, except where the dissolution was ordered as a result of proceedings
upon a petition presented
to the Court, in which case application will be by
notice of motion in such proceedings.
Application to rectify register of members
7. Applications
to rectify the register of members of a company under section
120 of the Act shall be by originating
motion or, when the company is in voluntary liquidation, by summons.
Certain applications to be by notice of motion
8. The following
applications shall be made by notice of motion-
(a) applications for relief in case of default by a private company in complying with the provisions of its articles under section 33 of the Act;
(b) applications to extend the time for registration of a charge or to rectify any omission or misstatement with respect to any charge or in a memorandum of satisfaction under section 104 of the Act;
(c) applications for the appointment of inspectors under sections 168 and 169 of the Act;
(d) applications to inquire into the case of officers and agents of a company who have refused to produce any document or answer any question under section 171 of the Act;
(e) applications that shares or debentures shall cease to be subject to restrictions imposed by the Registrar of Companies under section 178 of the Act;
(f) applications for meetings of creditors or members of a company under section 208(1) of the Act;
(g) applications for the purpose of preventing or settling the terms of the acquisition of shares under section 211 of the Act.
Certain applications to be by summons
9. The following
applications shall be made by summons-
(a) applications to extend the time for delivery of documents to the Registrar in cases where sanction of the Court is required;
(b) applications to extend the time for the issue of shares at a discount under section 61 of the Act;
(c) applications in regard to delivery of certificates or debentures under section 84 of the Act;
(d) applications to inspect any register of holders of debentures or to obtain copies thereof or of any trust deed for securing debentures under section 91 of the Act;
(e) applications for summoning a meeting of debenture holders under section 92 of the Act;
(f) applications to inspect copies of instruments creating a charge and to inspect the register of charges under section 108 of the Act;
(g) applications to inspect the register of members or the index of names of a company or to obtain copies of such register under section 117 of the Act;
(h) applications for and in regard to meetings of a company under section 137 of the Act;
(i) applications that a company shall not be bound to circulate a statement under section 142 of the Act;
(j) applications to inspect the minutes of proceedings at general meetings of a company or to obtain copies thereof under section 148 of the Act;
(k) applications that an auditor's or a director's representations should not be sent out or read at a meeting under section 163 or section 186 of the Act;
(l) applications that a person should be examined on oath under section 171 of the Act;
(m) applications for leave to be a director of or to manage a company under section 189 or section 190 of the Act;
(n) applications to inspect the register of director's holdings of shares or debentures under section 197 of the Act, or the register of directors and secretaries under section 202 of the Act;
(o) applications for facilitating reconstructions or amalgamations under section 210 of the Act, where the matters to which such applications relate have not been dealt with, or fully dealt with, on the hearing of the petition to sanction to compromise or arrangement to which they relate;
(p) applications for directions by a receiver or manager under section 349 of the Act;
(q) applications for enforcing the duty of a receiver or manager or of a company to make returns or render accounts under section 355 and 386 of the Act;
(r) applications for inspection or production of the books of a company under section 396 of the Act.
Summons for directions
10.-(1) Where a
petition has been presented pursuant to any of paragraphs
(a),
(b),
(c),
(e),
(f) and
(i) of rule 5 or where an order is
sought under section 210 of the Act, an
application shall, in every case, be made by summons to the judge in chambers
for directions as to the proceedings
to be taken.
(2) Upon the hearing of
the summons or upon any adjourned hearing or hearings thereof or any subsequent
application, the judge may
make such order or orders or give such directions as
he may think fit as to all the proceedings to be taken and more particularly
with respect to the following matters-
(a) the publication of notices; and
(b) where the Court orders an inquiry as to the debts, claims or liabilities of or affecting a company or as to any of such debts, claims or liabilities, the proceedings to be taken for settling the list of creditors entitled to object, including the dispensing with the observance of section 71(2) of the Act as regards any class or classes of creditors, fixing the date with reference to which the list of such creditors is to be made out, and generally fixing a time for and giving directions as to all other necessary or proper steps in the matter whether expressly mentioned in any of these Rules,
and, in any such case, the first order
upon the summons for directions shall be in Form I in the Schedule.
Settlement of list of creditors
11. Where the
Court has ordered any inquiry under rule
10(2)(b), the following provisions
shall apply-
(a) the company shall, within 7 days after such order or such further or other time as the judge may allow, file in the office of the Registrar, an affidavit made by some officer or officers of the company competent to make the same, verifying a list containing, so far as possible, the names and addresses of the creditors of the company to whom such inquiry extends; every such list shall also contain the amounts due to the creditors therein named respectively in respect of debts, claims or liabilities to which the inquiry extends or, in the case of any such debts payable on a contingency or not ascertained or any such claim admissible to proof in a winding-up of the company, the value, so far as can be justly estimated, of such debt or claim; every such list and a copy of every such affidavit shall be left at the office of the Registrar not later than 1 day after the filing of the affidavit;
(b) the person making any such affidavit shall state therein his belief that the list verified by such affidavit is correct, and that there was not, at the date so fixed as aforesaid, any debt, claim or liability which, if that date were the commencement of the winding-up of the company, would be admissible in proof against the company, except the debts, claims or liabilities set forth in such list and any debts, claims or liabilities to which the inquiry does not extend, and shall state his means of knowledge of the matters deposed to in such affidavit; such affidavit shall be in Form 2 in the Schedule;
(c) copies of such list containing the names and addresses of such creditors, and the total amount so due to them (including the value of any debts or claims estimated as. aforesaid) but omitting the amounts due to them respectively, or (as the judge thinks fit) complete copies of such list, shall be kept at the registered office of the company and at the office of the barrister and solicitor of the company and any person desirous of inspecting the same may, at any time during the ordinary hours of business, inspect and take extracts from the same on payment of the sum of $1;
(d) the company shall, within 7 days after the filing of such affidavit or such further or other time as the judge may allow, send to each creditor whose name is entered in the said list a notice stating the amount of the proposed reduction of capital, the effect of the order directing the inquiry and the amount or estimated value of the debt or the contingent debt or claim or both for which such creditor is entered in the said list, and the time (such time to be fixed by the judge) within which, if he claims to be entitled to be entered on such list as a creditor for a larger amount, he must send in his name and address, and the particulars of his debt or claim, and the name and address of his barrister and solicitor (if any) to the barrister and solicitor of the company; and such notice shall be sent through the post in a prepaid letter addressed to each such creditor at his last known address or place of abode, and shall be in Form 3 in the Schedule;
(e) notice of the presentation of the petition, of the effect of the order directing the inquiry and of the list of creditors shall, after the filing of the affidavit mentioned in paragraph (a), be published at such times, and in such newspapers, as the judge shall direct; and every such notice shall state the amount of the proposed reduction of capital, and the places where the aforesaid list of creditors may be inspected, and the time within which creditors of the company who are not but are entitled to be entered on the said list, and are desirous of being entered therein, must send in their names and addresses, and the particulars of their debts or claims, and the names and addresses of their barristers and solicitors (if any) to the barrister and solicitor of the company; and such notice shall be in Form 4 in the Schedule;
(f) the company shall, within such time as the judge shall direct, file in the office of the Registrar an affidavit made by the person to whom the particulars of debts or claims are, by such notices as are mentioned in paragraph (c) and (d), required to be sent in, stating the result of such notices respectively and verifying a list containing the names and addresses of the persons (if any) who have sent in the particulars of their debts or claims in pursuance of such notices respectively, and the amounts of such debts or claims, and some competent officer or officers of the company shall join in such affidavit, and shall, in such list, distinguish which (if any) of such debts and claims are wholly, or as to any and what part thereof, admitted by the company, and which (if any) of such debts and claims are wholly, or as to any and what part thereof, disputed by the company, and which (if any) of such debts and claims are alleged by the company to be wholly, or as to any and what part thereof, not included in the inquiry; such affidavit shall also state which of the persons who are entered in the list as creditors and which of the persons who have sent in particulars of their debts or claims in pursuance of such notices as aforesaid have been paid or have consented to the proposed reduction; and such affidavit shall be in Form 5 in the Schedule, and such list and a copy of such affidavit shall be left at the office of the Registrar within such time as the judge shall direct;
(g) if the company contends that a person is not entitled to be entered in the list of creditors in respect of any debt or claim, whether admitted or not, or if any debt or claim, the particulars of which are so sent in, is not admitted by the company at its full amount, then and in every such case, unless the company is willing to appropriate, in such manner as the judge shall direct, the full amount of such debt or claim, the company shall, if the judge thinks fit so to direct, send to the creditor a notice that he is required to come in and establish his title to be entered on the list or, as the case may be, to come in and prove such debt or claim or such part thereof as is not admitted by the company, by a day to be therein named, being not less than 4 clear days after such notice, and being the time appointed by the judge for adjudicating upon such titles, debts and claims, and such notice shall be sent in the manner mentioned in paragraph (d) of this rule, and shall be in Form 6 in the Schedule;
(h) the result of the settlement of the list of creditors shall be stated in a certificate by the Registrar, and such certificate shall state what debts or claims (if any) have been disallowed, and shall distinguish the debts or claims the full amount of which the company is willing to appropriate, and the debts or claims (if any) the amount of which has been fixed by inquiry and adjudication in manner provided by section 71 of the Act and these Rules, and the debts or claims (if any) the full amount of which the company does not admit or is not willing to appropriate or the amount of which has not been fixed by inquiry and adjudication as aforesaid; and shall show which of the creditors have consented to the proposed reduction, and the total amount of the debts due to them, and the total amount of the debts or claims the payment of which has been secured in manner provided by section 71 of the Act and the persons to or by whom the same are due or claimed; the said certificate shall also state what creditors have, under paragraph (g), come in and sought to establish their title to be entered on the list and whether such claims have been allowed or not, but it shall not be necessary to make, in such certificate, any further or other reference to any creditors who are not entitled to be entered in the list or to any debts or claims to which the inquiry does not extend or to show therein the several amounts of the debts or claims of any persons who have consented to the proposed reduction or the payment of whose debts or claims has been secured as aforesaid;
(i) the consent of any creditor, whether in respect of a debt due or presently due or a debt payable on a contingency or not ascertained or a claim admissible to proof in a winding-up of the company, may be evidenced in any manner which the judge thinks reasonably sufficient, having regard to the amount of his debt or claim and all the circumstances of the case;
(j) the petition shall not be heard until the expiration of at least 8 clear days from the filing of such certificate as is mentioned in paragraph (h);
(k) before the hearing of the petition, notices stating the day on which the same is appointed to be heard shall be published at such times and in such newspapers as the judge directs, and such notices shall be in Form 7 in the Schedule.
Order sanctioning issue of shares at a discount
12. Unless, in
any particular case, the Court otherwise directs, every order sanctioning the
issue of shares at a discount shall contain
a direction that a copy of such
order shall be delivered to the Registrar of Companies for registration within
10 days from the date
thereof or within such further or other time as the court
may allow and that the order shall not take effect till such copy has been
so
delivered.
Order for transfer of property and liabilities
13. Where an
application is made under section 210
of the Act, the order shall be in Form 8 in the Schedule.
________
SCHEDULE
FORM 1
(r. 10(2))
IN THE SUPREME COURT OF FIJI AT
MISCELLANEOUS CAUSE NO. .................... OF 19
In the Matter of (a) ............................... Limited
and
In the Matter of the Companies Act
and
In
the Matter of an Application for
(b)
___________________________________
(a)
Insert full name of
company.
(b)
Insert relief sought
ORDER
UPON READING the application of the Petitioner by Summons
filed on the .............
day of ......, 19...., the Petition filed on the
................. day of ............................
19...., the affidavit
of ................................[in
support of the Petition], the
affidavit of ......... [service of notices
convening meetings] and the exhibits therein respectively referred to AND
UPON HEARING counsel for the Petitioners AND IT APPEARING that the special
resolution for the reduction of the capital of the said company referred to in
the said Petition has been duly passed.
IT 1S ORDERED:
*That section 71(2) of the Act shall not apply to (c)
and
That
an inquiry be made what are the debts, claims and liabilities of and affecting
the said company on the............... day
of...............,19...,
*other than debts, claims or liabilities in
respect of (d)
That notice of
the presentation of the said Petition and *that a list of creditors to whom such
inquiry extends is to be made out
as of the said................. day of
...................................... .................., 19, to be
inserted
in (e)
That the said list and
an affidavit verifying it be filed and served on the Registrar within days of
the date hereof.
________
FORM 2
(r. 11(b))
[Heading as in Form 1]
AFFIDAVIT
I A.B ..................... of
...........................
make oath and say:
1. The paper
annexed hereto and marked "A" contains a list of the creditors of and persons
having claims on the said company on the
......................... day of
........19 ...., being the date fixed by the order in this matter dated the,
19... together with
their respective addresses, and the nature and amount of
their, respective debts or claims, and such list is, to the best of my
knowledge,
information and belief, a true and accurate list of such creditors
and persons having claims on the day
aforesaid.
_____________________________
*If
applicable.
(c)
Here set out class of creditors to whom section
71(2)
of the Act is not to apply.
(d)
Here set out any debts, claims or
liabilities which have been excluded from the provisions of section
71(2)
of the Act by the earlier part of the
order.
(e)
Specify newspapers and dates of publication ordered.
2. To the
best of my knowledge, information and belief there was not, at the date
aforesaid, any debt, claim or liability which would,
if such date were the
commencement of the winding-up of the company, be admissible in proof against
the said company other than and
except the debts, claims and liabilities set
forth in the said list and debts, claims and liabilities to which the inquiry
directed
by the order made herein and dated the .......... day of, 19.... does
not extend. I am enabled to make this statement from the facts
within my
knowledge as the ......... of the said company, and from information derived
upon investigation of the affairs and the
books, documents and papers of the
said company.
SWORN etc.
A-LIST OF CREDITORS
|
Name,
Address and Description
of
Creditors |
Nature
of Debt or Claim
|
Amount
or estimated Value of Debt
or
Claim |
________
FORM 3
(r.11 (d))
[Heading as in Form 1]
NOTICE TO CREDITORS
To:
You are requested to take notice that a
Petition has been presented to the Supreme Court for confirming the reduction of
the capital
of the above company from $................................... to
$........................, and that by an order dated, 19..., an
inquiry was
directed as to the debts, claims and liabilities of the said company on the
............................................,
19.., *other than the debts,
claims and liabilities in respect of
(c).
In the list of persons
admitted by the company to have been on the ..................................
day of, ....................
19..., creditors of the company for debts, claims
and liabilities to which the inquiry extends, your name is entered as a creditor
(d).
If your claim in respect
of such debt, claim or liability to have been on the last mentioned day a
creditor to a larger amount than
is stated above you must on or before the
...... day of ......, 19..., send your name and address, the particulars of your
claim
and the name and address of your barrister and solicitor (if any) to the
under- signed at .............. In default of your so doing
the above entry in
the list of creditors will in all proceedings under the above application to
reduce the capital of the company
be treated as correct.
Dated
Barrister and Solicitor for the Company
________________________
*If
applicable.
(c)
Here set out the nature of debts, etc., to which inquiry does not extend.
(d)
Here state the amount of the debt or nature of the claim.
________
FORM 4
(r.11(e))
IN THE SUPREME COURT OF FIJI AT
MISCELLANEOUS CAUSE No. .......... OF 19
(a).................................. Limited
NOTICE is hereby given that a Petition for confirming the
reduction of the capital of the above company from $....... to $.......
was on
the.............. day of ......................, 19...., presented to the
Supreme Court and is now pending. And that by an
order that by an order dated
.........., 19...., an inquiry was directed as to debts, claims and, liabilities
of the said company
as on the day of .............., 19....
*other than
debts, claims and liabilities in respect of
(b)
A list of the persons
admitted to have been creditors of the company for debts, claims and liabilities
to which the said inquiry extends
on the ............... day of......, 19....,
may be inspected at (c)........... at
any time during the usual business hours on payment of the charge of one
dollar.
Any person who claims to have been on the said day of .........,
19..., and still to be, a creditor of the company in respect of any
such debt,
claim or liability, and who is not entered on the said list and claims to be so
entered, must, on or before the ........
day of ......., 19.., send his name and
address, and the particulars of his claim and the name and address of his
barrister and ........
solicitor (if any), to the undersigned at ..... or in
default thereof he will be precluded from objecting to the proposed reduction
of
capital.
Dated
Barrister and Solicitor for the Company
________________________
*If
applicable.
(a)
Insert full name of the
company.
(b)
Here set out the nature of debts, claims and liabilities to which the inquiry
does not extend.
(c)
Insert places where it may be inspected.
________
FORM 5
(r.11(f))
IN THE SUPREME COURT OF FIJI AT
MISCELLANEOUS CAUSE NO. ........... OF 19
In the Matter of (a).....................Limited
and
In the Matter of the Companies Act
AFFIDAVIT
We, C.D. etc. .................................... A
secretary of the company, E.F. etc.
the barrister and solicitor of the
company, and A.B. etc.
director of the company, severally make oath and
say:
Rule 11 (d)
I the said C.D. ........................... for myself,
say
__________________________
(a)
Insert full name of company.
1. I did on the ... day of .........,
19......, in the manner herein after-mentioned, serve a true copy of the notice
annexed and
marked "B" upon each of the persons whose names, addresses and
descriptions appear in the first, column of the list of creditors
marked "A"
annexed to the affidavit of .......................................... filed on
the .............. day of ........., 19....
2. I served the copies of the
said notice by addressing them to the said persons, affixing the proper postage
stamps, and posting
them at the
................................................... Post Office on the
.................... day of ....., 19...., at
....... o'clock in the
...................... noon.
And I the said E.F. .................. for
myself, say:
3. A true copy of the notice annexed and marked "C" has
appeared (b)
4. I have on the
paper annexed and marked "D" set forth a list of all claims, the particulars of
which have been sent in to me pursuant
to the said notice "B" by persons
claiming to be creditors of the said company for larger amounts than are stated
in the list of
creditors marked "A" referred to in the affidavit of
.............................................................................................
filed on the.........day of...., 19...,
(or)
No person has sent in
to me pursuant to the said notice "B" a claim to be entered on the said list for
a larger sum than that in respect
of which he is entered in the said list
"A".
5. I have, on the paper annexed and marked "E", set forth a list of
all claims, the particulars of which have been sent in to me pursuant
to the
notice referred to in paragraph 3 hereof by ............ of persons claiming to
be creditors of the said company on the ............
day of .........., 19....,
not appearing on the said list of creditors marked "A" and who claimed to be
entered thereon.
(or)
No claims have been sent in to me pursuant
to the notice referred to in paragraph 3 hereof by persons not entered on the
said list
"A" and claiming to be so entered.
And we
C.D. ................... and
A.B. ............... for ourselves,
say:
6. We have in the first part of exhibit "D" and also in the first
part of exhibit "E", respectively, set forth such of the said debts
and claims
as are admitted by the said company to be due wholly or in part, and how much is
admitted to be due in respect of such
of the said debts and claims as are not
wholly admitted, and such of the said debts and claims as the company contends
are wholly
or as to any and what part thereof not included in the inquiry in
this matter.
7. We have, in the second parts of exhibits "D" and "E" set
forth such of the said debts and claims as are wholly disputed by the
said
company, and such of the said debts and claims as the company contends would
even if admitted be wholly or as to any and what
part thereof not included in
the inquiry in this matter.
8. In the said exhibits "D" and "E" are
distinguished such of the debts the full amounts whereof are proposed to be
appropriated in
such manner as the judge shall direct.
And I the said
C.D. ..................... further
say:
___________
(b)
Insert names of newspapers and dates of publication.
9. The
exhibit annexed and marked "F" contains the receipts and the written consents of
such of the persons named in the said list
"A" (and is the exhibits "D" and "E")
as have been paid by the said company or have consented to the proposed
reduction of capital.
10. The said company is willing to set apart and
appropriate the full amount of the debts, claims and liabilities specified in
the
said list " A" (and in the exhibits "D" and "E") in respect of which
consents have not been obtained or which the said company has
not
paid.
11. All rent, rates, taxes, salaries, wages and other incidental
expenses current on the said .........day of ................., 19......,
and
since become due have been paid by ........... the said company.
SWORN
etc.
EXHIBIT "D"
List of debts and claims of which the particulars have
been sent in to
by persons claiming to be creditors of the said company for
larger amounts than are stated in the list of creditors made out by the
company.
FIRST PART
Debts and claims wholly or partly admitted by the
company:
|
|
|
|
|
|
|
|
Amount admitted by the company
to be within the inquiry and due to the creditor
|
Debts proposed to be
appropriated in full although disputed
|
Amounts admitted by the company to be owing but which it is
contended are not within the inquiry
|
|||
|
Names,
addresses and descriptions of creditors |
Particulars of debt or
claim
|
Total
amount claimed |
|||
|
|
|
|
|
|
SECOND PART
Debts and claims wholly disputed by the company:
|
|
|
|
|
|
|
Debts proposed
to be appropriated in full although disputed |
Amounts which even if admitted
it is contended would not be within the inquiry
|
|||
|
Names,
addresses and descriptions of claimants |
Particulars of claim
|
Total amount
claimed |
||
|
|
|
|
|
EXHIBIT "E"
List of debts and claims of which the particulars have
been sent in to ..............................
by persons claiming to be
creditors of the company, and to be entered on the list of the creditors made
out by the company.
FIRST PART
Debts and claims wholly or partly admitted by the
company:
|
|
|
|
|
|
Amounts
admitted by the company to be owing but which it is contended are not within the inquiry |
|
Names, addresses and
descriptions of creditors
|
Particulars of debt or
claim
|
Total amount
Claimed |
Amount admitted by the company
to be within the inquiry and due to the creditor
|
Debts proposed
to be
appropriated in full although disputed |
|
|
|
|
|
|
|
SECOND PART
Debts and claims wholly disputed by the company:
|
|
|
|
Debts proposed
to be appropriated in full although disputed |
Amounts which even if admitted
it is contended would not be within the inquiry
|
|
Names,
addresses and descriptions of claimants |
Particulars of claim
|
Total amount
claimed |
||
|
|
|
|
|
NOTE.-The names are to be inserted alphabetically.
________
FORM 6
(r.11(g))
[Heading as in Form 5]
NOTICE TO CREDITOR TO COME IN AND PROVE
To:
You are hereby required to come in and prove
the debt claimed by you against the above company, by filing your affidavit and
serving
a copy thereof upon .................. the barrister and solicitor for
the company on or before the ............. day of .............,
19...., and you
are to attend by your barrister and solicitor at the Judge's Chambers at
.......... on the ............. day of ....,
19, at o'clock in the forenoon
being the time appointed for hearing and adjudicating upon the claim and produce
any securities or
documents relating to your claim.
In default of your
complying with the above directions, you will *be precluded from objecting to
the proposed reduction of the capital
of the company/in all proceedings relative
to the proposed reduction of the capital of the company be treated as a creditor
for such
amount only as is set out against your name in the list of
creditors.
Dated
Barrister and Solicitor for the Company
________
FORM 7
(r.11(k))
[Heading as in Form 4]
NOTICE is hereby given that a petition presented to the
Supreme Court on the ............
.................... day of ..............,
19..., for confirming the reduction of the capital of the above company from
$.......
to $....................., is directed to be heard at ......... on the
.......... day of ...., 19..
Dated
Barrister and Solicitor for the Company
___________________________
*Delete
whichever is inapplicable.
________
FORM 8
(r.13)
[Heading as in Form 1]
ORDER
Upon READING the application of the Petitioner by Summons
filed on the ...... day of......, 19..., the Petition filed on the ............
day of .............., 19......, the affidavit of ........
[in the
support of the Petition], the
affidavit of ............................
[service of notices convening
meetings] and the exhibits therein respectively referred to AND UPON
HEARING counsel for the Petitioners, AND IT APPEARING that the special
resolution for the reduction of the capital of the said company referred to in
the said Petition has been duly passed
IT IS ORDERED:
1. That all
the property rights and powers of the transferor company specified in the first
and second schedules hereto and all other
property rights and powers of the
transferor company be transferred without further act or deed to the transferee
company and accordingly
the same shall pursuant to section
210(2) of the Companies Act be
transferred to and vest in the transferee company for all the estate and
interest of the transferor company therein but subject
nevertheless to all
charges now affecting the same *other than
(c).
2. That all the
liabilities and duties of the transferor company be transferred without further
act or deed to the transferee company
and accordingly the same shall pursuant to
section 210(2) of the Companies Act be
transferred to and become the liabilities and duties of the transferee
company.
3. That all proceedings now pending by or against the transferor
company be continued by or against the transferee company.
4. That the
transferee company do without further application allot to such members of the
transferor company as have not given such
notice of dissent as is required by
clause of the scheme of compromise or arrangement herein the shares in the
transferee company
to which they are entitled under the said scheme.
5.
That the transferor company do within fourteen days after the date of this order
cause a certified copy of this order to be delivered
to the Registrar of
Companies for registration and on such copy being so delivered the transferor
company shall be dissolved and
the Registrar of Companies shall place all
documents relating to the transferor company and registered with him on the file
kept
by him in relation to the transferee company and the files relating to the
said two companies shall be consolidated accordingly.
6. Liberty to
apply.
SCHEDULE 1
[Insert a short
description of the real property of the transferor company.]
SCHEDULE 2
[Insert a short
description of all stocks, shares, debentures and other chosen in action of the
transferor
company]
________________
*If
applicable
(c)
Here set out any charges which by virtue of the compromise or arrangement are to
cease to have effect.
________
SECTION
345-COMPANIES (WINDING-UP) RULES
________
TABLE OF
PROVISIONS
________
PART I-PRELIMINARY
RULE
1. Short
title
2.
Interpretation
3.
Application
4. Forms
PART II-COURT AND CHAMBERS
5. Proceedings in
court and chambers
6. Application in
chambers
7. Motions and
summonses
PART III-PROCEEDINGS
8. Title of
proceedings
9. Printed or
typewritten proceedings
10.
Documents to be sealed
11.
Issue of summons
12.
Orders
13. File of
proceedings
14.
Copies
15. Inspection of
file
16. Use of file by official
receiver and return of exhibits
PART IV-SERVICE OF PROCESS AND ENFORCEMENT OF ORDERS
17. Service of
process
18. Service by
post
19. Validity of
service
20. Enforcement of
orders
PART V-PETITION
21. Form of
petition
22. Presentation of
petition and deposit
23.
Advertisement of petition
24.
Service of petition
25. Verification
of petition
26. Copy of petition to
be furnished to creditor or contributory
PART VI INTERIM LIQUIDATOR
27. Appointment
of interim liquidator
PART VII-HEARING OF PETITIONS AND ORDERS MADE THEREON
28. Attendance
before hearing to show compliance with these
Rules
29. Notice by persons who
intend to appear
30. List of names
and addresses of persons who appear on the
petition
31. Affidavits in
opposition and reply
32.
Substitution of creditor or contributory for withdrawing petitioner
PART
VIII-ORDER TO WIND UP A COMPANY OR
ORDER
UNDER SECTION 212 OF THE
ACT
33. Notice that
winding-up order has been pronounced to be given to official
receiver
34. Documents for drawing
up order to be filed with
registrar
35. No appointment for
settling order
36. Contents of
winding-up order
37. Transmission
and advertisement of winding-up
order
38. Notice to the officer
charged with execution
PART IX-SPECIAL MANAGER
39. Appointment
of special manager
40. Accounting by
special manager
PART X-STATEMENT OF AFFAIRS
41. Preparation
of statement of affairs
42.
Extension of time for submitting statement of
affairs
43. Information subsequent
to statement of affairs
44.
Default
45. Expenses of statement of
affairs
46. Dispensing with
statement of affairs
PART XI-APPOINTMENT OF LIQUIDATOR IN A WINDING-UP BY THE COURT
47. Appointment
of liquidator on report of meetings of creditors and contributories
PART XII-SECURITY BY LIQUIDATOR OR SPECIAL MANAGER IN A WINDING-UP BY THE COURT
48. Provisions as
to security
49. Failure to give or
keep up security
PART XIII-VOLUNTARY WINDING-UP
50. Declaration
of solvency
51. Notification of
appointment
52. Statement of assets
and liabilities
PART XIV-PUBLIC EXAMINATION
53. Consideration
of report
54. Procedure consequent
on order for public examination
55.
Application for day for holding
examination
56. Appointment of time
and place for public examination
57.
Notice of public examination to creditors and
contributories
58. Default in
attendance
59. Notes of examination
to be filed
PART XV-PROCEEDINGS BY OR AGAINST DIRECTORS, PROMOTERS AND OFFICERS
60. Applications
by or against delinquent directors, promoters and officers
61. Hearing of
application
62. Use of depositions
taken at public examinations
PART XVI-WITNESSES AND DEPOSITIONS
63. Appointment
of shorthand writers
64. Depositions
at private examinations
PART XVII-DISCLAIMER
65.
Disclaimer
PART XVIII-VESTING OF DISCLAIMED PROPERTY
66. Vesting of
disclaimed property
PART XIX-ARRANGEMENTS WITH CREDITORS AND CONTRIBUTORIES IN A WINDING-UP BY THE COURT
67. Report by
official receiver on arrangements and compromises
PART XX-COLLECTION AND DISTRIBUTION OF ASSETS IN A WINDING-UP BY THE COURT
68. Collection
and distribution of company's assets by
liquidator
69. Power of liquidator
to require delivery of property
PART XXI-LIST OF CONTRIBUTORIES IN A WINDING-UP BY THE COURT
70. Liquidator to
settle list of contributories
71.
Appointment of time and place for settlement of
list
72. Settlement of list of
contributories
73. Notice to
contributories
74. Application to
the court to vary the list
75.
Variation of or addition to list of contributories
PART XXII-CALLS
76. Calls by
liquidator
77. Application to the
court for leave to make a call
78.
Document making the call
79. Service
of notice of a call
80. Enforcement
of call
PART XXIII-PROOFS
81. Proof of
debt
82. Mode of
proof
83. Verification of
proof
84. Contents of
proof
85. Statement of
security
86. Proof before whom
sworn
87. Costs of
proof
88. Discount
89. Periodical payments
90.
Interest
91. Proof for debt payable
at a future time
92. Workmen's
wages
93. Production of bills of
exchange and promissory notes
94.
Transmission of proofs to liquidator
PART XXIV-ADMISSION AND REJECTION OF PROOFS AND PREFERENTIAL CLAIMS AND APPEAL TO THE COURT
95. Notice to
creditors to prove
96. Examination
of proof
97. Appeal by
creditor
98. Expunging at instance
of liquidator
99. Expunging at
instance of creditor
100.
Oaths
101. Official receiver's
powers
102. Proofs to be
filed
103. Procedure where creditor
appeals
104. Time for dealing with
proofs by official receiver
105.
Time for dealing with proofs by
liquidator
106. Costs of appeals
from decisions as to proofs
PART XXV-DIVIDENDS IN A WINDING-UP BY THE COURT
107. Dividends to
creditors
108. Return of capital to
contributories
PART XXVI-MEETING OF CREDITORS AND CONTRIBUTORIES IN WINDING-UP BY THE COURT
109. First
meeting of creditors and
contributories
110. Notice of first
meetings in Gazette
111. Summoning
of first meetings
112. Form of
notices of first meetings
113.
Notice of first meeting to officers of
company
114. Summary of statement of
affairs
PART XXVII-GENERAL MEETING OF CREDITORS AND CONTRIBUTORIES IN RELATION TO WINDING-UP BY THE COURT AND OF CREDITORS IN RELATION TO A CREDITORS' VOLUNTARY WINDING-UP
115. Liquidator's
meetings of creditors and
contributories
116. Application of
rules as to meetings
117. Summoning
of meetings
118. Proof of
notice
119. Place of
meetings
120. Costs of calling
meetings
121. Chairman of
meeting
122. Ordinary resolution of
creditors and contributories
123.
Copy of resolution to be filed
124.
Non-reception of notice by a
creditor
125.
Adjournments
126.
Quorum
127. Creditors entitled to
vote
128. Cases in which creditors
may not vote
129. Votes of secured
creditors
130. Creditor required to
give up security
131. Admission and
rejection of proofs for purpose of voting
132. Statement of
security
133. Minutes of
meeting
PART XXVIII-PROXIES IN RELATION TO A WINDING-UP BY THE COURT AND TO MEETINGS OF CREDITORS IN A CREDITORS' VOLUNTARY WINDING-UP
134.
Proxies
135. Form of
proxies
136. Forms of proxy to be
sent with notices
137. General
proxies
138. Special
proxies
139. Solicitation by
liquidator to obtain proxies
140.
Proxies to official receiver or
liquidator
141. Holder of proxy not
to vote on matter in which he is financially
interested
142. Lodging of
proxies
143. Use of proxies by
deputy
144. Filling in where
creditor blind or incapable
PART XXIX-ATTENDANCE AND APPEARANCE OF PARTIES
145. Attendance
at proceedings
146. Attendance of
liquidator's barrister and solicitor
PART XXX-LIQUIDATOR AND COMMITTEE OF INSPECTION
147. Remuneration
of liquidator
148. Limit of
remuneration
149. Dealings with
assets
150. Restriction on purchase
of goods by liquidator
151.
Committee of inspection not to make
profit
152. Costs of obtaining
sanction of court
153. Sanction of
payments to committee
154. Discharge
of costs before assets handed to
liquidator
155. Resignation of
liquidator
156. Office of liquidator
vacated by his insolvency
PART XXXI-PAYMENTS INTO AND OUT OF A BANK
157. Payments out
of bank
158. Special bank
account
PART XXXII-BOOKS
159. Record
file
160. Cash book
PART XXXIII-INVESTMENT OF FUNDS
161. Investment
of funds
PART XXXIV-ACCOUNTS AND AUDIT IN A WINDING-UP BY THE COURT
162. Audit of
cash book
163. Audit of liquidator's
accounts by official receiver
164.
Liquidator carrying on business
165.
Copy of accounts to be filed
166.
Summary of accounts
167. Affidavit
of no receipts or payments
168.
Proceedings on resignation, etc., of liquidator-disposal of books
169. Expenses of sales
PART XXXV-FINAL ACCOUNTS AND RETURNS IN VOLUNTARY WINDING-UP
170. Final
accounts and returns in voluntary
winding-up
171. Return of holding of
meetings
172. Taxation of costs
payable by or to official receiver or liquidator or by
company
173. Lodgement of
bill
174. Notice of
appointment
175. Copy of the bill to
be furnished
176. Applications for
costs
177. Certificate of
taxation
178. Certificate of
employment
179. Costs of
execution
180. Taxation of costs of
execution after deduction
PART XXXVI-COSTS AND EXPENSES PAYABLE OUT OF THE ASSETS OF THE COMPANY
181. Liquidator's
charges
182. Costs payable out of
the assets
PART XXXVII-CONCLUSION OF WINDING-UP
183. Conclusion
of winding-up
184. Delivery of
liquidator's statements
185.
Affidavit of no receipts or payments
PART XXXVIII-UNCLAIMED FUNDS AND UNDISTRIBUTED ASSETS IN THE HANDS OF THE LIQUIDATOR
186. Payment of
undistributed and unclaimed money into Companies Liquidation
Account
187. Liquidator to furnish
information to official
receiver
188. Official receiver may
call for verified accounts
189.
Application to the court for enforcing and account, and getting in
money
190. Application for payment
out by person entitled
191.
Application by liquidator for payment out
PART XXXIX-RELEASE OF LIQUIDATOR IN A WINDING-UP BY THE COURT
192. Proceedings
for release of liquidator
193.
Disposal of books and papers
194.
Applications under section 247 and
section 326 of the Act
PART
XL-BOOKS TO BE KEPT, AND RETURNS TO BE
MADE,
BY OFFICERS OF THE
COURT
195. Books to be
kept by officers of the court
PART XLI-GAZETTING IN A WINDING-UP BY THE COURT
196. Gazette
Notices
197. Filing memorandum of
Gazette Notices
PART XLII-ARREST AND COMMITTAL
198. To whom
warrants may be addressed
199.
Prison to which person arrested on warrant is to be
taken
200. Prison to which person
arrested is to be conveyed, and production and custody of persons
arrested
PART XLIII-MISCELLANEOUS
201. Enlargement
or abridgment of time
202. Formal
defect not to invalidate
proceedings
203. Application of
existing procedure
Schedule-Forms
-----------------------
COMPANIES (WINDING-UP) RULES
Legal Notice No. 84 of 1983
(In force 1 January 1984*)
*See Legal Notice No. 91 of 1984.
PART I-PRELIMINARY
Short title
1. These Rules
may be cited as the Companies (Winding-up) Rules.
Interpretation
2. In these
Rules, except where the context otherwise requires-
"company" means a company which is being wound up, or against which proceedings to have it wound up, or proceedings under section 212 of the Act, have been commenced;
"judge" means a judge of the court;
"prescribed" in relation to fees or charges means prescribed by the rules of the court;
"proceedings" means the proceedings in the winding-up of a company under the Act, or proceedings under section 212 of the Act;
"registrar" means the Chief Registrar or a deputy registrar of the court;
"sealed" means sealed with the seal of the court.
Application
3.-(1) Subject to
the provisions of this rule, these Rules shall apply to the proceedings in every
winding-up under the Act which commences
on or after 1 January 1984, and to all
proceedings under section 212 of the
Act.
(2) Rules which from their nature and subject-matter, or which by
the headings above the group in which they are contained or by their
terms, are
made applicable only to the proceedings in a winding-up by the court, or only to
such proceedings and to proceedings in
a creditors' voluntary winding-up, shall
not apply to the proceedings in a voluntary winding-up, or, as the case may be,
in a members'
voluntary winding-up.
(3) Rules which from their nature and
subject-matter, or which by the headings above the group in which they are
contained or by their
terms, are made applicable only to the proceedings in a
winding-up, whether by the court or voluntarily or subject to the supervision
of
the court, shall not apply to proceedings under section
212 of the Act.
Form
4. The forms in
the Schedule, where applicable, and, where they are not applicable, forms of the
like character, with such variations
as circumstances may require, shall be used
for the purpose of these Rules.
PART II - COURT AND CHAMBERS
Proceedings in court and chambers
5.-(1) The
following matters and applications to the court shall be heard in open
court:-
(a) petitions;
(b) public examinations;
(c) applications under subsection (1) of section 326 of the Act;
(d) applications to rectify the register;
(e) appeals from the official receiver;
(f) appeals from any decision or act of the liquidator;
(g) applications relating to the admission or rejection of proofs;
(h) proceedings under section 325 of the Act;
(i) applications under section 339 of the Act;
(j) applications under section 335 of the Act;
(k) applications under subsections (1) and (2) of section 324 of the Act;
(l) applications under section 190 of the Act;
(m) applications under subsection (2) of section 403 of the Act;
(n) applications for the committal of any person to prison for contempt;
(o) such matters and applications as a judge may, from time to time, by any general or special order, direct to be heard in open court.
(2) Any other matter or
application may be heard and determined in, chambers.
Applications in chambers
6. Subject to the
provisions of the Act and of these Rules-
(a) the registrar may, under the general or special directions of a judge, hear and determine any application or matter which, under the Act and these Rules, may be heard and determined in chambers;
(b) any matter or application before the registrar may, at any time, be adjourned by him to be heard before a judge either in chambers or in court;
(c) any matter or application may, if a judge or, as the case may be, the registrar, thinks fit, be adjourned from chambers to court or from court to chambers.
Motions and summonses
7.-(1) Every
application in court, other than a petition, shall be made by motion, notice of
which shall be served on every person against
whom an order is sought not less
than 3 clear days before the day named in the notice for hearing the
motion.
(2) Every application in chambers shall be made by summons as in
Form No. 2 set out in the Schedule which, unless otherwise ordered,
shall be
served on every person against whom an order is sought not less than 3 clear
days before the day named in the notice for
hearing the summons, and shall
require the person or persons to whom the summons is addressed to attend at the
time and place named
in the summons.
PART III-PROCEEDINGS
Title of proceedings
8.-(1) All
documents in any proceedings shall be dated, and shall, with any necessary
additions, be intituled in the matter of the company
to which they relate and in
the matter of the Act and otherwise as in Form No. 1. Numbers and dates may be
denoted by figures.
(2) The first proceeding in any year shall have a
distinctive number assigned to it in the office of the registrar, and all
proceedings
subsequent to the first proceeding shall bear the same number as the
first proceeding.
Printed or typewritten proceedings
9. All
proceedings shall be printed or typewritten, or partly printed and partly
typewritten, on paper of durable quality and of International
Size A-4,
approximately 297 mm long and 210 mm wide, having a margin not less than 39 mm
wide, to be left blank on the left side
of the face of the paper and on the
right side of the reverse:
Provided that no objection shall be allowed to
any proof or affidavit on account only of it being printed or typewritten or
paper
of other size.
Documents to be sealed
10. All orders,
summonses, petitions, warrants or other documents of any kind in any proceedings
and certified copies thereof shall be
sealed.
Issue of summons
11. Every summons
in proceedings in court shall be prepared by the applicant or his barrister and
solicitor and issued from the office
of the registrar; a summons, when sealed,
shall be deemed to be issued; and the person taking out the summons shall file
in the office
of the registrar a duplicate thereof.
Orders
12. Every order,
whether made in court or in chambers, shall be drawn up by the registrar, unless
in any proceeding a judge or registrar
making the order otherwise directs; where
a direction is given that no order need be drawn up, a note or memorandum of the
order,
signed or initialled by the judge, or the registrar making the order,
shall be sufficient evidence of the order having been made.
File of proceedings
13. A file of
proceedings shall be kept by the registrar on which, subject to the directions
of the court, all petitions, affidavits,
summonses, orders, proofs when filed in
court, notices, depositions and other proceedings in the matters shall be placed
and remain
on record.
Copies
14.-(1) All
copies of petitions, affidavits, depositions, papers and writings, or any parts
thereof, required by the official receiver
or any liquidator, contributory,
creditor, officer of a company or other person entitled thereto, shall be
provided by the registrar,
and shall, except as to figures, be written out at
length, and be sealed and delivered without any unnecessary delay, and in the
order in which they have been bespoken.
(2) Where it is impracticable to
make written copies of such documents, the registrar may authorize the use of
photographic copies.
Inspection of file
15. Every person
who has been a director or officer of a company which is being wound up, and the
official receiver or an officer duly
authorized by him, shall be entitled free
of charge, and every contributory and every creditor whose claim or proof has
been admitted
shall be entitled on payment of the prescribed fee, at all
reasonable times, to inspect a file of proceedings and to take copies
of, or
extracts from, any document therein, or be furnished with such copies or
extracts on payment of the prescribed fee.
Use of file by official receiver and return of exhibit
16.-(1) Where, in
the exercise of his functions under the Act or these Rules, the official
receiver requires to inspect a file of proceedings,
the registrar shall permit
the official receiver to inspect the same.
(2) Upon the conclusion of a
public examination, any exhibits received in evidence of the court may be
delivered to the official receiver.
PART IV-SERVICE OF PROCESS AND ENFORCEMENT OF ORDERS
Service of process
17.-(1) It shall
be the duty of the registrar to serve such orders, summonses, petitions and
notices as the court may require him to
serve and to execute warrants and other
process.
(2) Nothing in this rule shall require any order, summons,
petition or notice to be served by a bailiff or officer of the court which
is
not specially by the Act or these Rules required to be so served, unless the
court in any particular proceedings by order so directs.
Service by post
18. All notices,
summonses and other documents, other than those of which personal service is
required, may be served by post.
Validity of service
19. No service
shall be deemed invalid by reason that the name, or any of the names other than
the surname of the person to be served,
has been omitted from the document
containing-the person's name, provided that the court is satisfied that in other
respects the
service of the document has been sufficient.
Enforcement of orders
20. Every order
of the court made in the exercise of powers conferred by the Act and these Rules
may be enforced as if it were a judgement
or order of the court made in the
exercise of its ordinary jurisdiction.
PART V-PETITION
Form of petition
21. Every
petition shall be in Form No. 3, 4 or 5 with such variations as circumstances
may require.
Presentation of petition and deposit
22.-(1) A
petition shall be presented at the office of the registrar, who shall appoint
the time and place at which the petition is to
be heard.
(2) Notice of
the time and place so appointed shall be written on the petition and sealed
copies thereof, and the registrar may, at
any time before the petition had been
advertised, alter the time appointed and fix another time.
(3) Upon the
presentation of a petition, the petitioner shall deposit with the official
receiver the sum of $100, and such further
sum, if any, as the court may, from
time to time, direct, to cover the fees and expenses to be incurred by the
official receiver
as provisional liquidator; and no petition shall be received
unless the receipt of the official receiver for the deposit payable
on the
presentation of the petition is produced to the proper office of the
court.
(4) The official receiver shall account for the money so deposited
to the petitioner, and any sum so paid by a petitioning creditor
shall be repaid
to such (Creditor, except and so far as such deposit may be required, by reason
of insufficiency of assets, for the
payment of the fees of and expenses incurred
by the official receiver, out of the property of the company in the priority
prescribed
by these Rules.
Advertisement of petition
23. Every
petition shall be advertised for at least 7 days before the hearing as
follows-
(a) once in the Gazette, and once at least in 1 newspaper published in Fiji and circulating in the district where the registered office, or principal or last known principal place of business, as the case may be, of the company is or was situate; and
(b) such advertisement shall state the date on which the petition was presented and the name and address of the petitioner and of his barrister and solicitor, and shall contain a note at the foot thereof stating that any person who intends to appear on the hearing of the petition, either to oppose or support it, must send notice of his intention to the petitioner, or to his barrister and solicitor, within the time and manner prescribed by rule 29, and an advertisement of a petition for the winding-up of a company by the court which does not contain such a note shall be deemed to be invalid:
Provided that, if the petitioner, or
his barrister and solicitor, does not, within the time prescribed by these
Rules, or within such
extended time as the registrar may allow, duly advertise
the petition in the manner prescribed by this rule, the appointment of the
time
and place at which the petition is to be heard shall be cancelled by the
registrar and the file shall be closed unless a judge
or the registrar, shall
otherwise direct.
Service of petition
24.-(1) Every
petition shall, unless presented by the company, be served upon the company at
its registered office, if any, and, if there
is no registered office, at the
principal or last known principal place of business thereof, by leaving a copy
of the petition with
any member, officer or servant of the company, or, if no
such member, officer or servant can be found, by leaving a copy at such
registered office or principal place of business, or by serving it on such
member, officer or servant of the company as the court
may direct; and, where
the company is being wound up voluntarily, the petition shall also be served
upon the liquidator, if any,
appointed for the purpose of winding-up the affairs
of the company.
(2) An affidavit of service of such petition shall be
sworn and filed by the officer executing service thereof.
Verification of petition
25. Every
petition shall be verified by an affidavit, which shall be sworn by the
petitioner, or by 1 of the petitioners if more that
1, or, where the petition is
presented by a corporation, by a director, secretary or other principal officer
thereof, and shall be
sworn and filed within 4 days after the petition is
presented and such affidavit shall be prima facie evidence of the contents of
the petition.
Copy of petition to be furnished to creditor or contributory
26. Every
contributory, or, in the case of a petition for the winding-up of a company,
every creditor, of the company shall be entitled
to be furnished by the
barrister and solicitor of the petitioner with a copy of the petition within 24
hours on paying the prescribed
charge for such copy.
PART VI-INTERIM LIQUIDATOR
Appointment of interim liquidator
27.-(1) After a
petition has been presented, the court, upon the application of a creditor, or
of a contributory, or of the company,
and upon proof by affidavit of sufficient
grounds for so doing, may, upon such terms as the court thinks fit, appoint an
interim
liquidator.
(2) Any order appointing an interim liquidator shall
bear the number of the petition, and shall state the nature and a short
description
of the property of which the interim liquidator is ordered to take
possession, and the duties to be performed by the interim liquidator.
(3)
Subject to any order of the court, if no order for the winding-up of the company
is made upon the petition, or if an order for
the winding-up of the company on
the petition is rescinded, or if all proceedings on the petition are stayed, or
if an order is made
continuing the voluntary winding-up of the company subject
to the supervision of the court, an interim liquidator shall be entitled
to be
paid, out of the property of the company, all costs, charges and expenses
properly incurred by him as interim liquidator, including
such sum as is payable
under the scale of fees for the time being in force, and may retain out of such
property the amount of such
costs, charges and expenses.
PART VII-HEARING OF PETITIONS AND ORDERS MADE THEREON
Attendance before hearing to show compliance with these Rules
28.-(1) After a
petition has been presented, the petitioner or his barrister and solicitor
shall, on a day to be appointed by the registrar,
attend before him to satisfy
him that the petition has been duly advertised, that the prescribed affidavit
verifying the contents
thereof and the affidavit of service, if any, have been
duly filed and that the provisions of these Rules have been duly complied
with
by the petitioner.
(2) No order shall be made on the petition of any
petitioner who has not, before the hearing of the petition, attended before the
registrar, at the time appointed, and satisfied him in manner required by this
rule.
Notice by persons who intend to appear
29.-(1) Every
person who intends to appear on the hearing of a petition shall serve on the
petitioner or his barrister and solicitor,
at the address stated in the
advertisement of the petition, notice of his intention to do so.
(2) Such
notice shall contain the address of such person, and shall be signed by him or
by his barrister and solicitor, and shall
be served in time to reach the address
not later than 4 o'clock in the afternoon of the day before the day appointed
for the hearing
of the petition, or, if such day is a Monday, not later than 4
o'clock in the afternoon of the Friday before such day; the notice
shall be in
Form No. 13 with such variations as circumstances may require.
(3) Any
person who fails to comply with the provisions of this rule shall not, without
the special leave of the court, be allowed
to appear on the hearing of the
petition.
List of names and addresses of persons who appear on the petition
30.-(1) The
petitioner or his barrister and solicitor shall prepare a list of the names and
addresses of the persons who have given notice
of their intention to appear on
the hearing of the petition, and of their respective barrister and solicitor;
such list shall be
in Form No. 14.
(2) On the day appointed for hearing
the petition, a fair copy of the list, or, if no notice of intention to appear
has been given,
a statement in writing to that effect, shall be filed by the
petitioner or his barrister and solicitor in court before the hearing
of the
petition.
Affidavits in opposition and reply
31.-(1)
Affidavits in opposition to a petition shall be filed within 7 days of the date
on which the affidavit verifying the petition
is filed, and notice of the filing
of every such affidavit shall be given to the petitioner or his barrister and
solicitor on the
day on which such affidavit is filed.
(2) An affidavit
in reply to an affidavit filed in opposition to a petition shall be filed within
3 days of the date on which notice
of such affidavit is received by the
petitioner or his barrister and solicitor.
Substitution of creditor or contributory for withdrawing petitioner
32.-(1) When a
petitioner for an order that a company be wound up by the court or subject to
the supervision of the court is not entitled
to present a petition, or, whether
so entitled or not, where he either-
(a) fails to advertise his petition within the time prescribed by these Rules or such extended time as the registrar may allow; or
(b) consents to withdraw his petition, or to allow it to be dismissed or the hearing of it to be adjourned, or fails to appear in support of his petition when it is called in court on the day originally fixed for the hearing thereof, or on any day to which the hearing has been adjourned; or
(c) if appearing, does not apply for an order in the terms of the prayer of his petition,
the court may, upon such terms as it
may think fit, substitute as petitioner any creditor or contributory who appears
to the court
to have a right to present a petition, and who is desirous of so
doing.
(2) An order to substitute a petitioner may, where a petitioner
fails to advertise his petition within the time prescribed by these
Rules, or
consents to withdraw his petition, be made in chambers at any time.
PART VIII-ORDER TO WIND UP A COMPANY OR ORDER UNDER SECTION 212 OF THE ACT
Notice that winding-up order has been pronounced to be given to official receiver
33.-(1) When an
order for the winding-up of a company, or for the appointment of an interim
liquidator before the making of an order
for the winding-up of the company, has
been made, the registrar shall, on the same day, send to the official receiver a
notice informing
him that the order has been made.
(2) Such notice shall
be in Form Nos. 15 and 16 respectively with such variations as circumstances may
require.
Documents for drawing up order to be filed with registrar
34. It shall be
the duty of the petitioner or his barrister and solicitor, and of all other
persons who have appeared on the hearing
of the petition, not later than the day
following the day on which an order for the winding-up of a company or an order
under section
212 of the Act is made,
to file at the office of the registrar all documents required for the purpose of
enabling the registrar to complete
the order forthwith.
No appointment for settling order
35. Except in the
case of an order made under section 212
of the Act, it shall not be necessary for the registrar to make an appointment
to settle the order, unless, in any particular case,
the special circumstances
make an appointment necessary.
Contents of winding-up order
36.-(1) An order
for winding-up a company by the court shall be in Form No. 17.
(2) An
order to wind up a company or for the appointment of an interim liquidator shall
contain at the foot thereof a notice stating
that it will be the duty of such of
the persons who are liable to make out or concur in making out the company's
statement of affairs,
as the official receiver may require, to attend on the
official receiver at such time and place as he may appoint and to give him
all
information he may require.
Transmission and advertisement of winding-up order
37.-(1) When an
order that a company be wound up, or for the appointment of an interim
liquidator, has been made-
(a) 3 copies of the order duly sealed shall forthwith be sent by the registrar to the official receiver;
(b) the official receiver shall cause 1 sealed copy of the order to be served upon the company by post, or, if there is no registered office, at its principal or last known principal place of business, or upon such other person or persons, or in such other manner, as the court may direct, and shall file a certificate of service of the order;
(c) the official receiver shall forthwith cause the order to be published in the Gazette;
(d) the official receiver shall forthwith publish notice of the making of the order in such newspaper published and circulating in Fiji as he may consider appropriate.
(2) An order for the winding-up
of a company subject to the supervision of the court shall, before the
expiration of 12 days from
the date thereof, be published by the petitioner once
in the Gazette, and shall be served on such persons and in such manner as the
court directs.
(3) Where an order under section
212 of the Act has been made, a
certified copy of the order shall, unless the court otherwise orders, be served
by the petitioner on the
company and on the registrar of companies in the manner
prescribed by subparagraph (b) of
paragraph (1), and, where such order involves a reduction of capital or
alteration of the memorandum of association, the Act and
Rules of Court relative
to such matters shall apply as the court may direct.
Notice to the officer charged with execution
38. For the
purposes of section 318 of the Act, a
notice that-
(a) a winding-up petition has been presented; or
(b) a winding-up order has been made; or
(c) an interim liquidator has been appointed; or
(d) a meeting has been called at which there is to be proposed a resolution for the voluntary winding-up of the company; or
(e) a resolution has been passed for the voluntary winding-up of the company,
shall
be in writing and shall be addressed to the officer charged with the execution
thereof, and may be served by being delivered
by hand or by registered
post.
PART IX-SPECIAL MANAGER
Appointment of special manager
39.-(1) An
application by the official receiver for the appointment of a special manager
shall be supported by a report of the official
receiver, which shall be placed,
on the file of proceedings, and such report shall either state the amount of
remuneration which,
in the opinion of the official receiver, ought to be allowed
to the special manager, or that it is, in the opinion of the official
receiver,
desirable that the fixing of such remuneration should be deferred; no affidavit
by the official receiver in support of
the application shall be
required.
(2) The remuneration of the special manager shall, unless the
court in any case otherwise directs, be stated in the order appointing
him, but
the court may, at any subsequent time, for good cause shown, make an order for
payment to the special manager of further
remuneration.
Accounting by special manager
40. Every special
manager shall account to the official receiver, and the special manager's
accounts shall be verified by affidavit,
and, when approved by the official
receiver, the totals of the receipts and payments shall be added by the official
receiver to his
accounts.
PART X-STATEMENT OF AFFAIRS
Preparation of statement of affairs
41.-(1) A person
who, under section 233 of the Act, has
been required by the official receiver to submit and verify a statement of
affairs of a company shall be furnished
by the official receiver with such forms
and instructions as the official receiver, in his discretion, considers
necessary; the statement
shall be made out in duplicate, 1 copy of which shall
be verified by affidavit, and the official receiver shall cause to be filed
with
the registrar the verified statement of affairs.
(2) The official
receiver may, from time to time, hold personal interviews with any of the
persons mentioned in any of paragraphs
(a),
(b),
(c) and
(d) of subsection (2) of section
233 of the Act, for the purpose of
investigating the company's affairs, and it shall be the duty of every such
person to attend on the
official receiver at such time and place as the official
receiver may appoint and give the official receiver all information which
he may
require.
Extension of time for submitting statement of affairs
42. When any
person requires any extension of time for submitting a statement of affairs, he
shall apply to the official receiver, who
may, if he thinks fit, give a written
certificate extending the time, which certificate shall be filed with the
proceedings and shall
render an application to the court unnecessary.
Information subsequent to statement of affairs
43. After the
statement of affairs of a company has been submitted to the official receiver,
it shall be the duty of each person who
has made or concurred in making it, if
and when required, to attend on the official receiver and answer all questions
which may be
put to him, and give all such additional information as may be
required of him by the official receiver in relation to the statement
of
affairs.
Default
44. Any default
in complying with the requirements of section
233 of the Act may be reported by the
official receiver to the court.
Expenses of statement of affairs
45. A person who
is required to make or concur in making any statement of affairs of a company
shall, before incurring any costs or expenses
in and about the preparation and
making of the statement, apply to the official receiver for his sanction and
submit a statement
of the estimated costs and expenses which it is intended to
incur; and, except by order of the court, no person shall be allowed
out of the
assets of the company any costs or expenses which have not, before being
incurred, been sanctioned by the official receiver.
Dispensing with statement of affairs
46.-(1) Any
application to dispense with the requirements of section
233 of the Act shall be supported by a
report of the official receiver showing the special circumstances which, in his
opinion, render
such a course desirable.
(2) When the court has made an
order dispensing with requirements of the said section, it may give such
consequential directions as
it may see fit, and, in particular, it may give
directions as to the sending of any notices which are, by these Rules, required
to
be sent to any person mentioned in the statement of affairs.
PART XI-APPOINTMENT OF LIQUIDATOR IN A WINDING-UP BY THE COURT
Appointment of liquidator on report of meetings of creditors and contributories
47.-(1) As soon
as possible after the first meetings of creditors and contributories have been
held the official receiver shall report
the result of each meeting to the
court.
(2) (a) Upon the result of the meetings of creditors and contributories being reported to the court, if there is a difference between the determinations of the meetings of the creditors and contributories, the court shall, on the application of the official receiver, fix a time and place for considering the resolutions and determinations, if any, of the meetings, deciding differences, and making such order as is necessary.
(b) In any other case, the court may, upon the application of the official receiver, forthwith make any appointment necessary for giving effect to any such resolutions or determinations.
(3) When a time and place have
been fixed for the consideration of the resolutions and determinations of the
meetings, such time and
place shall be advertised by the official receiver in
such manner as the court directs, but so that the first or only advertisement
shall be published not less than 7 days before the time so fixed.
(4)
Upon the consideration of the resolutions and determinations of the meetings,
the court shall hear the official receiver and any
creditor or contributory.
(5) Every appointment of a liquidator other than the official receiver
in a winding-up by the court shall be notified to the registrar
of companies in
Form No. 24.
(6) (a) If a liquidator other than the official receiver is appointed, the official receiver shall, as soon as the liquidator has given security, cause notice of the appointment to be published in the Gazette.
(b) If a committee of inspection is appointed, the official receiver shall similarly cause notice of the appointment to be published in the Gazette.
(c) The expense of such publication shall be paid by the liquidator, but may be charged by him against the assets of the company.
(7) Every appointment of a
liquidator shall be advertised by the liquidator in a newspaper published and
circulating in Fiji immediately
after the appointment has been made, and the
liquidator has given the required security.
(8) If a liquidator in a
winding-up by the court dies, or resigns, or is removed, another liquidator may
be appointed in his place
in the same manner as in the case of a first
appointment, and the official receiver shall, on the request of not less than
one-tenth
in value of the creditors or contributories, summon meetings for the
purpose of determining whether or not the vacancy shall be filled;
but none of
the provisions of this rule shall apply where the liquidator is released under
section 248 of the Act, in which case
the official receiver shall remain liquidator.
PART XII-SECURITY BY LIQUIDATOR OR SPECIAL MANAGER IN A WINDING-UP BY THE COURT
Provisions as to security
48. In the case
of a special manager or a liquidator other than the official receiver, the
following provisions as to security shall
have effect, namely:-
(a) the security shall be given to such officers or persons and in such manner as the court may, from time to time, direct;
(b) it shall not be necessary for security to be given in each separate winding-up; but security may be given either specially in a particular winding-up, or generally, to be available for any winding-up in which the person giving security may be appointed, either as liquidator or special manager;
(c) the court shall fix the amount and nature of such security, and may, from time to time, as it thinks fit, either increase or diminish the amount of special or general security which any person has given;
(d) the registrar shall issue a certificate that security has been given to the satisfaction of the court, and a copy of such certificate shall be given to the official receiver;
(e) the cost of furnishing the required security by a liquidator or special manager, including any premiums which he may pay to a guarantee society, shall be borne by him personally, and shall not be charged against the assets of the company as an expense incurred in the winding-up.
Failure to give or keep up security
49.-(1)
If a liquidator or special manager fails to give the required security within
the time stated for that purpose in the order appointing
him, or any extension
thereof, the official receiver shall report such failure to the court, which may
thereupon rescind the order
appointing the liquidator or special manager.
(2) If a liquidator or special manager fails to keep up his security,
the official receiver shall report such failure to the court,
which may
thereupon remove the liquidator or special manager and make such order as to
costs as the court shall think fit.
(3) Where an order is made under this
rule rescinding an order for the appointment of or removing a liquidator, the
court may direct
that meetings shall be held for the purpose of determining
whether an application shall be made to the court for another liquidator
to be
appointed, and thereupon the same meetings shall be summoned and the same
proceedings may be taken as in the case of a first
appointment of a
liquidator.
PART XIII-VOLUNTARY WINDING-UP
Declaration of solvency
50. The
declaration to be made in accordance with section
277 of the Act by the directors of a
company which it is proposed to wind up voluntarily shall be in Form No.
27.
Notification of appointment
51.-(1) Every
appointment of a liquidator in a member's voluntary winding-up shall be notified
to the registrar of companies in Form
No. 28, and every appointment of a
liquidator in a creditor's voluntary winding-up shall be in Form No.
29.
(2) Every such liquidator shall cause notice of his appointment to be
published in the Gazette.
Statement of assets and liabilities
52. The statement
of assets and liabilities which a liquidator shall lay before a meeting of
creditors of a company summoned in accordance
with subsection (1) of section
282 of the Act shall be in Form No.
30.
PART XIV PUBLIC EXAMINATION
Consideration of report
53. The
consideration of a report made by the official receiver pursuant to subsection
(2) of section 234 of the Act shall be
before a judge in chambers, and the official receiver shall personally, or by
his deputy or barrister and solicitor,
attend the consideration of the report
and give the court any further information or explanation with reference to the
matters stated
in the report which the court may require.
Procedure consequent on order for public examination
54. Where a judge
makes an order under section 266 of the
Act, directing any person to attend for public examination-
(a) the examination shall be held before a judge;
(b) the judge may, if he thinks fit, either in the order for examination or by any subsequent order, give directions as to the special matters on which any such person is to be examined.
Application for day for holding examination
55. Upon an order
directing a person to attend for public examination being made, the official
receiver shall, unless a judge otherwise
directs, without further order, take an
appointment for the public examination to be held.
Appointment of time and place for public examination
56. A day and
place shall be appointed for holding the public examination, and notice of the
day and place so appointed shall be given
by the official receiver to the person
to be examined by sending to him such notices by post at least 14 days before
the day so appointed,
unless the court otherwise directs.
Notice of public examination to creditors and contributories
57.-(1) The
official receiver shall give notice of the time and place appointed for holding
a public examination to the creditors and
contributories by advertisement in a
newspaper published and circulating in Fiji, and shall also cause notice of the
appointment
to be published in the Gazette.
(2) Where an adjournment of
the public examination has been directed, notice of the adjournment shall not,
unless otherwise directed
by the court, be advertised in any newspaper or in the
Gazette.
Default in attendance
58. If any person
who has been directed by the court to attend for public examination fails to
attend at the time and place appointed,
and shows no good cause for such
failure, or if, before the day appointed for the examination, the official
receiver satisfies the
court that such person has absconded, or that there is
reason for believing that he is about to abscond with the intention of avoiding
examination, the court may, upon proof to its satisfaction that notice of the
order and of the time and place appointed for attendance
at the public
examination was duly served, without any further notice, issue a warrant for the
arrest of the person required to attend,
or make such other order as the court
thinks fit.
Notes of examination to be filed
59. The notes of
every public examination shall, after being signed as required by subsection (7)
of section 266 of the Act, be filed
with the registrar.
PART XV-PROCEEDINGS BY OR AGAINST DIRECTORS, PROMOTERS AND OFFICERS
Applications by or against delinquent directors, promoters and officers
60.-(1) An
application made to the court under any of the following provisions of the
Act:-
(a) section 325;
(b) subsection (1) or subsection (2) of section 324;
(c) section 190; or
(d) subsection (2) of section 403,
shall
be made by motion, supported by affidavit.
(2) The notice of motion shall
state the nature of the declaration or order for which application is made, and
the affidavit shall
state the grounds of the application, and, unless otherwise
ordered, the notice of motion and the affidavit shall be served, in like
manner
as a summons, on every person against whom an order is sought, not less than 8
days before the day named in the notice of
motion for hearing the
application.
(3) Every person served with a notice of motion may reply
thereto by affidavit which shall be served upon the party taking out the
notice,
and filed not less than 2 days before the day named for hearing the
application.
(4) On the day named for hearing the application, the court
may give such directions as it shall think fit as to the taking of oral
evidence, as to cross-examination either before a judge on the hearing in court
of any deponents to affidavits in support of or in
opposition to the
application, as to any report it may require the official receiver or liquidator
to make and generally as to the
procedure on the notice of motion and for the
hearing thereof.
(5) Where any such order as is mentioned in paragraph
(4) has been made, then, if, after such order and before the motion has been
set
down for hearing or adjourned, either party wishes to apply for any further
direction as to any interlocutory matter or thing,
he shall restore the motion
to the cause list and shall give 2 clear days' notice in writing to the other
party stating the grounds
of the application; a copy of such notice shall be
filed with the registrar 2 clear days before the day for which the motion is
restored.
Hearing of application
61.-(1) A judge
shall hear all applications under section
190 of the Act.
(2) Where any order has been made under the said
section, any application for leave arising out of such order shall be made in
the
winding-up of the company in relation to which such order was made, and the
dissolution of the company or the stay of all proceedings
in such winding-up
shall not be a bar to such application or to the granting of leave.
Use of depositions taken at public examinations
62. Where, in the
course of the proceedings in a winding-up by the court, an order has been made
for the public examination of persons
named in the order pursuant to section
266 of the Act, then, in any
proceedings subsequently instituted under any of the provisions of the Act
mentioned in paragraph (1) of
rule 60, the verified notes of the examination of
each person who was examined under the order shall, subject as hereinafter
mentioned,
and to any order or directions of the court as to the manner and
extent in and to which the notes shall be used, and subject to all
just
exceptions to the admissibility in evidence against any particular person or
persons of any of the statements contained in the
notes of the examinations, be
admissible in evidence against any of the persons against whom the application
is made who, under section 266 of the
Act and the order for the public examination, was, or has the opportunity of
being, present at and taking part in the examination:
Provided
that-
(a) before any such notes of a public examination are used on any such application, the person intending to use the same shall, not less than 15 days before the day appointed for hearing the application, give notice of such intention to each person against Whom it is intended to use such notes, or any of them, specifying the notes or parts of the notes which it is intended to use against him, and furnish him with copies of such notes, or parts of notes, except notes of the person's own depositions;
(b) every person against whom the application is made shall be at liberty to cross-examine or re-examine, as the case may be, any person the notes of whose examination are read, in all respects as if such person had made an affidavit on the application.
PART XVI-WITNESSES AND DEPOSITIONS
Appointment of shorthand writers
63.-(1) The court
or the officer of the court before whom any examination under the Act and these
Rules is directed to be held may, at
any time, in any proceedings, if it is
considered desirable so to do, appoint a person (hereafter in this rule referred
to as a "shorthand
writer") to take down in shorthand or otherwise the evidence
of any person examined.
(2) The shorthand writer appointed under this
rule shall make the declaration in Form No. 36.
Depositions at private examinations
64.-(1) The
official receiver may attend in person, or by a deputy official receiver, or a
barrister and solicitor employed for the purpose,
any examination of a witness
under section 264 of the Act, and may
take notes of the examination for his own use, and put such questions to the
persons examined as the court may
allow.
(2) The notes of the depositions
of a person examined under section 264
of the Act, or under any order of the court, other than the notes of the
depositions of a person examined at a public examination
under section
266 of the Act, shall be forthwith
filed in the office of the registrar, but shall not be filed, or be open to the
inspection of any
creditor, contributory or other person, except the official
receiver or liquidator, unless and until the court so directs, and the
court
may, from time to time, give such general or special directions as it thinks fit
as to the custody and inspection of such notes
and the furnishing of copies of
or extracts therefrom.
PART XVII-DISCLAIMER
Disclaimer
65.-(1) Any
application for leave to disclaim any part of the property of a company pursuant
to subsection (1) of section 316 of the
Act shall be by ex parte summons; such
summons shall be supported by an affidavit showing the parties interested and
what their interests are.
(2) On the hearing of the summons, the court
shall give such directions as it thinks fit and, in particular, directions as to
the
notices to be given to the parties interested or any of them, and the court
may adjourn the application to enable any such party
to attend.
(3) (a) Where a liquidator disclaims a leasehold interest, he shall forthwith file the disclaimer at the office of the registrar.
(b) The disclaimer shall contain particulars of the interest disclaimed and a statement of the persons to whom notice of the disclaimer has been given.
(c) Until the disclaimer is filed by the liquidator, the disclaimer shall be inoperative.
(d) A disclaimer shall be in Form No. 37 and a notice of disclaimer in Form No. 38 with such variations as circumstances may require.
(4) Where any
person claims to be interested in any part of the property of a company which
the liquidator wishes to disclaim, he
shall, at the request of the liquidator,
furnish a statement of the - interest so claimed by him.
PART XVIII-VESTING OF DISCLAIMED PROPERTY
Vesting of disclaimed property
66.-(1) Any
application under subsection (6) of section
316 of the Act for an order for the
vesting of any disclaimed property in, or the delivery of any such property to,
any person shall be
supported by the affidavit filed on the application for
leave to disclaim such property.
(2) Where such an application as
aforesaid relates to disclaimed property of a leasehold nature and it appears
that there is any mortgagee
by demise, including a chargee by way of legal
mortgage, or under-lessee of such property, the court may direct that notice
shall
be given to such mortgagee or under-lessee that, if he does not elect to
accept and apply for such a vesting order as aforesaid upon
the terms required
by the above-mentioned subsection and imposed by the court within a time to be
fixed by the court and stated in
the notice, he will be excluded from all
interest in and security upon the property, and the court may adjourn the
application for
such notice to be given and for such mortgagee or under-lessee
to be added as a party to, and served with, the application and, if
he sees fit,
to make such election and application as is mentioned in the notice.
(3)
If, at the expiration of the time so fixed by the court, such mortgagee or
under-lessee fails to make such election and application,
the court may make an
order vesting the property in the applicant and excluding such mortgagee or
under-lessee from all interest
in or security upon the property.
PART XIX-ARRANGEMENTS WITH CREDITORS AND CONTRIBUTORIES IN A WINDING-UP BY THE COURT
Report by official receiver on arrangements and compromises
67.-(1) In a
winding-up by the court, if application is made to the court to sanction any
compromise or arrangement, the court may, before
giving its sanction thereto,
hear a report by the official receiver as to the terms of the scheme, and as to
the conduct of the directors
and other officers of the company, and as to any
other matters which, in the opinion of the official receiver, ought to be
brought
to the attention of the court.
(2) The report shall not be placed
upon the file, unless and until the court directs it to be filed.
PART XX-COLLECTION AND DISTRIBUTION OF ASSETS IN A WINDING-UP BY THE COURT
Collection and distribution of company's assets by liquidator
68.-(1) The
duties imposed on the court by subsection (1) of section
253 of the Act in a winding-up by the
court with regard to the collection of the assets of the company and the
application of the assets
in discharge of the company's liabilities shall be
discharged by the liquidator as an officer of the court, subject to the control
of the court.
(2) For the purpose of the discharge by the liquidator of
the duties imposed by subsection (1) of section
253 of the Act and paragraph (1) of
this rule, the liquidator in a winding-up by the court shall, for the purpose of
acquiring or retaining
possession of the property of the company, be in the same
position as if he were a receiver of the property appointed by the court,
and
the court may, on his application, enforce such acquisition or retention
accordingly.
Power of liquidator to require delivery of property
69.-(1) The
powers conferred on the court by section 254
of the Act shall be exercised by the liquidator.
(2) Any
contributory for the time being on the list of contributories, trustee,
receiver, banker or agent or officer of a company
which is being wound up under
order of the court shall, on notice from the liquidator and within such time as
he shall by such notice
require, pay, deliver, convey, surrender or transfer to
or into the hands of the liquidator any money, property, books or papers
which
happen to be in his hands for the time being and to which the company is
prima facie entitled.
PART XXI-LIST OF CONTRIBUTORIES IN A WINDING-UP BY THE COURT
Liquidator to settle list of contributories
74.-(1) Unless
the court dispenses with the settlement of a list of contributories, the
liquidator shall, with all convenient speed after
his appointment, settle a list
of contributories of the company, and shall appoint a time and place for that
purpose.
(2) The list of contributories shall contain a statement of the
address of, and the number of shares or extent of interest to be attributed
to,
each contributory, and the amount called up and the amount paid up in respect of
such shares or interest, and shall distinguish
the several classes of
contributories.
(3) As regards representative contributories, the
liquidator shall, so far as practicable, observe the requirements of subsection
(2) of section 253 of the Act.
Appointment of time and place for settlement of list
71. The
liquidator shall give notice, in writing, of the time and place appointed for
the settlement of the list of contributories to
every person whom he proposes to
include in the list, and shall state in the notice to each person in what
character and for what
number of shares or interest he proposes to include such
person in the list and what amount has been called up and what amount paid
up in
respect of such shares or interest.
Settlement of list of contributories
72. On the day
appointed for settlement of the list of contributories, the liquidator shall
hear any person who objects to being settled
as a contributory and, after such
hearing, shall finally settle the list, which, when so settled, shall be the
list of contributories
of the company.
Notice to contributories
73. The
liquidator shall forthwith give notice to every person whom he has finally
placed on the list of contributories stating in what
character and for what
number of shares or interest he has been placed on the list and what amount has
been called up and what amount
paid up in respect of such shares or interest
and, in the notice, he shall inform such person that any application for the
removal
of his name from the list, or for a variation of the list, must be made
to the court, by summons, within 21 days from the date of
the service on the
contributory or alleged contributory of notice of the fact that his name is
settled on the list of contributories.
Application to the court to vary the list
74.-(1) Subject
to the power of the court to extend the time or to allow an application to be
made notwithstanding the expiration of
the time limited for that purpose, no
application to the court by any person who objects to the list of contributories
as finally
settled by the liquidator shall be entertained after the expiration
of 21 days from the date of the service on such person of notice
of the
settlement of the list.
(2) The official receiver shall not, in any case,
be personally liable to pay any costs of or in relation to an application to set
aside or vary his act or decision settling the name of a person on the list of
contributories of a company.
Variation of or addition to list of contributories
75. The
liquidator may, from time to time, vary or add to the list of contributories,
but any such variation or addition shall be made
in the same manner in all
respects as the settlement of the original list.
PART XXII-CALLS
Calls by liquidator
76. The powers
and duties of the court in relation to making calls upon contributories
conferred by section 256 of the Act
shall and may be exercised, in a winding-up by the court, by the liquidator as
an officer of the court, subject to the
proviso to section
269 of the Act, and to the following
provisions:-
(a) where the liquidator desires to make any call on the contributories, or any of them, for any purpose authorized by the Act, if there is a committee of inspection, he may summon a meeting of such committee for the purpose of obtaining their sanction to the intended call;
(b) the notice of the meeting shall be sent to each member of the committee of inspection in sufficient time to reach him not less than 7 days before the day appointed for holding the meeting, and shall contain a statement of the proposed amount of the call, and the purpose for which it is intended; notice of the intended call and the intended meeting of the committee of inspection shall also be advertised once at least in a newspaper published and circulating in Fiji; and the advertisement shall state the time and place of the intended meeting of the committee of inspection, and that each contributory may either attend the said meeting and be heard, or make any communication in writing to the liquidator or members of the committee of inspection, to be laid before the meeting, in reference to the said intended call;
(c) at the meeting of the committee of inspection, any statements or representations made either to the meeting personally or addressed in writing to the liquidator or members of the committee by any contributory shall be considered before the intended call is sanctioned;
(d) the sanction of the committee shall be given by resolution, which shall be passed by a majority of the members present; and
(e) where there is no committee of inspection, the liquidator shall not make a call without first obtaining the leave of the court.
Application to the court for leave to make a call
77. In a
winding-up by the court, an application to the court for leave to make any call
on the contributories of a company, or any of
them, for any purpose authorized
by the Act shall be made by summons stating the proposed amount of such call,
which summons shall
be served, at least 4 clear days before the day appointed
for making the call, on every contributory proposed to be included in such
call;
or if the court so directs, notice of such intended call may be given by
advertisement, without a separate notice to each contributory.
Document making the call
78. When the
liquidator is authorized, by resolution or order; to make a call on the
contributories, he shall file with the registrar
a document making the call in
Form No. 55 with such variations as circumstances may require.
Service of notice of a call
79. When a call
has been made by the liquidator in a winding-up by the court, a copy of the
resolution of the committee of inspection
or order of the court, if any, as the
case may be, shall, forthwith after the call has been made, be served upon each
of the contributories
included in such call, together with a notice from the
liquidator specifying the amount or balance due from such contributory in
respect of such call, but such resolution or order need not be advertised
unless, for any special reason, the court so directs.
Enforcement of call
80. The payment
of the amount due from each contributory on a call may be enforced by order of
the court, to be made in chambers on summons
by the liquidator.
PART XXIII-PROOFS
Proof of debt
81. In a
winding-up by the court, every creditor shall, subject as hereinafter provided,
prove his debt, unless a judge in any particular
winding-up gives directions
that any creditors or class of creditors shall be admitted without
proof.
Mode of proof
82.-(1) A debt
may be proved in any winding-up by delivering or sending through the post an
affidavit verifying the debt.
(2) In a winding-up by the court, the
affidavit shall be so sent to the official receiver or, if the liquidator has
been appointed,
to the liquidator; and in any other winding-up the affidavit may
be so sent to the liquidator.
Verification of proof
83. An affidavit
proving a debt may be made by the creditor himself or by some person authorized
by or on behalf of the creditor; and
if made by a person so authorized, it shall
state his authority and means of knowledge.
Contents of proof
84. (1) An
affidavit proving a debt shall contain or refer to a statement of account
showing the particulars of the debt, and shall specify
the vouchers, if any by
which the same can be substantiated.
(2) The official receiver or
liquidator to whom the proof is sent may, at any time, call for the production
of the vouchers,
Statement of security
85. An affidavit
proving a debt shall state whether the creditor is or is not a secured
creditor.
Proof before whom sworn
86. An affidavit
proving a debt may, in a winding-up by the court, be sworn before the official
receiver or a deputy official receiver.
Costs of proof
87. A creditor
shall bear the cost of proving his debt, unless the court otherwise
orders.
Discount
88. A creditor
proving his debt shall deduct therefrom-
(a) any discount which he may have agreed to allow for payment in cash in excess of 5 per cent on the net amount of his claim; and
(b) all trade discounts.
Periodical payments
89. When any rent
or other periodical payment falls due on a stated date, and the order or
resolution to wind up is made at any time
other than on such date, the persons
entitled to the rent or payment may prove for a proportionate part thereof up to
the date of
the winding-up order or resolution, as if the rent or payment became
due from day to day:
Provided that, where the liquidator remains in
occupation of premises demised to a company which is being wound up, nothing
herein
contained shall prejudice or affect the right of the landlord of such
premises to claim payment by the company, or the liquidator,
of rent during the
period of the company's, or the liquidator's occupation.
Interest
90. On any debt
or sum certain, payable at a certain time or otherwise, whereon interest is not
reserved or agreed, and which is overdue
at the date of the commencement of the
winding-up, the creditor may prove for interest at a rate not exceeding 6 per
cent per annum
to that date from the time when the debt or sum was payable, if
the debt or sum is payable by virtue of a written instrument at a
certain time,
and if payable otherwise, then from the time when a demand in writing has been
made giving notice that interest will
be claimed from the date of the demand
until the time of payment.
Proof for debt payable at a future time
91. A creditor
may prove for a debt not payable at the date of the winding-up order or
resolution, as if it were payable presently, and
may receive dividends equally
with the other creditors, deducting only therefrom a rebate of interest at the
rate of 6 per cent per
annum computed from the declaration of a dividend to the
time when the debt would have become payable according to the terms on which
it
was contracted.
Workmen's wages
92.-(1) In any
case in which it appears that there are numerous claims for wages by workmen and
others employed by the company, it shall
be sufficient if 1 proof for all such
claims is made either by a foreman or by some other person on behalf of all such
creditors.
(2) Such proof shall have annexed thereto as forming part
thereof a schedule setting forth the names of the workmen and others, and
the
amounts severally due to them.
(3) Any proof made in compliance with this
rule shall have the same effect as if separate proofs had been made by each of
the said
workmen and others.
Production of bills of exchange and promissory notes
93.
Where a creditor seeks to prove in respect of a bill of exchange, promissory
note or other negotiable instrument or security on which
the company is liable,
such bills of exchange, note, instrument or security must, subject to any
special order of the court to the
contrary, be produced to the official
receiver, chairman of a meeting or liquidator, as the case may be, and be marked
by him before
the proof can be admitted either for voting or for any
purpose.
Transmission of proofs to liquidator
94. Where a
liquidator is appointed in a winding-up by the court, all proofs of debts
received by the official receiver shall be handed
over to the liquidator, but
the official receiver shall first make a list of such proofs, and take a receipt
thereon from the liquidator
for such proofs.
PART XXIV-ADMISSION AND REJECTION OF PROOFS AND PREFERENTIAL CLAIMS AND APPEAL TO THE COURT
Notice to creditors to prove
95.-(1) Subject
to the provisions of the Act, and unless otherwise ordered by the court, the
liquidator in any winding-up may, from time
to time, fix a certain day, which
shall be not less than 14 days from the date of the notice, on or before which
the creditors of
the company are to prove their debts or claims and to establish
any title they may have to priority under section
312 of the Act, or to be excluded from
the benefit of any distribution made before such debts are proved, or, as the
case may be, from
objecting to such distribution.
(2) The liquidator
shall give notice, in writing, of the day so fixed by advertisement in such
newspaper as he considers convenient,
and in a winding-up by the court to every
person mentioned in the statement of affairs as a creditor who has not proved
his debt,
and to every person mentioned in the statement of affairs as a
preferential creditor whose claim to be a preferential creditor has
not been
established and is not admitted and, in any other winding-up, to the last known
address or place of abode of each person
who, to the knowledge of the
liquidator, claims to be a creditor or preferential creditor of the company and
whose claim has not
been admitted.
(3) All the rules hereinafter set out
as to admission and rejection of proofs shall apply with necessary variations to
any such claim
to priority as aforesaid.
Examination of proof
96.-(1) The
liquidator shall examine every proof of debt lodged with him, and the grounds of
the debt, and, in writing, admit or reject
it in whole or in part or require
further evidence in support of it.
(2) If he rejects the proof, he shall
state, in writing, to the creditor the grounds of the rejection.
Appeal by creditor
97. If a creditor
or contributory is dissatisfied with the decision of the liquidator in respect
of a proof, the court may, on the application
of the creditor or contributory,
reverse or vary the decision; but, subject to the power of the court to extend
the time, no application
to reverse or vary the decision of the liquidator in a
winding-up by the court rejecting a proof sent to him by a creditor, or person
claiming to be a creditor, shall be entertained, unless notice of the
application is given before the expiration of 30 days from
the date of the
service of the notice of rejection.
Expunging at instance of liquidator
98. If the
liquidator thinks that a proof has been improperly admitted, the court may, on
the application of the liquidator, after notice
to the creditor who made the
proof, expunge the proof or reduce its amount.
Expunging at instance of creditor
99. The court may
also expunge or vary a proof upon the application of a creditor or contributory,
if the liquidator declines to interfere
in the matter.
Oaths
100. For the
purpose of any of his duties in relation to proofs, the liquidator, in a
winding-up by the court, may administer oaths and
take affidavits.
Official receiver's powers
101. In a
winding-up by the court, the official receiver, before the appointment of a
liquidator, shall have all the powers of a liquidator
with respect to the
examination, admission and rejection of proofs, and any act or decision of his
in relation thereto shall be subject
to the like appeal.
Proofs to be filed
102. Every
liquidator in a winding-up by the court other than the official receiver shall,
on the first day of every month, file with
the registrar a certified list of all
proofs, if any, received by him during the preceding month, distinguishing in
such lists the
proofs admitted, those rejected and such as stand over for
further consideration; and, in the case of proofs admitted or rejected,
he shall
cause the proofs to be filed with the registrar.
Procedure where creditor appeals
103. The
liquidator in a winding-up by the court, including the official receiver when he
is liquidator, shall, within 3 days after receiving
notice from a creditor his
intention to appeal against a decision rejecting a proof, file such proof with
the registrar, with a memorandum
thereon of his disallowance thereof.
Time for dealing with proofs by official receiver
104. Subject to
the power of the court to extend the time in a winding-up by the court, the
official receiver as liquidator, not later
than 14 days from the latest date
specified in the notice of his intention to declare a dividend as the time
within which such proofs
must be lodged, shall, in writing, either admit or
reject wholly, or in part, every proof lodged with him, or require further
evidence
in support of it.
Time for dealing with proofs by liquidator
105. Subject to
the power of the court to extend the time, the liquidator in a winding-up by the
court, other than the official receiver,
within 28 days after receiving a proof,
which has not previously been dealt with, shall, in writing, either admit or
reject it wholly
or in part or require further evidence in support of
it:
Provided that, where the liquidator has given notice of his intention
to declare a dividend, he shall, within 14 days after the date
mentioned in the
notice as the latest date up to which proofs must be lodged, examine and, in
writing, admit or reject, or require
further evidence in support of, every proof
which has not been already dealt with, and shall give notice of his decision
rejecting
a proof wholly or in part, to the creditors affected thereby; and,
where a creditor's proof has been admitted, the notice of dividend
shall be a
sufficient notification of the admission.
Costs of appeals from decisions as to proofs
106. The official
receiver shall, in no case, be personally liable for costs in relation to an
appeal from his decision rejecting any
proof wholly or in part.
PART XXV-DIVIDENDS IN A WINDING-UP BY THE COURT
Dividends to creditors
107.-(1) Not more
than 2 months before declaring a dividend, the liquidator in a winding-up by the
court shall give notice in the Gazette
of his intention to do so, and shall, at
the same time, give notice to such of the creditors mentioned in the statement
of affairs
as have not proved their debts; such notice shall specify the latest
date up to which proofs must be lodged, which shall not be less
than 14 days
from the date of such notice.
(2) (a) Where any creditor, after the date mentioned in the notice of intention to declare a dividend as the latest date up to which proofs may be lodged, appeals against the decision of the liquidator rejecting a proof, notice of appeal shall, subject to the power of the court to extend the time in special cases, be given within 7 days from the date of the notice of the decision against which the appeal is made, and the liquidator may, in such case, make provision for the dividend upon such proof, and the probable cost of such appeal in the event of the proof being admitted.
(b) Where no notice of appeal has been given within the time specified in this rule, the liquidator shall exclude all proofs which have been rejected from participation in the dividend.
(3) Immediately after the expiration
of the time fixed by this rule for appealing against the decision of the
liquidator, he shall
proceed to declare a dividend, and shall give notice
thereof in the Gazette, and shall also send a notice of dividend to each
creditor
whose proof has been admitted.
(4) (a) If it becomes necessary, in the opinion of the liquidator and the committee of inspection, to postpone the declaration of the dividend beyond the limit of 2 months, the liquidator shall give a fresh notice in the Gazette of his intention to declare a dividend; but it shall not be necessary for the liquidator to give a fresh notice to such of the creditors mentioned in the statement of affairs as have not proved their debts.
(b) In all other respects, the same procedure shall follow the fresh notice as would have followed the original notice.
(5) Upon the declaration of a
dividend, a liquidator, other than the official receiver, shall forthwith
transmit to the official receiver
a list of the proofs filed with the registrar
under rule 102, which list shall be in Form No. 68 or 69, as the case may
require.
(6) Dividends may, at the request and risk of the person to whom
they are payable, be transmitted to him by post.
(7) If a person to whom
dividends are payable desires that they shall be paid to some other person, he
may file with the liquidator
a document in Form No. 70, which shall be a
sufficient authority for payment of the dividend to the person therein
named.
Return of capital to contributories
108.-(1) Every
order by which the liquidator in a winding-up by the court is authorized to make
a return to contributories of the company
shall, unless the court otherwise
directs, contain or have appended thereto a schedule or list, which the
liquidator shall prepare,
setting out in a tabular form the full names and
addresses of the persons to whom the return is to be paid, and the amount of
money
payable to each person, and particulars of the transfers of shares, if
any, which have been made or the variations in the list of
contributories which
have arisen since the date of the settlement of the list of contributories, and
such other information as may
be required to enable the return to be
made.
(2) The schedule or list shall be in Form No. 72, with such
variations as circumstances require, and the liquidator shall send a notice
of
return to each contributory, and shall give notice in the Gazette.
PART XXVI-MEETING OF CREDITORS AND CONTRIBUTORIES IN WINDING-UP BY THE COURT
First meeting of creditors and contributories
109.-(1) Unless
the court otherwise directs, the meetings of creditors and contributories under
section 337 of the Act, hereinafter
referred to as the first meetings of creditors and contributories, shall be held
within 60 days after the
date of the winding-up order.
(2) The dates of
such meetings shall be fixed, and they shall be summoned by the official
receiver.
Notice of first meetings in Gazette
110. The official
receiver shall forthwith give notice in the Gazette of the date fixed by him for
the first meetings of creditors and
contributories.
Summoning of first meetings
111. The first
meetings of creditors and contributories shall be summoned as hereinafter
provided.
Form of notices of first meetings
112. The notices
of first meetings of creditors and contributories may be in Forms Nos. 73 and
74, and the notices to creditors shall
state a time within which the creditors
must lodge their proofs in order to entitle them to vote at the first
meeting.
Notice of first meeting to officers of company
113.-(1) The
official receiver shall also give to each of the officers of the company who, in
his opinion, ought to attend the first meetings
of creditors and contributories
7 days' notice of the time and place appointed for each meeting.
(2) The
notice may either be delivered personally or sent by prepaid letter post, as may
be convenient.
(3) It shall be the duty of every officer who receives
notice of such meeting to attend, if so required by the official receiver and,
if any such officer fails to attend, the official receiver shall report such
failure to the court.
Summary of statement of affairs
114.-(1) The
official receiver shall also, as soon as practicable, send to each creditor
mentioned in the company's statement of affairs,
and to each person appearing
from the company's books or otherwise to be a contributory of the company, a
summary of the company's
statement of affairs, including the cause of its
failure, and any observations thereon which the official receiver may think fit
to make; but the proceedings at a meeting shall not be invalidated by reason of
any summary or notice required by these Rules not
having been sent or received
before the meeting.
(2) Where, before the winding-up order, the company
has commenced to be wound up voluntarily, the official receiver may, if in his
absolute discretion he sees fit so to do, send to the persons aforesaid, or any
of them, an account of such voluntary winding-up
showing how such winding-up has
been conducted and how the property of the company has been disposed of and any
observations which
the official receiver may think fit to make on such account
or on the voluntary winding-up.
PART XXVII-GENERAL MEETINGS OF CREDITORS AND CONTRIBUTORIES IN RELATION TO WINDING-UP BY THE COURT AND OF CREDITORS IN RELATION TO A CREDITORS' VOLUNTARY WINDING-UP
Liquidator's meetings of creditors and contributories
115.-(1) In
addition to the first meetings of creditors and contributories and in addition
also to meetings of creditors and contributories
directed to be held by the
court under section 337 of the Act,
hereinafter referred to as "court meetings of creditors and contributories", the
liquidator in any winding-up by the
court may himself, from time to time,
subject to the provisions of the Act and the control of the court, summon, hold
and conduct
meetings of the creditors or contributories, hereinafter referred to
as "liquidator's meetings of creditors and contributories",
for the purpose of
ascertaining their wishes in all matters relating to the winding-up.
(2)
In any creditors' voluntary winding-up, the liquidator may himself, from time to
time, summon, hold and conduct meetings of creditors
for the purpose of
ascertaining their wishes in all matters relating to the winding-up, and such
meetings and all meetings of creditors
which a liquidator or a company is, by
the Act, required to convene in or immediately before such a voluntary
winding-up and all
meetings convened by a creditor in a voluntary winding-up
under these Rules are hereinafter called "voluntary liquidation
meetings".
Application of rules as to meetings
116. Except where
and so far as the nature of the subject-matter or the context may otherwise
require, the rules as to meetings hereinafter
set out shall apply to first
meetings, court meetings, liquidator's meetings of creditors and contributories
and voluntary liquidation
meetings, but so, nevertheless, that the said rules
shall take effect as to first meetings subject and without prejudice to any
express
provisions of the Act and as to court meetings subject and without
prejudice to any express directions of the court.
Summoning of meetings
117.-(1) The
official receiver or liquidator shall summon all meetings of creditors and
contributories by giving not less than 7 days'
notice of the time and place
thereof in the Gazette and in a newspaper; and shall, not less than 7 days
before the day appointed
for the meeting, send by post to every person appearing
by the company's books to be a creditor of the company, notice of the meetings
of creditors, and to every person appearing by the company's books or otherwise
to be a contributory of the company notice of the
meeting of
contributories.
(2) (a) The notice to each creditor shall be sent to the address given in his proof or, if he has not proved, to the address given in the statement of affairs of the company, if any, or to such other address as may be known to the person summoning the meeting.
(b) The notice to each contributory shall be sent to the address mentioned in the company's books as the address of such contributory, or to such other address as may be known to the person summoning the meeting.
(3) In the case of
meetings under section 292 of the Act
the continuing liquidator, or if there is no continuing liquidator, any
creditor, may summon the meeting.
(4) This rule shall not apply to
meetings under section 287 or section
295 of the Act.
Proof of notice
118. A
certificate by the official receiver or other officer of the court, or by the
clerk of any such person, or an affidavit by the
liquidator, or creditor, or his
barrister and solicitor, or the clerk of either of such persons, or, as the case
may be, by some
officer of the company or its barrister and solicitor or the
clerk of such company or barrister and solicitor, that the notice of
any meeting
has been duly posted shall be sufficient evidence of such notice having been
duly sent to the person to whom the same
was addressed.
Place of meetings
119.-(1) Every
meeting shall be held at such place as is, in the opinion of the person
convening the same, most convenient for the majority
of the creditors or
contributories.
(2) Different times or places may, if thought expedient,
be named for the meetings of creditors and for the meetings of
contributories.
Costs of calling meetings
120.-(1) The
costs of summoning a meeting of creditors or contributories at the instance of
any person other than the official receiver
or liquidator shall be paid by the
person at whose instance it is summoned, who shall, before the meeting is
summoned, deposit with
the official receiver or liquidator, as the case may be,
such sum as may be required by the official receiver or liquidator as security
for the payment of such costs.
(2) The costs of summoning such meeting of
creditors or contributories, including all disbursements for printing,
stationery, postage
and the hire of room, shall be calculated at the following
rate for each creditor or contributory to whom notice is required to be
sent,
namely, 50 cents per creditor or contributory for the first 20 creditors or
contributories, 20 cents per creditor or contributory
for the next 30 creditors
or contributories and 10 cents per creditor or contributory for any number of
creditors or contributories
after the first 50.
(3) The said costs shall
be repaid out of the assets of the company if the court, by order, or if the
creditors or contributories,
as the case may be, by resolution, so
direct.
(4) This rule shall not apply to meetings under section
287 or section
292 of the Act.
Chairman of meeting
121.-(1) Where a
meeting is summoned by the official receiver or the liquidator, he or someone
nominated by him shall be chairman of the
meeting.
(2) At every other
meeting of creditors or contributories, the chairman shall be such person as the
meeting by resolution appoints.
(3) This rule shall not apply to meetings
under section 287 of the Act.
Ordinary resolution of creditors and contributories
122. At a meeting
of creditors, a resolution shall be deemed to be passed when a majority in
number and value of the creditors present,
personally or by proxy, and voting on
the resolution, have voted in favour of the resolution and, at a meeting of the
contributories,
a resolution shall be deemed to be passed when a majority in
number and value of the contributories present, personally or by proxy,
and
voting on the resolution, have voted in favour of the resolution, the value of
the contributories being determined according
to the number of votes conferred
on each contributory by the regulations of the company.
Copy of resolution to be filed
123. The official
receiver or, as the case may be, the liquidator shall file with the registrar a
copy, certified by him, of every resolution
of a meeting of creditors or
contributories in a winding-up by the court.
Non-reception of notice by a creditor
124. Where a
meeting of creditors or contributories is summoned by notice, the proceedings
and resolutions at the meeting shall, unless
the court otherwise orders, be
valid, notwithstanding that some creditors or contributories may not have
received the notice sent
to them.
Adjournments
125. The chairman
may, with the consent of the meeting, adjourn it from time to time and from
place to place, but the adjourned meeting
shall be held at the same place as the
original meeting, unless, in the resolution for adjournment, another place is
specified or
unless the court otherwise orders.
Quorum
126.-(1) A
meeting may not act for any purpose except the election of a chairman, the
proving of debts and the adjournment of the meeting,
unless there are present or
represented, in the case of a creditors' meeting, at least 3 creditors entitled
to vote or, in the case
of a meeting of contributories, at least 3
contributories, or all the creditors entitled to vote or all the contributories
if the
number of creditors entitled to vote or the number of contributories, as
the case may be, does not exceed 3.
(2) If, within half an hour from the
time appointed for the meeting, a quorum of creditors or contributories, as the
case may be,
is not present or represented, the meeting shall be adjourned to
the same day in the following week at the same time and place or
to such other
day or time or place as the chairman may appoint, but so that the day appointed
shall be not less than 7 nor more than
21 days from the day from which the
meeting was adjourned.
Creditors entitled to vote
127.-(1) In the
case of the first meeting of creditors or of an adjournment thereof, a person
shall not be entitled to vote as a creditor,
unless he has duly lodged with the
official receiver, not later than the time mentioned for that purpose in the
notice convening
the meeting or adjourned meeting, a proof of the debt which he
claims to be due to him from the company.
(2) In the case of a court
meeting or liquidator's meeting of creditors, a person shall not be entitled to
vote as a creditor, unless
he has lodged with the official receiver or
liquidator a proof of the debt which he claims to be due to him from the company
and
such proof has been admitted wholly or in part before the date on which the
meeting is held.
(3) This rule and rules 128, 129, 130 and 131 shall not
apply to a court meeting of creditors held prior to the first meeting of
creditors.
(4) This rule shall not apply to any creditors or class of
creditors who, by virtue of these Rules or any directions given thereunder,
are
not required to prove their debts or to any voluntary liquidation
meeting.
Cases in which creditors may not vote
128. A creditor
shall not vote in respect of any unliquidated or contingent debt or any debt the
value of which is not ascertained, nor
shall a creditor vote in respect of any
debt on, or secured by, a current bill of exchange or promissory note held by
him, unless
he is willing to treat the liability to him thereon of every person
who is liable thereon antecedently to the company, and against
whom a receiving
order in bankruptcy has not been made, as a security in his hands, and to
estimate the value thereof, and for the
purposes of voting, but not for the
purposes of dividend, to deduct it from his proof.
Votes of secured creditors
129.-(1) For the
purpose of voting, a secured creditor shall, unless he surrenders his security,
state in his proof, or in a voluntary
liquidation in such a statement as is
hereinafter mentioned, the particulars of his security, the date when it was
given and the
value at which he assesses it, and shall be entitled to vote only
in respect of the balance, if any, due to him after deducting the
value of his
security.
(2) If he votes in respect of his whole debt, he shall be
deemed to have surrendered his security, unless the court, on application
is
satisfied that the omission to value the security has arisen from
inadvertence.
Creditor required to give up security
130. The official
receiver or liquidator may, within 30 days after a proof, or in a voluntary
liquidation a statement, estimating the
value of a security as aforesaid has
been used in voting at a meeting, require the creditor to give up the security
for the benefit
of the creditors generally on payment of the value so estimated
with an addition thereto of 20 per cent:
Provided that, where a creditor
has valued his security, he may, at any time before being required to give it
up, correct the valuation
by a new proof and deduct the new value from his debt
but, in that case, the said addition of 20 per cent shall not be made if the
security is required to be given up.
Admission and rejection of proofs for purpose of voting
131.-(1) The
chairman shall have power to admit or reject a proof for the purpose of voting,
but his decision shall be subject to a right
of appeal to the court.
(2)
If he is in doubt whether a proof shall be admitted or rejected, he shall mark
it as objected to and allow the creditor to vote,
subject to the vote being
declared invalid in the event of the objection being sustained.
Statement of security
132. For the
purpose of voting at any voluntary liquidation meetings, a secured creditor
shall, unless he surrenders his security, file
with liquidator, or where there
is no liquidator at the registered office of the company, before the meeting, a
statement giving
the particulars of his security, the date when it was given and
the value at which he assesses it.
Minutes of meeting
133.-(1) The
chairman shall cause minutes of the proceedings at the meeting to be drawn up
and fairly entered in a book kept for that
purpose, and the minutes shall be
signed by him or by the chairman of the next ensuing meeting.
(2) A list
of creditors and contributories present at every meeting shall be made and kept
in Form No. 81.
PART XXVIII-PROXIES IN RELATION TO A WINDING-UP BY THE COURT AND TO MEETINGS OF CREDITORS IN A CREDITORS' VOLUNTARY WINDING-UP
Proxies
134.-(1) A
creditor or a contributory may vote either in person or by proxy.
(2) (a) Where a person is authorized in manner provided by section 141 of the Act to represent a corporation at any meeting of creditors or contributories, such person shall produce to the official receiver or liquidator or other chairman of the meeting a copy of the resolution so authorizing him.
(b) Such copy must either be under the seal of the corporation or certified to be a true copy by a secretary or a director of the corporation.
(3) The following
rules as to proxies shall not, unless otherwise directed by the court, apply to
a court meeting of creditors or
contributories prior to the first
meeting.
Form of proxies
135. Every
instrument of proxy shall be in Form No. 82 or 83.
Forms of proxy to be sent with notices
136. General and
special forms of proxy shall be sent to the creditors and contributories with
the notice summoning the meeting, and neither
the name nor description of the
official receiver or liquidator or any other person shall be printed or inserted
in the body of any
instrument of proxy before it is so sent.
General proxies
137. A creditor
or a contributory may give a general proxy to any person.
Special proxies
138. A creditor
or a contributory may give a special proxy to any person to vote at any, special
meeting or adjournment thereof-
(a) for or against the appointment or continuance in office of any specified person as liquidator or member of the committee of inspection; and
(b) on all questions relating to any matters other than those above referred to and arising at the meeting or an adjournment thereof.
Solicitation by liquidator to obtain proxies
139. Where it
appears to the satisfaction of the court that any solicitation has been used by
or on behalf of a liquidator in obtaining
proxies or in procuring his
appointment as liquidator except by the direction of a meeting of creditors or
contributories, the court,
if it thinks fit, may order that no remuneration be
allowed to the person by whom, or on whose behalf, the solicitation was
exercised,
notwithstanding any resolution of the committee of inspection or of
the creditors or contributories to the contrary.
Proxies to official receiver or liquidator
140. A creditor
or a contributory in a winding-up by the court may appoint the official receiver
or liquidator, and in a voluntary winding-up
the liquidator, or, if there is no
liquidator, the chairman of a meeting to act as his general or special
proxy.
Holder of proxy not to vote on matter in which he is financially interested
141. No person
acting under either a general or a special proxy shall vote in favour of any
resolution which would directly or indirectly
place himself, his partner or
employer in a position to receive any remuneration out of the estate of the
company otherwise than
as a creditor rateably with the other creditors of the
company:
Provided that, where any person holds special proxies to vote
for an application to the court in favour of the appointment of himself
as
liquidator, he may use the said proxies and vote accordingly.
Lodging of proxies
142.-(1) A proxy
intended to be used at the first meeting of creditors or contributories, or an
adjournment thereof, shall be lodged with
the official receiver not later than
the time mentioned for that purpose in the notice convening the meeting, or the
adjourned meeting,
which time shall be not earlier than 12 o'clock noon of the
day but 1 before, nor later than 12 o'clock noon of the day before, the
day
appointed for such meeting, unless the court otherwise directs.
(2) In
every other case, a proxy shall be lodged with the official receiver or
liquidator in a winding-up by the court, with the company
at its registered
office for a meeting under section 287
of the Act, and with the liquidator or, if there is no liquidator, with the
person named in the notice convening the meeting to receive
the same in a
voluntary winding-up, not later than 4 o'clock in the afternoon of the day
before the meeting, or adjourned meeting,
at which it is to be used.
(3)
No person shall be appointed a general or special proxy who is under 21 years of
age.
Use of proxies by deputy
143. Where an
official receiver who holds any proxies cannot attend the meeting for which they
are given, he may, in writing, depute some
person under his official control to
use the proxies on his behalf and in such manner as he may direct.
Filling in where creditor blind or incapable
144. The proxy of
a creditor blind or incapable of writing may be accepted, if such creditor has
attached his signature or mark thereto
in the presence of a witness who has
added to his signature his description and residence, and has certified at the
foot of the proxy
that all such insertions have been made at the request and in
the presence of the creditor before he attached- his signature or mark.
PART XXIX-ATTENDANCE AND APPEARANCE OF PARTIES
Attendance at proceedings
145.-(1) (a) Every person for the time being on the list of contributories of the company, and every person whose proof has been admitted, shall be at liberty, at his own expense, to attend proceedings, and shall be entitled, upon payment of the costs occasioned thereby, to have notice of all such proceedings as, by written request, he desires to have notice of.
(b) If the court is of opinion that the attendance of any such person upon any proceedings has occasioned any additional costs which ought not to be borne by the funds of the company, it may direct such costs, or a gross sum in lieu thereof, to be paid by such person, who shall not be entitled to attend any further proceedings until he has paid the same.
(2) The court may, from time to
time, appoint any 1 or more of the creditors or contributories to represent
before the court, at the
expense of the company, all or any class of the
creditors or contributories, upon any question or in relation to any proceedings
before the court, and may remove the person so appointed; if more than 1 person
is appointed under this paragraph to represent 1
class, the persons appointed
shall employ the same barrister and solicitor to represent them.
(3) No
creditor or contributory shall be entitled to attend any proceedings in chambers
unless and until he has entered in a book,
to be kept by the registrar for that
purpose, his name and address, and the name and address of his barrister and
solicitor, if any,
and, upon any change of his address, or of his barrister and
solicitor, his new address, and the name and address of his new barrister
and
solicitor.
Attendance of liquidator's barrister and solicitor
146. Where the
attendance of the liquidator's barrister and solicitor is required on any
proceedings in court or chambers, the liquidator
need not attend in person,
except in cases where his presence is necessary in addition to that of his
barrister and solicitor, or
the court directs him to attend.
PART XXX-LIQUIDATOR AND COMMITTEE OF INSPECTION
Remuneration of liquidator
147.-(1) The
remuneration of a liquidator, unless the court otherwise orders, shall be fixed
by the committee of inspection, and shall
be in the nature of a commission or
percentage of which 1 part shall be payable on the amount realized, after
deducting the sums,
if any, paid to secured creditors, other than debenture
holders, out of the proceeds of their securities, and the other part on the
amount distributed in dividend.
(2) If the official receiver is of
opinion that the remuneration of a liquidator as fixed by the committee of
inspection is unnecessarily
large, he may apply to the court, and thereupon the
court shall fix the amount of the remuneration of the liquidator.
(3) If
there is no committee of inspection, the remuneration of the liquidator shall,
unless the court otherwise orders, be fixed
by the scale of fees and percentages
for the time being payable on realizations and distributions by the official
receiver as liquidator.
(4) This rule shall only apply to a liquidator
appointed in a winding-up by the court.
Limit of remuneration
148. Except as
provided by the Act or by these Rules, a liquidator shall not, in any
circumstances whatever, make any arrangement for,
or accept from any barrister
and solicitor, auctioneer or any other person connected with the company of
which he is liquidator,
or who is employed in or in connection with the
winding-up of the company, any gift, remuneration or pecuniary or other
consideration
or benefit whatever beyond the remuneration to which under the Act
and these Rules he is entitled as liquidator, nor shall he make
any arrangement
forgiving up, or give up, any part of such remuneration to any such barrister
and solicitor, auctioneer, or other
person.
Dealings with assets
149.-(1) Neither
the liquidator nor any member of the committee of inspection of a company shall,
while acting as liquidator or member
of such committee, except with leave of the
court, either directly or indirectly, by himself or any employer, partner,
clerk, agent
or servant, become purchaser of any part of the company's
assets.
(2) Any such purchase made contrary to the provisions of this
rule may be set aside by the court on the application of the official
receiver
in a winding-up, by the court or of any creditor or contributory in any
winding-up, and the court may make such order as
to costs as the court thinks
fit.
Restriction on purchase of goods by liquidator
150. Where the
liquidator carries on the business of the company, he shall not, without the
express sanction of the court, purchase goods
for the carrying on of such
business from any person whose connection with him is of such a nature as would
result in his obtaining
any portion of the profit, if any, arising out of the
transaction.
Committee of inspection not to make profit
151.-(1) No
member of a committee of inspection shall, except with the express sanction of
the court, directly or indirectly, by himself
or by any employee, partner,
clerk, agent or servant, be entitled to derive any profit from any transaction
arising out of the winding-up
or to receive out of the assets any payment for
services rendered by him in connection with the administration of the assets, or
for any goods supplied by him to the liquidator for or on account of the
company.
(2) In a winding-up by the court, if it appears to the official
receiver or, in a voluntary winding-up, if it appears to the committee
of
inspection or to any meeting of creditors or contributories that any profit or
payment has been made contrary to the provisions
of this rule, they may disallow
such payment or recover such profit, as the case may be, on the audit of the
liquidator's accounts
or otherwise.
Costs of obtaining sanction of court
152. In any case
in which the sanction of the court is obtained under rule 150 or rule 151, the
costs of obtaining such sanction shall
be borne by the person in whose interest
such sanction is obtained, and shall not be payable out of the company's
assets.
Sanction of payments to committee
153.-(1) Where
the sanction of the court to a payment to a member of a committee of inspection
for services rendered by him in connection
with the administration of the
company's assets is obtained, the order of the court shall specify the nature of
the services, and
such sanction shall only be given where the service performed
is of a special nature.
(2) Except with the leave of the court, no
remuneration shall, in any circumstances, be paid to a member of a committee for
services
rendered by him in the discharge of the duties attaching to his office
as a member of such committee.
Discharge of costs before assets handed to liquidator
154.-(1) When a
liquidator appointed by the court has notified his appointment to the registrar
of companies and has given security to
the court, the official receiver shall
forthwith put the liquidator into possession of all property of the company of
which the official
receiver may have custody:
Provided that such
liquidator, before the assets are handed over to him by the official receiver,
shall first discharge any balance
due to the official receiver on account of
fees, costs and charges properly incurred by him, and on account of any advances
properly
made by him in respect of the company, together with interest on such
advances at the rate of 6 per cent annum, and the liquidator
shall pay all fees,
costs and charges of the official receiver which may not have been discharged by
the liquidator before being
put into possession of the property of the company,
whether incurred before or after he has been put into such
possession.
(2) The official receiver shall be deemed to have a lien upon
the company's assets until such balance shall have been paid and the
other
liabilities shall have been discharged.
(3) It shall be the duty of the
official receiver, if so requested by the liquidator, to communicate to the
liquidator all such information
respecting the estate and affairs of the company
as may be necessary or conducive to the due discharge of the duties of the
liquidator.
(4) This rule and rule 155 shall only apply in a winding-up
by the court.
Resignation of liquidator
155.-(1) A
liquidator who desires to resign his office shall summon separate meetings of
the creditors and contributories of the company
to decide whether or not the
resignation shall be accepted.
(2) If the creditors and contributories,
by ordinary resolutions, both agree to accept the resignation of the liquidator,
he shall
file with the registrar a memorandum of his resignation and shall send
notice thereof to the official receiver, and the resignation
shall thereupon
take effect.
(3) In any other case, the liquidator shall report to the
court the result of the meetings and shall send a report to the official
receiver, and thereupon the court may, upon the application of the liquidator or
the official receiver, determine whether or not
the resignation of the
liquidator shall be accepted, and may give such directions and make, such orders
as, in the opinion of the
court, are necessary.
Office of liquidator vacated by his insolvency
156. If a
receiving order in bankruptcy is made against a liquidator, he shall thereby
vacate his office and, for the purposes of the
application of the Act and these
Rules, shall be deemed to have been removed.
PART XXXI-PAYMENTS INTO AND OUT OF A BANK
Payments out of bank
157. All payments
out of the Companies Liquidation Account shall be made in such manner as the
official receiver may from time to time
direct.
Special bank account
158.-(1) Where
the liquidator in a winding-up by the court is authorized to have a special bank
account, he shall forthwith pay all moneys
received by him into that account to
the credit of the liquidator of the company.
(2) All payments out shall
be made by cheque payable to order, and every cheque shall have marked or
written on the face of it the
name of the company, and shall be signed by the
liquidator and, except where the liquidator is the official receiver, shall be
countersigned
by at least 1 member of the committee of inspection and by such
other person, if any, as the committee of inspection may appoint.
(3)
Where application is made to the court to authorize the liquidator in a
winding-up by the court to make his payments into and
out of a special bank
account, the court may grant such authorization for such time and on such terms
as it may think fit, and may,
at any time, order the account to be closed, if it
is of opinion that the account is no longer required for the purposes mentioned
in the application.
PART XXXII-BOOKS
Record file
159. In a
winding-up by the court, the official receiver, until a liquidator is appointed
by the court, and thereafter the liquidator,
shall keep a file, to be called the
record file, in which he shall record all minutes of, and all proceedings had
and resolutions
passed at, any meeting of creditors or contributories, or of the
committee of inspection, and all such matters as may be necessary
to give a
correct view of his administration of the company's affairs; but he shall not be
bound to insert in the record file any
document of a confidential nature, such
as the opinion of counsel on any matter affecting the interest of the creditors
or contributories,
nor need he exhibit such document to any person other than a
member of the committee of inspection or the official receiver.
Cash book
160.-(1) In a
winding-up by the court, the official receiver, until a liquidator is appointed
by the court, and thereafter the liquidator,
shall keep a book, to be called the
cash book, which shall be in such form as the Minister may, from time to time,
direct, in which
he shall, subject to the provisions of these Rules as to
trading accounts, enter from day to day the receipts and payments made by
him.
(2) In a winding-up by the court, a liquidator, other than the official
receiver, shall submit the record file and the cash book,
together with any
other requisite books and vouchers, to the committee of inspection, if any, when
required, and not less than once
in every 3 months.
(3) In a creditor's
voluntary winding-up, the liquidator shall keep such books as the committee of
inspection or, if there is no such
committee, as the creditors direct, and all
books kept by the liquidator shall be submitted to the committee of inspection
or, if
there is not such committee, to the creditors with any other books,
documents, papers and accounts in his possession relating to
his office as
liquidator or to the company as and when the committee of inspection, or if
there is no such committee, the creditors
direct.
PART XXXIII-INVESTMENT OF FUNDS
Investment of funds
161.-(1) Where,
in a winding-up by the court, or in a creditor's voluntary winding-up, the
committee of inspection are of opinion that
any part of the cash balance
standing to the credit of the account of the company should be invested, they
shall sign a certificate
and request, and shall transmit such certificate and
request to the official receiver.
(2) Where the committee of inspection
in any such winding-up are of opinion that it is advisable to sell any of the
securities in
which the moneys of the company's assets are invested, they shall
sign a certificate and request to that effect, and shall transmit
such
certificate and request to the official receiver.
(3) Where there is no
committee of inspection in any such winding-up as is mentioned in paragraphs (1)
and (2), if a case has, in
the opinion of the liquidator, arisen for the
investment of funds of the company or a sale of securities in which the
company's funds
have been invested, the liquidator shall sign and transmit to
the official receiver a certificate of the facts on which his opinion
is
founded, and a request to the official receiver to make the investment or sale
mentioned in the certificate, and the official
receiver may thereupon, if he
thinks fit, invest or sell the whole or any part of the said funds and
securities in the manner provided
in section
344 of the Act, and the said
certificate and request shall be sufficient authority to the official receiver
for the said investment or
sale.
PART XXXIV-ACCOUNTS AND AUDIT IN A WINDING-UP BY THE COURT
Audit of cash book
162. Except where
the official receiver is liquidator, the committee of inspection shall, not less
than once in every 3 months, audit
the liquidator's cash book and certify
therein under their hands the day on which the said book was audited.
Audit of liquidator's accounts by official receiver
163.-(1) (a) The liquidator shall, at the expiration of 6 months from the date of the winding-up order, and at the expiration of every succeeding 6 months thereafter until his release, transmit to the official receiver a copy of the cash book for such period, in duplicate, together with the necessary vouchers and copies of the certificates of audit by the committee of inspection.
(b) He shall also forward with the first accounts a summary of the company's statement of affairs, showing thereon the amounts realized, and explaining the cause of the non-realization of such assets as may be unrealized.
(c) The liquidator shall also at the end of every 6 months forward to the official receiver with his accounts a report upon the position of the liquidation of the company in such form as the official receiver may direct.
(2) When the
assets of the company have been fully realized and distributed, the liquidator
shall forthwith send in his accounts to
the official receiver, although the 6
months may not have expired.
(3) The accounts sent in by the liquidator
shall be verified by him by affidavit.
Liquidator carrying on business
164.-(1) Where
the liquidator carries on the business of the company, he shall keep a distinct
account of the trading, and shall incorporate
in the cash book the total weekly
amounts of the receipts and payments on such trading accounts.
(2) The
trading account shall, from time to time and not less than once in every month,
be verified by affidavit, and the liquidator
shall thereupon submit such account
to the committee of inspection, if any, or such member thereof as may be
appointed by the committee
for the purpose who shall examine and certify the
same.
Copy of accounts to be filed
165. When the
liquidator's accounts have been audited, the official receiver shall certify the
fact upon the account, and thereupon the
duplicate copy, bearing a like
certificate, shall be filed with the registrar of companies, and shall be open
to the inspection of
any person on payment of the same fee as is payable with
respect to the inspection of the file of proceedings under rule 15.
Summary of accounts
166.-(1) The
liquidator shall prepare a summary of such accounts, and shall, subject to any
dispensation granted by the official receiver
under subsection (5) of section
246 of the Act, send a printed copy of
that summary by post to every creditor and contributory.
(2) The cost of
printing and posting such copy shall be a charge upon the assets of the
company.
Affidavit of no receipts or payments
167. Where a
liquidator has not, since the date of his appointment or since the last audit of
his accounts, as the case may be, received
or paid any sum of money on account
of the assets of the company, he shall, at the time when he is required to
transmit his accounts
to the official receiver, forward to the official receiver
an affidavit of no receipts or payments.
Proceedings on resignation, etc., of liquidator-disposal of books
168.-(1) Upon a
liquidator resigning or being released or removed from his office, he shall
deliver over to the official receiver or,
as the case may be, to the new
liquidator all books kept by him, and all other books; documents, papers and
accounts in his possession
relating to the office of liquidator; and the release
of a liquidator shall not take effect unless and until he has delivered over
to
the official receiver or, as the case may be, to the new liquidator all the
books, documents, papers and accounts which he is,
by this rule, required to
deliver on his release.
(2) The court may, at any time during the
progress of the liquidation, on the application of the liquidator or the
official receiver,
direct that such of the books, papers and documents of the
company or of the liquidator as are no longer required for the purpose
of the
liquidation may be sold, destroyed or otherwise disposed of.
Expenses of sales
169.-(1) Where
property forming part of a company's assets is sold by the liquidator through an
auctioneer or other agent, the gross proceeds
of the sale shall be paid over by
such auctioneer or agent, and the charges and expenses connected with the sale
shall afterwards
be paid to such auctioneer or agent, on the production of the
necessary certificate of the taxing officer.
(2) Every liquidator by whom
such auctioneer or agent is employed shall, unless the court otherwise orders,
be accountable for the
proceeds of every such sale.
PART XXXV-FINAL ACCOUNTS AND RETURNS IN VOLUNTARY WINDING-UP
Final accounts and returns in voluntary winding-up
170. The account
required by sections 284 and
295 of the Act to be made up by the
liquidator as soon as the affairs of the company are fully wound up shall be in
Form No. 92.
Return of holding of meetings
171. The return
to be made by the liquidator to the registrar of companies of the holding of
meetings called in accordance with sections
284 and
295 of the Act shall be in Form Nos. 93
and 94.
Taxation of costs payable by or to official receiver or liquidator or by company
172.-(1) Every
barrister and solicitor, manager, accountant, auctioneer, broker or other person
employed by the official receiver or liquidator
in a winding-up by court shall,
on request by the official receiver or liquidator, to be made a sufficient time
before the declaration
of a dividend, deliver his bill of costs or charges to
the official receiver or liquidator for the purpose of taxation, and, if he
fails to do so within the time stated in the request, or such extended time as
the court may allow, the liquidator shall declare
and distribute the dividend
without regard to such person's claim, and subject to any order of the court the
claim shall be forfeited.
(2) The request by the official receiver or
liquidator shall be in Form No. 95.
Lodgement of bill
173.-(1) The bill
or charges, if incurred in a winding-up by the court before the appointment of a
liquidator, shall be lodged with the
official receiver, and if incurred after
the appointment of a liquidator shall be lodged with the liquidator.
(2)
The official receiver or the liquidator, as the case may be, shall lodge the
bill or charges with the registrar.
Notice of appointment
174. Where a bill
of costs or charges in any winding-up has been lodged with the registrar, he
shall give notice of an appointment to
tax the same, in a winding-up by the
court, to the official receiver, and in every winding-up, to the liquidator and
to the person
to or by whom the bill or charges is or are to be paid, as the
case may be.
Copy of the bill to be furnished
175.-(1) Every
person whose bill or charges in a winding-up by the court is or are to be taxed,
shall, on the application of either the
official receiver or the liquidator,
furnish a copy of such bill or charges, on payment of the prescribed charge,
which payment shall
be charged on the assets of the company.
(2) The
official receiver shall call the attention of the liquidator to any items which,
in his opinion, ought to be disallowed or
reduced, and may attend or be
represented on the taxation.
Applications for costs
176. Where any
party to, or person affected by, any proceeding, other than a proceeding under
section 212 of the Act, desires to make
an application for an order that he be allowed his costs, or any part of them,
incidental to such proceeding,
and such application is not made at the time of
the proceeding-
(a) such party or person shall serve notice of his intended application on the official receiver or on the liquidator, as the case may be;
(b) the official receiver or liquidator may appear in such application and object thereto;
(c) no costs of, or incidental to, such application shall be allowed to the applicant, unless the court is satisfied that the application could not have been made at the time of the proceeding.
Certificate of taxation
177.-(1) Upon the
taxation of any bill of costs, charges or expenses being completed, the
registrar shall issue to the person presenting
such bill for taxation his
allowance or certificate of taxation.
(2) The bill of costs, charges and
expenses, together with the allowance or certificate, shall be filed with the
registrar.
Certificate of employment
178. Where the
bill or charges of any barrister and solicitor, manager, accountant, auctioneer,
broker or other person employed by the
official receiver or liquidator is or are
payable out of the assets of the company, a certificate in writing, signed by
the official
receiver or liquidator, as the case may be, shall, at the taxation,
be produced to the registrar, setting forth whether any, and
if so what, special
terms of remuneration have been agreed to, and, in the case of the bill of costs
of a barrister and solicitor,
a copy, of the resolution or other authority
sanctioning the appointment of a barrister and solicitor to assist the
liquidator in
the performance of his duties and the instructions given to such
barrister and solicitor by the liquidator.
Costs of execution
179. In any case
in which, pursuant to subsection (1) of section
318 of the Act, the court is required
to deliver goods or money to a liquidator, the officer of the court charged with
the execution shall,
without delay, bring in his bill of costs for taxation, and
they shall be taxed by the registrar and, unless such bill of costs is
brought
in for taxation within 1 month from the date when the court makes such delivery,
the liquidator may decline to pay the same.
Taxation of costs of execution after deduction
180. If a
liquidator, in writing, requires any costs which an officer of the court charged
with execution has deducted under subsection
(2) of section
318 of the Act to be taxed, such
officer shall, within 7 days from the date of the request, bring in such costs
for taxation, and they
shall be taxed by the registrar, and any amount
disallowed on such taxation shall forthwith be paid over by the officer to the
liquidator.
PART XXXVI-COSTS AND EXPENSES PAYABLE OUT OF THE ASSETS OF THE COMPANY
Liquidator's charges
181.-(1) Where a
liquidator or special manager in a winding-up by the court receives remuneration
for his services as such, no payment
shall be allowed on his accounts in respect
of the performance by any other person of the ordinary duties which are
required, by
the Act or these Rules, to be performed by himself.
(2)
Where a liquidator is a barrister and solicitor, he may contract that the
remuneration for his services as liquidator shall include
all professional
services.
Costs payable out of the assets
182.-(1) The
assets of a company in a winding-up by the court remaining after payment of the
fees and expenses properly incurred in preserving,
realizing or getting in the
assets, including, where the company has previously commenced to be wound up
voluntarily, such remuneration,
costs and expenses as the court may allow to a
liquidator appointed in such voluntary winding-up, shall, subject to any order
of
the court, be liable to the following payments, which shall be made in the
following order of priority, namely:-
(a) the taxed costs of the petition, including the taxed costs of any person appearing on the petition whose costs are allowed by the court;
(b) the remuneration of the special manager, if any;
(c) the costs and expenses which may be allowed of any person who makes or concurs in making the company's statement of affairs;
(d) the necessary disbursements and remuneration of the official receiver when appointed as interim or provisional liquidator in a winding-up by the court, other than expenses properly incurred in preserving, realizing or getting in the assets hereinbefore provided for;
(e) the deposit or deposits lodged with the official receiver on any application to the court for his appointment as interim or provisional liquidator;
(f) the necessary disbursements of any liquidator other than an interim or provisional liquidator appointed in the winding-up by the court, other than expenses properly incurred in preserving, realizing or getting in the assets hereinbefore provided for;
(g) the costs of any person properly employed by any such liquidator;
(h) the remuneration of any such liquidator;
(i) the actual out-of-pocket expenses necessarily incurred by the committee of inspection, subject to the approval of the official receiver.
(2) No payments in
respect of bills or charges of barristers and solicitors, managers, accountants,
auctioneers, brokers or other
persons, other than payments for costs and
expenses incurred and sanctioned under rule 45 and payments of bills which have
been taxed
and allowed under orders made for the taxation thereof, shall be
allowed out of the assets of the company without proof that the
same have been
considered and allowed by the registrar; and the registrar shall, before passing
the bills of charges of a barrister
and solicitor, satisfy himself that the
appointment of a barrister and solicitor to assist the liquidator in the
performance of his
duties has been duly sanctioned:
Provided that the
official receiver, when acting as liquidator, may, without taxation, pay and
allow the costs and charges of any
person employed by him, where such costs and
charges are within the scale usually allowed by the court and do not exceed the
sum
of $40.
(3) Nothing contained in this rule shall apply to or affect
costs which, in the course of legal proceedings by or against a company
which is
being wound up by the court, are ordered, by the court in which such proceedings
are pending or a judge thereof, to be paid
by the company or the liquidator, or
the rights of the person to whom such costs are awarded.
PART XXXVII-CONCLUSION OF WINDING-UP
Conclusion of winding-up
183. The
winding-up of a company shall, for the purposes of section
334 of the Act, be deemed to be
concluded:
(a) in the case of a company wound up by order of the court, at the date on which the order dissolving the company has been reported by the liquidator to the registrar of companies, or at the date of the order of the court releasing the liquidator pursuant to section 248 of the Act.
(b) in the case of a company wound up voluntarily, or under the supervision of the court, at the date of the dissolution of the company, unless, at such date, any funds or assets of the company remain unclaimed or undistributed in the hands or under the control of the liquidator, or any person who has acted as liquidator, in which case, the winding-up shall not be deemed to be concluded until such funds or assets have either been distributed or paid into the Companies Liquidation Account.
Delivery of liquidator's statements
184. In a
voluntary winding-up or a winding-up under the supervision of the court, the
statements with respect to the proceedings in and
position of the liquidation of
a company the winding-up of which is not concluded within a year after its
commencement shall be delivered
to the registrar of companies twice in every
year as follows:-
(a) the first statement, commencing at the date when a liquidator was first appointed and brought down to the end of a period of 12 months from the commencement of the winding-up, shall be delivered within 30 days from the expiration of such period, or within such extended period as the official receiver may sanction, and the subsequent statements shall be delivered at intervals of 6 months, each statement being brought down to the end of the period of 6 months for which it is delivered; but, in cases in which the assets of the company have been fully realized and distributed before the expiration of a period of 6 months, a final statement shall be delivered forthwith;
(b) subject to rule 185, Form No. 97 and where applicable Forms Nos. 99, 100 and 101 with such variations as circumstances may require, shall be used, and the directions specified in such forms, unless the official receiver otherwise directs, shall be observed in reference to every statement;
(c) every statement shall be delivered in duplicate, and shall be verified by an affidavit in Form No. 98 with such variations as circumstances may require.
Affidavit of no receipts or payments
185. Where, in a
voluntary winding-up or a winding-up under the supervision of the court, a
liquidator has not, during any period for
which a statement has to be delivered,
received or paid any money on account of the company, he shall, at the date on
which he is
required to transmit his statement, deliver to the registrar of
companies the prescribed statement in Form No. 97 in duplicate, containing
the
particulars therein required with respect to the proceedings in and the position
of the liquidation, and with such statement
shall also deliver an affidavit of
no receipts or payments in Form No. 98.
PART XXXVIII-UNCLAIMED FUNDS AND UNDISTRIBUTED ASSETS IN THE HANDS OF THE LIQUIDATOR
Payment of undistributed and unclaimed money into Companies Liquidation Account
186.-(1) All
money in the hands or under the control of a liquidator of a company
representing unclaimed dividends which, for 6 months
from the date when the
dividend became payable, have remained in the hands or under the control of the
liquidator shall, forthwith
on the expiration of the period of 6 months, be paid
into the Companies Liquidation Account.
(2) In a voluntary winding-up or
a winding-up under the supervision of the court, all other moneys in the hands
or under the control
of a liquidator of a company representing unclaimed or
undistributed assets or held by the company in trust which, under subsection
(1)
of section 335 of the Act, the
liquidator is to pay into the Companies Liquidation Account, shall be
ascertained as on the date to which the statement
of receipts and payments
delivered to the registrar of companies is brought down, and the amount to be
paid to the Companies Liquidation
Account shall be the minimum balance of such
money which the liquidator has had in his hands or under his control during the
period
of 6 months immediately preceding the date to which the statement is
brought down, less such part, if any, thereof as the official
receiver may
authorize him to retain for the immediate purposes of the liquidation; and such
amount shall be paid into the Companies
Liquidation Account within 14 days from
the date to which the statement of account is brought down.
(3)
Notwithstanding anything in this rule, any moneys in the hands of the liquidator
at the date of the dissolution of the company
representing unclaimed or
undistributed assets or dividends or held by the company in trust in respect of
dividends or other sums
due to any person as a member of the company shall
forthwith be paid by him into the Companies Liquidation Account.
Liquidator to furnish information to official receiver
187. In a
voluntary winding-up or a winding-up under the supervision of the court, every
person who has acted as liquidator of any company,
whether the liquidation has
been concluded or not, shall furnish to the official receiver particulars of any
money in his hands or
under his control representing unclaimed or undistributed
assets of the company or held by the company in trust in respect of dividends
or
other sums due to any person as a member of the company, and such other
particulars as the official receiver may require for the
purpose of ascertaining
or getting in any money payable into the Companies Liquidation Account; and the
official receiver may require
such particulars to be verified by
affidavit..
Official receiver may call for verified accounts
188.-(1) In a
voluntary winding-up or winding-up under the supervision, of the court, the
official receiver may, at any time, order any
such person as is mentioned in
rule 187 of these Rules to submit to him an account, verified by affidavit, of
the sums received and
paid by him as liquidator of the company, and may direct
and enforce an audit of the account.
(2) For the purposes of section
335 of the Act and of these Rules, the
court has and may exercise all the powers conferred by the Bankruptcy Act with
respect to the discovery and realization of the property of a debtor, and the
provisions of Part III of that Act with respect
thereto shall, with any
necessary modification, apply to proceedings under section
335 of the Act.
(Cap. 48.)
Application to the court for enforcing an account, and getting in money
189. An
application by the official receiver for the purpose of ascertaining and getting
in money payable into the Companies Liquidation
Account pursuant to section
335 of the Act shall be made by
motion.
Application for payment out by person entitled
190. An
application by a person claiming to be entitled to any money paid into the
Companies Liquidation Account in pursuance of section
335 of the Act shall be made in such
form and manner as the official receiver may, from time to time, direct, and
shall, unless the official
receiver otherwise directs, be accompanied by
certificate of the liquidator that the person claiming is entitled and such
further
evidence as the official receiver may direct.
Application by liquidator for payment out
191. A liquidator
who requires to make payments out of money paid into the Companies Liquidation
Account in pursuance of section 335 of
the Act, either by way of distribution or in respect of the costs and expenses
of the proceedings, shall apply in such form and
manner as the official receiver
may direct, and the official receiver may thereupon either make an order for
payment to the liquidator
of the sum required by him for the purposes aforesaid
or direct cheques to be issued to the liquidator for transmission to the persons
to whom the payments are to be made.
PART XXXIX-RELEASE OF LIQUIDATOR IN A WINDING-UP BY THE COURT
Proceedings for release of liquidator
192.-(1) A
liquidator in a winding-up by the court, before making application to the court
for his release, shall given notice of his
intention so to do to all the
creditors who have proved their debts, and to all the contributories, and shall
send with the notice
a summary of all receipts and payments in the
winding-up.
(2) When the court has granted to a liquidator his release, a
notice of the order granting the release shall be published in the Gazette;
the
liquidator shall provide the requisite fee for the Gazette, which he may charge
against the company's assets,
Disposal of books and papers
193.-(1) The
court may order that the books and papers of a company which. has been wound up
shall not be destroyed for such period, not
exceeding 5 years from the
dissolution of the company, as the court thinks fit.
(2) Any creditor or
contributory may make representations to the court with regard to the
destruction of such books and papers.
(3) A resolution for the
destruction of the books and papers of such a company within the said period of
5 years, or any shorter period
fixed by an order of the court in force at the
date of such resolution, shall not take effect until the expiration of such
period
of 5 years or of such shorter period, unless the court shall otherwise
direct.
(4) At least I week's notice shall be given to the official
receiver of any application to the court for an order for the destruction
of
books and papers of company before the expiration of such period of 5 years or
shorter period.
Applications under section 247 and section 326 of the Act
194.-(1) An
application by the official receiver to the court to examine on oath the
liquidator or any other person, pursuant to
section 247 of the Act, or to confer on
the official receiver, with respect to the company concerned, the powers of
investigating the affairs
of the company mentioned in subsection (3) of section
326 of the Act, shall be made
ex parte, and shall be supported by a
report to the court filed with the registrar, stating the circumstances in which
the application is
made.
(2) The report shall for the purposes of such
application be prima facie evidence of
the statements therein contained.
PART XL-BOOKS TO BE KEPT, AND RETURNS TO BE MADE BY OFFICERS OF THE COURT
Books to be kept by officers of the court
195.-(1) The
registrar shall keep books in accordance with Forms Nos. 106 and 107, and the
particulars given under the different heads
in such books shall be entered
forthwith after each proceeding has been concluded.
(2) The registrar
whose duty it is to keep the books prescribed by these Rules shall make and
transmit to the official receiver such
extracts from the books, and shall
furnish the official receiver with such information and returns, as the official
receiver may,
from time to time, require.
PART XLI-GAZETTING IN A WINDING-UP BY THE COURT
Gazette Notices
196.-(1) All
notices subsequent to the making by the court of a winding-up order in pursuance
of the Act or of these Rules requiring publication
in the Gazette shall be
published by the official receiver or the liquidator, as the case may
be.
(2) Where any winding-up order is amended, and also in any case in
which any matter which has been published in the Gazette has been
amended or
altered, or in which a matter has been wrongly or inaccurately published, the
official receiver shall arrange for such
matter, with the necessary amendments
and alterations, to be republished at the expense of the company's assets, or
otherwise, as
the official receiver may direct.
Filing memorandum of Gazette Notices
197.-(1) Whenever
the Gazette contains any advertisement relating to any winding-up proceedings,
the official receiver or liquidator,
as the case may be, shall file with the
proceedings a memorandum referring to and giving the date of such
advertisement.
(2) In the case of an advertisement in a local paper, the
official receiver or liquidator, as the case may be, shall keep a copy of
the
paper, and a memorandum referring to and giving the date of advertisement shall
be placed on the file.
(3) For this purpose, 1 copy of each local paper
in which any advertisement relating to any winding-up proceeding in the court is
inserted shall be left with the official receiver or liquidator, as the case may
be, by the person who inserts the advertisement.
(4) A memorandum under
this rule shall be prima facie evidence that the advertisement to which it
refers was duly inserted in the
issue of the Gazette or newspaper mentioned in
it.
PART XLII-ARREST AND COMMITTAL
To whom warrants may be addressed
198. A warrant of
arrest or any other warrant issued under any of the provisions of the Act or of
these Rules may be addressed to an officer
of the court or to a police
officer.
Prison to which person arrested on warrant is to be taken
199. Where the
court issues a warrant for the arrest of a person under any of the provisions of
the Act or of these Rules, the prison,
to be named in the warrant of arrest, to
which the person is committed shall, unless the court otherwise orders, be the
prison used
by the court in cases of orders of committal made in the exercise by
the court of its ordinary jurisdiction.
Prison
to which person, arrested is to be
conveyed,
and production and
custody of persons arrested
200.-(1) Where a
person is arrested under a warrant of arrest issued under any of the provisions
of the Act or of these Rules, other than
sections
264 and
267 of the Act and rule 58 of these
Rules, he shall be forthwith conveyed in the custody of the officer apprehending
him to such prison
"and kept therein for the time mentioned in such warrant,
unless sooner discharged by order of the court which originally issued
the
warrant or otherwise by law.
(2) Where a person is arrested under a
warrant issued under section 264 or
section 267 of the Act or under rule 58
of these Rules, he shall be forthwith conveyed in custody of the officer
apprehending him to the prison,
and the officer in charge of such prison shall
produce such person before the court as it may, from time to time, direct, and
shall
safely keep him until such time as the court shall otherwise order, or
such person is otherwise discharged by law.
PART XLIII-MISCELLANEOUS
Enlargement or abridgment of time
201. The court
may, in any case in which it sees fit, extend or abridge the time appointed by
these Rules or fixed by any order of the
court for doing any act or taking any
proceeding.
Formal defect not to invalidate proceedings
202.-(1) No
proceedings under the Act or these Rules shall be invalid by reason of any
formal defect or any irregularity, unless the court
before which any objection
is made to the proceedings is of opinion that substantial injustice has been
caused by the defect or irregularity
and that the injustice cannot be remedied
by any order of that court.
(2) No defect or irregularity in the
appointment of the official receiver or of the appointment or election of a
liquidator or member
of a committee of inspection shall invalidate any act done
by him in good faith.
Application of existing procedure
203. In all
proceedings in or before the court, or any judge, registrar or officer thereof,
or over which the court has jurisdiction under
the Act or these Rules, where no
other provision is made by the Act or these Rules, the practice, procedure and
regulations in such
proceedings shall, unless the court otherwise directs, be in
accordance with the rules and practice of the court.
________
SCHEDULE
FORM No. 1
(r.8)
GENERAL TITLE
IN THE SUPREME COURT OF FIJI
BANKRUPTCY AND WINDING-UP CAUSE No. ...... OF 19...
......................... IN
THE MATTER OF
(a) ..................................
LIMITED.
AND
IN THE MATTER OF THE COMPANIES ACT
___________________________
(a) Insert full
name of Company
________
FORM No. 2
(r. 7)
SUMMONS (GENERAL)
(Title)*
Let (a) ................... attend at ............... on the ................. day of ......, 19 ......, at ....... o'clock in the ............... noon, on the hearing of an application by (b) ............ for an order that (c)
Dated this .............. day of, ....19
This
summons was taken out by .... of .........
Barristers and Solicitors
for
To
Note-If you do
not attend, either in person or by barrister and solicitor, at the time and
place above mentioned, such order will be made,
and proceedings taken, as the
judge may think just and
expedient.
*See Form No.
1.
(a) Name of
respondent.
(b) Name and
description of applicant.
(c)
State object of application.
_________
Form No. 3
(r. 21)
PETITION (GENERAL FORM)
(Title) *
To
(a)
The humble petition of
(b)
showeth as follows:-
1.
The .................................. Limited (hereinafter called "the
Company") was in the month of ....................... incorporated
under the
Companies Act.
2. The registered office of the Company is at
(c) .................. and the
registered postal address of the Company is at
(d).
3. The nominal capital of
the Company is $.........., divided into ........ shares of $.... each.
The
amount of the capital paid up or credited as paid up is $....
4. The
objects for which the Company was established are as follows:-
To
.......................................... and other objects set forth in the
memorandum of association
thereof.
[Here set out in paragraphs
the facts on which the petitioner relies, and conclude as
follows:]
Your petitioner therefore humbly prays either:-]
That the ............... Limited may be wound up by the Court under the provisions of the Companies Act.
or
That the voluntary winding-up of the .................... Limited may be continued but subject to the supervision of the Court,
or
That such order may be made in the premises as shall be just.
Note.-(e)
It is intended to serve this petition
on
*See Form No.
1.
(a) Insert title of
Court.
(b) Insert full name, title,
etc. of petitioner.
(c) State the
full situation of the registered
office.
(d) State the registered
postal address.
(e) This note will
be unnecessary if the Company is petitioner.
_________
FORM No. 4
(r. 21)
PETITION BY UNPAID CREDITOR ON SIMPLE CONTRACT
(Title)*
To
(a)
The humble petition of
(b)
showeth as follows:-
1.
The ........... Company Limited (hereinafter called "the Company") was in the
month of ............ incorporated under the Companies Act.
2. The
registered office of the Company is at (c)
............and the registered postal address of the Company is
(d)
3. The nominal capital of
the Company is $........... divided into shares of $.... each. The amount of the
capital paid up or credited
as paid up is $...
4. The objects for which
the Company was established are as follows:-
To ............................... and other objects set forth in the memorandum of association thereof.
[Here set out in paragraphs the facts on which the petitioner relies, and conclude
as follows:-]
5. The Company is indebted
to your petitioner in the sum of $..... for
(e)
6. Your petitioner has made
application to the Company for payment of his debt, but the Company has failed
or neglected to pay the
same or any part thereof.
7. The Company is
[insolvent and] unable to pay its debts.
8. In the circumstances it is
just and equitable that the Company should be wound up.
Your petitioner
therefore, etc. [as in Form No.
3]
*See Form No.
1.
(a) Insert title of
Court.
(b) Insert full name, title,
etc. of petitioner.
(c) State the
full situation of the registered
office.
(d) State the registered
postal address.
(e) State
consideration for the debt, with particulars so as to establish that the debt
claimed is due.
________
Form No. 5
(r. 21)
PETITION BY MINORITY SHAREHOLDER
(Title)*
To
(a)
The humble petition of
(b)
showeth as follows:-
1.
The .......................................... Company Limited (hereinafter
called "the(company") was in the month of ..............
incorporated under the
Companies Act.
2. The registered office of the Company is at
(c) ............................and
the registered postal address of the Company is
(d)
3. The nominal capital of
the Company is $......, divided into shares of $....................... each.
The amount of the capital
paid up or credited as paid up is $...
4. The
objects for which the Company was established are as follows:-
To .......................... and other objects set forth in the memorandum of association thereof.
[Here set out in paragraphs the facts on which the petitioner relies and continue as follows:-]
In these circumstances your petitioner submits that the affairs of the Company are being conducted in a manner oppressive to a part of the members of the Company (including your petitioner) and that, while it would be just and equitable that the Company should be wound up, to do so would unfairly prejudice your petitioner and that part of the members.
Your petitioner therefore humbly prays as follows:-
[Here set out remedy sought and conclude:-]
Or that such other order may be made in the premises as shall be just.
Note.-It
is intended to serve this petition
on
*See Form No.
1.
(a) Insert title of
Court
(b) Insert full name, title,
etc., of petitioner.
(c) State the
full situation of the registered
office.
(d) State the registered
postal address.
________
FORM No. 6
(r.23)
ADVERTISEMENT OF PETITION (FOR WINDING-UP OR SUPERVISION ORDER)
(Title)*
Notice is hereby given that a petition for the winding-up
of the above-named Company by (a) the
Supreme Court was on the ............. day of .........,19... presented to the
said Court by (b)
And that the
said petition is directed to be heard before the Court sitting at
...................
on the ............ day of ..........., 19
................., and creditor or contributory of the said Company desirous to
support
or oppose the making of an order on the said petition may appear at the
time of hearing in person or by his barrister and solicitor
for that purpose and
a copy of the petition will be furnished by the undersigned to any creditor or
contributory of the said Company
requiring such copy on payment of the regulated
charge for the same.
Signed
(c)
[Name]
[Address]
Note.-Any
person who intends to appear on the hearing of the said petition must serve or
send by post to the above-named notice in writing
of his intention so to do. The
notice must state the name and address of the person, or, if a firm, the name
and address of the firm,
and must be signed by the person or firm, or his or
their barrister and solicitor, if any, and must be served, or if posted must
be
sent by post, in sufficient time to reach the above named not later than four
o'clock in the afternoon of
(d).........................................
on the day of ...., 19...
See
Form No. 1.
(a) If the winding-up
is to be subject to supervision insert instead of "by" the words "subject to the
supervision of".
(b) Insert name
and address of petitioner.
(c) To
be signed by the barrister and solicitor to the petitioner or by the petitioner
if he has no barrister and
solicitor.
(d) If the day appointed
for the hearing of the petition is a Monday, then 4 p.m. on Friday before such
Monday; if any other day of the
week, then 4 p.m. on the day immediately,
preceding the day appointed
_______
Form No. 7
(r. 23)
ADVERTISEMENT OF PETITION BY MINORITY SHAREHOLDER
(Title)*
Notice is hereby given that a petition for an order that
(a) or for such other order as shall
be just was presented to the Supreme Court holden at
...............................................on
the ......... day of
.......... 19 ..., by (b)
And
that the said petition is directed to be heard before the Court sitting at
..................on the ............. day of ..........,
19 .........., and any
creditor or contributory of the said Company desirous to support or oppose the
making of an order on the said
petition may appear at the time of the hearing,
in person, or by his barrister and solicitor, for that purpose; and a copy of
the
petition will be furnished by the undersigned to any creditor or
contributory of the said Company requiring such copy on payment
of the regulated
charge for the same.
Signed
(c)
[Name]
[Address]
Note.-Any
person who intends 'to appear on the hearing of the said petition must serve on
or send by post to the above-named notice in writing
of his intention so to do.
The notice must state the name and address of the person, or, if a firm, the
name and address of the firm,
and must be signed by the person or firm, or his
or their barrister and solicitor, if any, and must be served, or if posted, must
be sent by post in sufficient time to reach the above named not later than four
o'clock in the afternoon of
(d)................................ on
the .... day of ...., 19
....
*See Form No.
1.
(a) Insert remedy sought in
prayer of petition.
(b) Insert
name and address of petitioner.
(c)
To be signed by the barrister and solicitor to the petitioner or by the
petitioner if he has no barrister and
solicitor.
(d) If the day appointed
for the hearing in a Monday then 4 p.m. on the Friday before such Monday it any
other day, then 4 p.m. immediately
proceeding the day so appointed.
_______
FORM No. 8
(r. 24)
AFFIDAVIT OF SERVICE OF PETITION ON MEMBERS, OFFICERS, OR SERVANTS
(Title)*
In the matter of a petition dated
I,
.............................., of ............................, make oath and
say:-
1. [In the case of service of petition on a Company by leaving it
with a member, officer or servant at the registered office, or if
no registered
office, at the principal or last known principal place of business of the
Company).
That I did on ......., the ..... day of ........., 19 ...,
serve the above-named Company with the above-mentioned petition by delivering
to
and leaving with [name and
description] a member [or
officer] [or servant] of the
said Company a copy of the above-mentioned petition duly sealed with the seal of
the Court at [office or place of business as
aforesaid] before the hour of ....................... in the .......
noon.
2. [In the case of no member,
officer or servant of the Company being found at the registered office or place
of business].
That I did on ....., the ...... day of ....., 19...,
having failed to find any member, officer or servant of the above-named Company
at [here state registered office or place of
business], leave there a copy of the above-mentioned petition, duly
sealed with the seal of the Court, before the hour of ........ in the
noon
[add where such sealed copy was left, e.g.
affixed to the door of offices, or placed in letter box, or
otherwise].
3. [In the case of
directions by the Court as to the member, officer or servant of the Company to
be served].
That I did on ............, the .......day of
..............., 19 ......, serve [name or
names and description] with a copy of the above-mentioned petition, duly
sealed with the seal of the Court, by delivering the same, together with a true
copy of the order for substituted service, dated ......, 19 ....., personally to
the said ...............at [place]
before the hour of .........in the ...... noon.
4. The said petition is
now produced and shown to me marked "A".
Sworn at,
etc.
*See Form No. 1.
________
Form No. 9
(r.24)
AFFIDAVIT OF SERVICE OF PETITION ON LIQUIDATOR
(Title)*
In the matter of a petition dated ........................
for winding-up the above Company by [or under
the supervision of] the Court [as the
case may be].
I, .............., of
........................................................................, make
oath and
say:
That I did, on ........., the ..............day of ........., 19 ..............., serve [name and description], the Liquidator of the above-named Company, with a copy of the above-mentioned petition, duly sealed with the seal of the Court, by delivering the same personally to the said ...............................................................at [place] before the hour of ............in the .......... noon.
The said petition is now produced and shown to me, marked "A".
Sworn at, etc.
*See
Form No. 1.
________
Form No. 10
(r. 25)
AFFIDAVIT VERIFYING PETITION
(Title)*
I, ................................, of
.....................................................make oath and say that such
of the statements
in the petition now produced and shown to me, and marked "A",
as relate to (a) my own acts and deeds
are true, and such of the said statements as relate to the acts and deeds of any
other person or persons I
believe to be true.
Sworn at,
etc.
*See Form No.
1.
(a) If the petition is by a
firm, substitute "the acts and deeds of my said firm".
________
Form No. 11
(r.25)
AFFIDAVIT VERIFYING PETITION OF A LIMITED COMPANY
(Title)*
I, .............................., of
....................................................., make oath and say as
follows:-
1. I am [a director]
[a secretary] of
......................................... Co. Ltd., the petitioner in the above
matter, and am duly authorized by the said petitioner
to make this affidavit on
its behalf.
2. Such of the statements in the petition now produced and
shown to me, marked "A", as relate to the acts and deeds of the said petitioner
are true, and such of the statements as relate to the acts and deeds of any
other person or persons I believe to be true.
Sworn at,
etc.
*See Form No. 1.
_______
FORM No. 12
(rr. 27 and 36 (2))
ORDER APPOINTING AN INTERIM LIQUIDATOR AFTER PRESENTATION OF PETITION AND BEFORE ORDER TO WIND UP
(Title)*
The .......................... day of ..............., 19
......
Upon the application
[etc.],
and upon reading [etc.], the Court
doth hereby appoint the Official Receiver to be Interim Liquidator of the
above-named Company And the Court doth hereby
limit and restrict the powers of
the said Interim Liquidator to the following acts, that is to say
[describe the acts which the Interim
Liquidator is to be authorized to do and the property of which he is to take
possession].
Note.-It
will be the duty of such of the persons as are liable to make out or to concur
in making out a statement of affairs, as the Official
Receiver may require, to
attend on the Official Receiver at such time and place as he may appoint and to
give him all information
he may
require.
*See Form No.
1.
_______
FORM No. 13
(r. 29)
NOTICE OF INTENTION TO APPEAR ON PETITION
(Title)*
Take notice that
(a) .................................,
of .................................. a creditor for $ ................of
......................
[or
contributory holding (b)
shares in]
the above-named Company intends to appear on the hearing of the petition
advertised to be heard on the ..................
day of ............ ,
19.........., and to support [or
oppose] such
petition.
To:-
*See Form
No, 1.
(a) state full name and
address or, if a firm, the name and address of the firm and
address.
(b) state number and class
of shares held.
(c) To be signed by
the person or his barrister and solicitor.
________
FORM No. 14
(r, 30)
LIST OF PARTIES ATTENDING THE HEARING OF A PETITION
(Title)*
The following are the names of those who have given notice
of their intention to attend the hearing of the petition herein on the
day of
................, 19...:-
|
Name
|
Address
|
Name
and address of barrister and solicitor of party who has given
notice
|
Creditors:
Amount of debt |
Contributories:
number of shares |
Opposing
|
Supporting
|
|
|
|
|
|
|
|
|
*See Form No.
1.
________
FORM No. 15
(r. 33)
NOTIFICATION TO OFFICIAL RECEIVER OF WINDING-UP ORDER
(Title)*
To the Official Receiver of the
Court
[Address]
Order
pronounced this day by the Honourable Mr Justice
................................. [or
as the case may be] for
winding-up the under-mentioned Company under the Companies Act.
|
Name of
Company |
Registered
Office of Company |
Petitioner's
Barrister and Solicitor |
Date of
presentation of petition |
|
|
|
|
*See Form No. 1.
_______
FORM No. 16
(r. 33)
NOTIFICATION TO OFFICIAL RECEIVER OF ORDER PRONOUNCED FOR APPOINTMENT OF INTERIM LIQUIDATOR PRIOR TO WINDING-UP ORDER BEING MADE
(Title)*
To the Official Receiver of the
Court
[Address]
Order
pronounced this day by the Honourable Mr. Justice
........................................ [as
case may be] for the appointment of the Official Receiver as Interim
Liquidator of the under-mentioned Company prior to any Winding-Up Order
being
made.
|
Name
of Company
|
Registered office of
Company
|
Petitioner's Barrister and
Solicitor
|
Date of presentation of
petition
|
|
|
|
|
|
*See Form No.
1.
_______
FORM No. 17
(r. 36)
ORDER FOR WINDING-UP BY THE COURT
(Title)*
The .............. day of ....................,
19....
Upon the petition of the above-named Company
[or A.B., of, etc., a creditor
[or contributory] of the above-named
Company] on the ................... day of
...................................... 19..., preferred unto the Court,
and upon
hearing ................................. for the petitioner, and
.................... for ...................................,
and upon reading
the said petition, and affidavit of [the said petitioner], filed [etc].,
verifying the said petition, an affidavit
of L.M., filed
[etc.], the
Fiji Royal Gazette of the
........................... day of ........................., 19........, the
..................... newspaper of the day of
..............., 19............,
each containing an advertisement of the said petition,
[enter any other evidence], this Court
doth order that the said Company be wound up by this Court under the provisions
of the Companies Act, and that the Official Receiver
(a) be constituted Interim Liquidator
of the affairs of the Company.
And it is ordered that the costs of
....................... of the said petition be taxed and paid out of the assets
of the said Company.
Note.-It
will be the duty of such of the persons as are liable to make out or to concur
in making out a statement of affairs, as the Official
Receiver may require, to
attend on the Official Receiver at such time and place as he may appoint, and to
give him all information
he may
require.
*See Form No.
1
(a) or as may be
(see section
232 of the Act)
________
FORM No. 18
(r. 37(1)(d))
NOTICE OF ORDER TO WIND UP (FOR NEWSPAPER)
In the matter of
.........................................................................
Limited
Nature of business:-
Winding-Up Order made
........................, 19......
Date and place of first
meetings:-
Creditors ...................., 19....., at
Contributories ............., 19......, at
Official Receiver and Interim Liquidator.
_________
FORM No. 19
(r. 37 (2))
ORDER FOR WINDING-UP, SUBJECT TO SUPERVISION
(Title)*
The ................day of ................,
19
Upon the petition [etc.], this Court doth order that the voluntary
winding-up of the said ..... Limited be continued, but subject
to the
supervision of this Court, and any of the proceedings under the said voluntary
winding-up may be adopted as the Court shall
think fit; and it is ordered that
the Liquidator appointed in the voluntary winding-up of the said Company, or
other the Liquidator
for the time being, do on the ...........day of
.........next, and thenceforth every three months, file with the Registrar a
report
in writing as to the position of, and the progress made, with, the
winding-up of the said Company, and with the realization of the
assets thereof,
and as to any other matters connected with the winding-up as the Court may from
time to time direct. And it is ordered
that no bills of costs, charges or
expenses or special remuneration of any barrister and solicitor employed by the
Liquidator of
the said Company or any remuneration, charges or expenses of such
Liquidator, or of any manager, accountant, auctioneer, broker or
other person,
be paid out of the assets of the said Company, unless such costs, charges,
expenses or remuneration shall have been
taxed or allowed by the Registrar. And
it is ordered that all such costs, charges, expenses and remuneration be taxed
and ascertained
accordingly. And it is ordered that the costs of the petitioner
and of [here insert any directions as to
allowance of costs of petitioners and of persons appearing]. And the
creditors, contributories and Liquidator of the said Company, and all other
persons interested, are to be at liberty to
apply generally as there may be
occasion.
*See Form No.
1.
_______
FORM No. 20
(r. 40)
AFFIDAVIT BY SPECIAL MANAGER VERIFYING ACCOUNT
(Title) *
I,
....................................................., of
............................................... make oath and say as
follows:-
1. The account hereunto annexed, marked "A", produced and shown
to me at the time of swearing this my affidavit, and purporting to
be my account
as Special Manager of the estate or business of the above-named Company,
contains a true account of all and every sums
of money received by me or by any
other person or persons by my order or to my knowledge or belief for my use on
account or in respect
of the said estate or business.
2. The several sums
of money mentioned in the said account hereby verified to have been paid or
allowed have been actually and truly
so paid and allowed for the several
purposes in the said account mentioned.
3. The said account is just and
true in all and every the items and belief therein contained, according to the
best of may knowledge
and belief.
Sworn at,
etc.
*See Form No. 1.
_______
FORM No. 21
(r. 40)
STATEMENT AS TO THE AFFAIRS
(Title)*
Statement of affairs on the ............................
day of ...................., 19......,
................ of the winding-up
order
the date ...........................
(a)
directed by the Official Receiver
[I We]
......................................., of
........................................................., make oath and say
that
the statement made overleaf and the several lists hereunto annexed marked
....................... are to the best of my [our] knowledge
and belief a full,
true and complete statement as to the affairs of the above-named
Company,
of the winding-up order
on the ........ day of ........, 19...., the date __________________ (a),
directed by the Official Receiver
and that the said Company carries on the following
business:-(b)
Sworn at
....................................}
This ............ day of .........,
19....,} Signature[s]
Before me .....................}
A Commissioner for Oaths.
The
Commissioner is particularly requested, before taking the affidavit, to
ascertain that the full name, address and description
of the deponent are
stated, and to initial any crossings-out or other alterations in the printed
form. A deficiency in the affidavit
in any of the above respects will entail its
refusal by the Court, and will necessitate its being
re-sworn.
Note.-The several
lists annexed are not exhibits to the
affidavit.
*See Form No.
1.
(a) Strike out inappropriate
words.
(b) Set out nature of
Company's business.
Statement of
to be annexed
STATEMENT AS TO THE AFFAIRS
OF
....................................................................................
LIMITED
ON THE ......... ............... .................. , 19............,
THE DATE
OF THE WINDING-UP ORDER
______________________________________ SHOWING ASSETS AT DIRECTED BY THE OFFICIAL RECEIVER
ESTIMATED REALIZABLE VALUES
AND LIABILITIES EXPECTED TO RANK
|
|
Estimated
realizable values |
|
ASSETS NOT SPECIFICALLY PLEDGED (as per list "A")
|
$ |
|
Balance at bank
|
||||
|
Cash in hand
|
||||
|
Marketable Securities
|
||||
|
Bills receivable
|
||||
|
Trade debtors
|
||||
|
Loans and advances
|
||||
|
Unpaid calls
|
||||
|
Stock in trade
|
||||
|
Work in progress
|
||||
|
...................
|
||||
|
...................
|
||||
|
Freehold property
|
||||
|
Leasehold property
|
||||
|
Plant and machinery
|
||||
|
Furniture, fittings, utensils, etc.
|
||||
|
Patents, trade marks, etc.
|
||||
|
Investments other than marketable securities
|
||||
|
Other property, viz:-
|
||||
|
..................
|
||||
|
..................
|
||||
|
ASSETS SPECIFICALLY PLEDGED
(as per List B) |
(a)
Estimated realizable values |
(b)
Due to
secured creditors |
(c)
Deficiency
ranking as unsecured (see next page)
|
(d)
Surplus
carried to last column |
|
Freehold property ............................... .............................. |
$
|
$
|
$
|
$
|
|
|
|
|
|
|
Estimated surplus from assets specifically
pledged.................................
ESTIMATED TOTAL ASSETS AVAILABLE FOR
PREFERENTIAL CREDITORS, DEBENTURE HOLDERS SECURED BY A FLOATING CHARGE, AND
UNSECURED CREDITORS*
(carried forward to next
page) $
(d)
|
SUMMARY OF GROSS ASSETS
|
(d)
|
|
Gross realizable value of assets specifically
pledged............
|
$
|
|
Other assets
............................................................
|
|
GROSS ASSETS ..........................................$ |
|
|
Affairs and Lists
to Form No. 21. |
|
$
|
||
|
ESTIMATED TOTAL ASSETS AVAILABLE FOR PREFERENTIAL CREDITORS,
DEBENTURE HOLDERS SECURED BY A FLOATING CHARGE, AND UNSECURED CREDITORS*
(brought forward from preceding page)
$
|
|
|||
|
(e)
|
LIABILITIES
|
|
||
|
Gross Liabilities
|
(to be deducted from surplus or added to deficiency as
the case may be)
|
|
||
|
$
|
SECURED CREDITORS (as per List " B ") to extent to which
claims are estimated to be covered by assets specifically pledged (item
(a) or
(b) on preceding page, whichever is
the less) ...............
|
|
||
|
|
[Insert in" Gross
Liabilities" column only.]
..................................
|
|
||
|
|
PREFERENTIAL CREDITORS (as per List "C")
.....................
|
|
||
|
|
Estimated balance of assets available for debenture holders
secured by a floating charge, and unsecured creditors*
.................................$
|
|
||
|
|
Debenture holders secured by a floating charge (as per List
" D ") ...
|
|
||
|
|
Estimated SURPLUS/DEFICIENCY as regards
Debenture Holders* ................................................................$ |
|
||
|
|
UNSECURED CREDITORS (as per List " E):-
|
$ |
|
|
|
|
Estimated unsecured balance on claims of creditors partly
secured on specific assets, brought from preceding page
(c)
..........................................................................
|
|
|
|
|
|
Trade accounts
........................................................
|
|
|
|
|
|
Bills payable
...........................................................
|
|
|
|
|
|
Outstanding expenses
................................................
|
|
|
|
|
|
.....................
......................................................
|
|
|
|
|
|
Contingent liabilities
[state nature]:-
|
|
|
|
|
|
........................
......................................................
|
|
|
|
|
|
ESTIMATED .SURPLUS/DEFICIENCY AS REGARDS CREDITORS*
|
$ |
|
|
|
|
being difference between:
|
|
|
|
|
|
GROSS ASSETS brought from preceding page
(d) and GROSS LIABILITIES as per
column (e) ...
|
|
|
|
|
|
ISSUED AND CALLED-UP CAPITAL
|
|
|
|
|
|
........................preference shares of
.................. each .......
|
|
|
|
|
|
.........................called-up (as per List " F ")
....................
|
|
|
|
|
|
........................ordinary shares of
.................:each
..........
|
|
|
|
|
$
|
.........................called-up (as per List " G ")
...................
|
|
|
|
|
|
......................................................................
|
|
|
|
|
|
......................................................................
|
|
|
|
|
|
ESTIMATED SURPLUS/DEFICIENCY AS REGARDS
MEMBERS* (as per List "H") ................................................$ |
|
||
Strike out (f)
or (g). *These figures must be read
subject to the following notes:-
(1)
(f) There is no unpaid capita liable
to be called up or (g) The nominal
amount of unpaid capital liable to be called up is $ .............estimated to
produce $ ..............which is [not]
charged in favour of debenture
holders.
(2) The estimates are subject to costs of the winding-up and to
any surplus or deficiency on trading pending realization of the assets.
LIST "A"-ASSETS NOT SPECIFICALLY PLEDGED
Statement of Affairs List "A"
[Full particulars of every description of property not specifically pledged and not included in any other list are to be set forth in this list]
Full statement and nature of property |
Book value
|
Estimated to produce
|
|
|
State name
of bankers. |
Balance at bank
..............................
|
|
|
|
Cash in hand
..................................
|
|||
|
|
Marketable securities, viz:-
|
|
|
|
|
Bills receivable (as per Schedule I)
....
|
|
|
|
|
Trade debtors (as per Schedule II)
|
|
|
|
|
Loans and advances, viz:-
|
|
|
|
|
Unpaid calls (as per Schedule III) ......
|
|
|
|
State nature.
|
Stock in trade
.................................
|
|
|
|
State nature.
|
Work in progress
|
|
|
|
|
Freehold property, viz:-
|
|
|
|
|
Leasehold property, viz:-
|
|
|
|
|
Plant and machinery, viz:-
|
|
|
|
|
Furniture, fittings, utensils, etc.
.........
|
|
|
|
|
Patents trade marks, etc., viz:-
...........
|
|
|
|
|
Investments other than marketable securities, viz:-
|
|
|
|
|
Other property, viz.:-
|
|
|
[Signed] Dated
....., 19..
SCHEDULE I-BILLS OF
EXCHANGE, PROMISSORY NOTES, ETC., ON HAND AVAILABLE AS
ASSETS
Statement of
Affairs
Schedule I to List
"A"
[The names to be arranged in alphabetical order and numbered consecutively]
|
No.
|
Name of
bill
acceptor or note |
Address, etc.
|
Amount of bill or
note
|
Date when due
|
Estimated to
produce
|
Particulars of any property
held for
as security payment of bill or note |
||
|
|
c
|
$
|
c
|
|||||
|
|
|
|
|
|
|
|
|
|
[Signed] Dated ...., 19...
SCHEDULE II-TRADE DEBTORS
Statement of Affairs
Schedule II to List
"A"
[The names to be arranged in alphabetical order and numbered consecutively]
NOTE.-If the debtor to the Company is also a creditor, but
for a less amount than his indebtedness, the gross amount due to the Company
and
the amount of the contra account should be shown in the third column, and the
balance only be inserted under the heading "Amount
of Debt" thus:-
Due to Company ................................................
Less; contra account ................................................
No
such claim should be included in List "E".
|
No.
|
Name
|
Postal
address,
residence and occupation |
Amount of debt
|
Folio
of
ledger or other book where particulars to be found |
When contracted
|
Estimated
to produce |
Particulars
of any securities held for debt |
|||||||
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
Good
|
Doubtful
|
Bad
|
|
Month
|
Year
|
|
|
|
|||
|
|
|
|
$
|
c
|
$ c
|
$
|
-c
|
|
|
|
$
|
c
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dated ...., 19....
SCHEDULE III-UNPAID CALLS
Statement of Affairs Schedule III to List "A"
[The names to be arranged in alphabetical order and numbered consecutively]
|
Consecutive
No.
|
No.
in share register
|
Name of
shareholder
|
Address
|
No. of shares
held
|
Amount
of call per share unpaid
|
Total amount
due
|
Estimated to
realize
|
|||
|
|
|
|
|
|
$
|
c
|
$
|
c
|
$
|
c
|
Dated ..... ,19...
LIST "B"
ASSETS SPECIFICALLY PLEDGED AND CREDITORS FULLY OR PARTLY SECURED
[Not including Debenture Holders secured by a Floating Charge]
Statement of Affairs
List
"B"
[The names of the secured
creditors are to be shown consecutively, and arranged in
alphabetical order as far as
possible]
|
Particulars of
assets
specifically pledged |
Date
when
security given |
Estimated value of
security
|
No. |
. Name
of
creditor |
Address
and occupation |
Amount of debt
|
Date when
contracted
|
Consideration
|
Balance of debt unsecured
carried to List "E"
|
Estimated surplus from
security
|
|||||
|
month
|
year
|
||||||||||||||
|
|
|
|
|
|
|
$
|
c
|
|
|
$
|
c
|
$
|
c
|
$
|
c
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
[Signed] Dated ......., 19...
LIST "C"
PREFERENTIAL CREDITORS
FOR RATES, TAXES, SALARIES, WAGES AND OTHERWISE
Statement of
Affairs
List "C"
[The names to
be arranged in alphabetical order and numbered consecutively]
|
No.
|
Name
of
creditor |
Address
and
Occupation |
Nature of claim
|
Period during which claim
accrued due
|
Date when due
|
Amount of claim
|
Amount payable in
full
|
Balance not preferential
carried to List "E"
|
|||
|
|
|
|
|
|
|
$
|
c
|
$
|
c
|
$
|
c
|
LIST "D"
LIST OF DEBENTURE HOLDERS SECURED BY A FLOATING CHARGE
Statement of Affairs
List "D"
[The names to be arranged in alphabetical order and numbered consecutively. Separate list must be furnished of holders of each issue of debentures, should more than one issue have been made.]
|
No.
|
Name of holder
|
Address
|
Amount
|
Description of assets over
which security extends
|
|
|
|
|
|
$
|
c
|
|
[Signed] Dated
........., 19...
LIST "E"
UNSECURED CREDITORS
Statement of Affairs
List "E"
[The names to be arranged in alphabetical order and numbered consecutively]
NOTES.-1. When there is a contra account against the
creditor less than his claim against the Company, the amount of the creditor's
claim and the amount of the contra account should be shown in the third column
and the balance be inserted under the heading "Amount
of Debt" thus:-
$ c
Total amount of claims ..............................
Less; contra account .................................
No such
set-off should be included in Schedule 1 attached to List "A".
2. The
particulars of any bills of exchange and promissory notes held by a creditor
should be inserted immediately below the name
and address of such
creditor.
|
No.
|
Name
|
Address and
occupation
|
Amount of debt
|
Date when
contracted
|
consideration
|
||
|
$
|
c
|
Month
|
Year
|
|
|||
|
|
Unsecured balance of creditors partly secured - brought
forward from List "B" .......................
Balance not preferential of preferential creditors brought forward from List "C" ............ |
|
|
|
|
|
|
[Signed]
Dated ........, 19....
LIST 'F"
LIST OF PREFERENCE SHAREHOLDERS
Statement of Affairs
List "F"
[The names to be arranged in alphabetical order and numbered consecutively]
|
Consecutive No.
|
Register
No. |
Name of
shareholder
|
Address
|
Nominal amount of
share
|
No. of shares
held
|
Amount per share called
up
|
Total amount called
up
|
||
|
|
|
|
|
|
|
$
|
c
|
$
|
c
|
[Signed]
Dated ........, 19....
LIST "G"
LIST OF ORDINARY SHAREHOLDERS
Statement of Affairs
List "G"
[The names to be arranged in alphabetical order and numbered consecutively]
|
Consecutive No.
|
Register
No. |
Name of
shareholder
|
Address
|
Nominal amount of
share
|
No. of shares
held
|
Amount per share called
up
|
Total amount called
up
|
||
|
|
|
|
|
|
|
$
|
c
|
$
|
c
|
[Signed]
Dated ........, 19....
LIST "H"
DEFICIENCY OF SURPLUS ACCOUNT
Statement of Affairs
List "H"
The period covered
by thus Account must commence on a date not less than three years before the
date of the Winding-up Order (or the
date directed by the Official Receiver) or,
if the Company has not been incorporated for the whole of that period, the date
of the
formation of the Company, unless the Official Receiver otherwise
agrees.
ITEMS CONTRIBUTING TO DEFICIENCY (OR REDUCING SURPLUS)-
1.
Excess (if any) of capital and liabilities over assets on the ..........., 19...
as shown by Balance Sheet (copy annexed)
..........................................
2.
Net dividends and bonuses declared during the period from .........., 19... to
the date of the Statement .......
3. Net trading losses (after charging items
shown in note below) for the same period ........
4. Losses other than
trading losses written off or for which provision has been made in the books
during the same period [give particulars or
annex Schedule]
5. Estimated losses now written off or for which
provision has been made for the purpose of declaring the Statement
[give particulars or annex
Schedule]
6. Other items contributing to Deficiency or reducing
surplus: -
_________________________ ........................
ITEMS
REDUCING DEFICIENCY OR (CONTRIBUTING TO SURPLUS) -
7. Excess (if any) of
assets over capital and liabilities on the .........., 19... as shown in the
Balance Sheet (copy annexed) .................
8. Net trading profits (after
charging items shown in the note below) for the period from the ..., 19... to
the date of the Statement
............
9. Profits and income other than
trading profit during the same period [give
particulars or annexed Schedule]
10. Other items reducing deficiency
or contributing to
surplus:-
____________________________........................
DEFICIENCY/SURPLUS as shown by Statement......................................... $
NOTE AS TO NET TRADING PROFITS AND
LOSSES:-
Particulars are to be inserted here (so far as applicable) of
the items mentioned below , which are to be taken into account in arriving
at
the amount of net trading profits or losses shown in this Account:-
.....................
Provisions for depreciation, renewals or diminution
in value of fixed assets..........
Charges for income tax and other taxation
on profits........................
Interest on debentures and other fixed
loans ...........................
Payments to directors made by the Company
and required by law to be disclosed in the accounts
....................................................................
Exceptional
or non-recurring expenditure:- ...........................
Less:
exceptional or non-recurring receipts.- .........................
Balance,
being other trading profits or losses .........................
Net trading
profits or losses as shown in Deficiency or Surplus account above
...............
$.
[Signed] Dated
........, 19....
LIST "I"
Statement of Affairs
List "I"
IN SUBSTITUTION
FOR SUCH OF THE LISTS "A" TO "H" AS WILL HAVE TO BE RETURNED BLANK
|
LIST
|
PARTICULARS
|
REMARKS
Where no entries are made on any one or more of the Lists
"A" to "H" the word "Nil" should be inserted in this column opposite the
List or
Lists thus left blank
|
|
A
B C D E F G H |
Assets not specifically pledged .........
Assets specifically pledged and creditors fully or partly secured (not including debenture holders secured by a floating charge) ........................ Preferential creditors for rates, taxes, salaries, wages and otherwise ........... Debenture holders secured by floating charge ....................................... Unsecured Creditors ....................... Preference shareholders ................... Ordinary shareholders ..................... Deficiency or Surplus account .......... |
|
[Signed]
Dated ........, 19....
______
Form No. 22
(r. 47(1))
REPORT OF RESULT OF MEETING OF CREDITORS OR CONTRIBUTORIES
(Title)*
In the matter of .........................................
Limited.
I, A.B., the Official Receiver of the Court
[or as the case may be], chairman of a
meeting of the creditors [or
contributories] of the above-named Company, summoned by advertisement in
the .... newspaper, of the ...., 19.., and in the
Fiji Royal Gazette of the .... 19..,
and by notice dated ...., 19..., and held on the .... day of ..., 19..., at ...
do hereby report to the Court the
result of such meeting as follows:-
The
said meeting was attended, either personally or by proxy, by creditors whose
proofs of debt against the said Company were admitted
for voting purposes,
amounting in the whole to the value of $ .. [or by ......... contributories,
holding in the whole ..... shares
in the said Company, and entitled respectively by the regulations of the Company
to ..... votes]. The question submitted to the said meeting was, whether the
creditors [or contributories]
of the said Company wished that an application
should be made to the Court for appointing (1) a Liquidator in the place of the
Official
Receiver and (2) a Committee of Inspection [or other proposal submitted
to the meeting].
The said meeting was unanimously of opinion that the
said proposal should [or should not] be adopted; [or the result of the voting
upon such question as
follows:-(a)]
Dated this ......
day of ......., 19...
Chairman.
____________________
*See Form No.
1.
(a) Set out total number and
value of creditors or total number and voting power of contributories voting for
and against each resolution.
______
FORM No. 23
(r. 47 (2))
ORDER APPOINTING LIQUIDATOR
(Title)*
The ... day of ..., 19...
Upon the application of
the Official Receiver and Provisional Liquidator of the above-named Company, by
summons dated ...., 19..,
and upon hearing the Applicant in person and upon
reading the order to wind up the said Company dated ...., 19..., and the reports
of the Official Receiver of the results of the meetings of creditors and
contributories made to the Court and respectively dated
the ..., 19..., and the
affidavit of ...... as to the fitness of the Liquidator hereinafter named filed
on the ..... day of ...19..
It is ordered that...., of ..., be appointed
Liquidator of the above-named
Company.
(a) And it is ordered
that the following persons be appointed a Committee of Inspection to act with
the said Liquidator, namely:-
And it is ordered that the said Liquidator
do within 7 days from the date of this order give security to the satisfaction
of the Court
as provided by the Companies (Winding-up) Rules. And notice of this
order is to be gazetted and advertised in the
..........
*See Form No.
1.
(a) To be struck out if no
Committee of Inspection appointed.
__________
FORM No. 24
(r. 47 (5))
No. of Company
NOTICE OF APPOINTMENT OF LIQUIDATOR ON WINDING-UP BY THE COURT
Name of Company .... Limited
Presented by
WINDING-UP BY THE COURT
To the Registrar of Companies.
I [We] , ....., of
......, hereby give you notice that, by an order of the ......... Court dated
the .... day of ....19.., I [we]
have been appointed Liquidator[s] of
Limited.
Dated this ..... day of .., 19
[Signature] (a)
(a) To be signed
by each Liquidator if more than one.
_______
FORM No. 25
(r. 47 (7))
ADVERTISEMENT OF APPOINTMENT OF LIQUIDATOR
In the matter of........Limited.
By order of
the......dated the....day of......19......, Mr.....of ........, has been
appointed Liquidator of the above-named Company
with [or without] a Committee of
Inspection.
Dated this.......day of.....19
_______
FORM No. 26
(r. 48 (d))
CERTIFICATE THAT LIQUIDATOR OR SPECIAL MANAGER HAS GIVEN SECURITY
(Title)*
This is to certify that...., of....., who was on
the............... day of........, 19......, appointed Liquidator [or Special
Manager]
of the above-named Company, has duly given security to the satisfaction
of the Court.
Dated this.......day of.....19
Registrar
*See
Form No. 1
_________
FORM No. 27
(r.50)
No. of Company
DECLARATION OF SOLVENCY EMBODYING A STATEMENT OF ASSETS AND LIABILITIES ON MEMBERS' VOLUNTARY WINDING-UP
Name of Company...................................
Limited.
Presented by
DECLARATION OF SOLVENCY
We,........, of....., and......, of......., being all the
directors of........, do solemnly and sincerely declare the majority of
the
.............that we have made a full inquiry into the affairs of this Company,
and that, having so done, we have formed the
opinion that this Company will be
able to pay its debts in full within a period of * months from the commencement
of the winding-up,
and we append a statement of the Company's assets and
liabilities as at , 19........, being the latest practicable date before the
making of this declaration. And we make this solemn declaration, conscientiously
believing the same to be true, and by virtue of
the provisions of the Statutory
Declarations Act.
Declared at
This......day of......., 19
Before
me,
A Commissioner for Oaths or Justice of the Peace or
Magistrate.
"Insert a period of months not exceeding twelve.
Delete as
necessary.
STATEMENT OF ASSETS AND LIABILITIES
Statement as at......,
19 ...........,. showing assets at estimated realizable values and liabilities
expected to rank.
|
ASSETS AND LIABILITIES
|
Estimated to realize or to rank for payment
|
|||
|
ASSETS:-
Balance at bank.. .. .. .. .. .. .. |
$
|
|||
|
Cash in hand.. .. .. .. .. .. ..
|
|
|||
|
Marketable securities.. .. .. .. .. .. ..
|
|
|||
|
Bills receivable.. .. .. .. .. .. ..
|
|
|||
|
Trade debtors.. .. .. .. .. .. ..
|
|
|||
|
Loans and advances.. .. .. .. .. .. ..
|
|
|||
|
Unpaid calls.. .. .. .. .. .. ..
|
|
|||
|
Stock in trade.. .. .. .. .. .. ..
|
|
|||
|
Work in progress.. .. .. .. .. .. ..
|
|
|||
|
....................... .. .. .. .. .. ..
|
|
|||
|
....................... .. .. .. .. .. ..
|
|
|||
|
....................... .. .. .. .. .. ..
|
|
|||
|
....................... .. .. .. .. .. ..
|
|
|||
|
Freehold property.. .. .. .. .. .. ..
|
|
|||
|
Leasehold property.. .. .. .. .. .. ..
|
|
|||
|
Plant and machinery.. .. .. .. .. .. ..
|
|
|||
|
Furniture, fittings, utensils, motor vehicles, etc. .. .. ..
.. .. .
|
|
|||
|
Patents, trade marks, etc. .. .. .. .. .. .. ..
|
|
|||
|
Investments other than marketable securities.. .. .. .. ..
.. ..
|
|
|||
|
Other property, viz:- .. .. .. .. .. .. ..
|
|
|||
|
....................... .. .. .. .. .. ..
|
|
|||
|
....................... .. .. .. .. .. ..
|
|
|||
|
Estimated realizable value of
assets.. .. .. .. .. .. ..
|
___________
|
|||
|
|
||||
|
LIABILITIES:-
|
$
|
|
||
|
Secured on specific assets, viz:-
|
|
|
||
|
..................... .. .. .. .. .. ..
|
|
|
||
|
Secured by floating charge[s] .. .. .. .. .. ..
|
|
|
||
|
Estimated cost of liquidation other including interest
accruing until payment of debts in full .. ..
|
$
|
|
|
|
|
Unsecured creditors (amounts estimated to rank for payment)
.. .. .. .. ..
|
|
|
|
|
|
Trade accounts .. .. .. .. .. ..
|
|
|
|
|
|
Bills payable .. .. .. .. .. ..
|
|
|
|
|
|
Accrued expenses.. .. .. .. .. ..
|
|
|
|
|
|
Other liabilities:
|
|
|
|
|
|
............................................ .. .. .. .. ..
..
|
|
|
|
|
|
............................................ .. .. .. .. ..
..
|
|
|
|
|
|
Contingent liabilities:-
|
|
|
|
|
|
......................................... .. .. .. .. .. ..
|
|
|
|
|
|
......................................... .. .. .. .. ..
..
|
|
|
|
|
|
|
|
|
|
|
|
Estimated surplus after paying debts in full ....
$
|
___________ |
|||
Remarks:
________
FORM No. 28
(r. 51)
No. of Company
NOTICE OF APPOINTMENT OF LIQUIDATOR IN MEMBERS' VOLUNTARY WINDING-UP
Name of
Company...............................................................Limited
Nature
of
Business:........................................................................
Presented
by:..........................................................................................................
MEMBERS' VOLUNTARY WINDING-UP
To the Registrar of Companies.
I
[We],....,of......, hereby give you notice that I [we] have been appointed
Liquidator [s] of........Limited, by
(a)...... resolution of the Company,
dated the....day of........19........
Dated this......day of.......,
19..........
[Signature] (b)
(a)
State how appointed, whether by resolution of the Company or how otherwise, and
adapt if necessary.
(b) To be
signed by each Liquidator if more than one.
_______
FORM No. 29
(r.51)
No. of Company
NOTICE OF APPOINTMENT OF LIQUIDATOR IN CREDITORS' VOLUNTARY WINDING-UP
Name of
Company..............................................................Limited
Nature
of Business:
......................................................................
Presented
by:..............................................................................
CREDITORS' VOLUNTARY WINDING-UP
To the Registrar of Companies.
I [We],......,
of......., hereby give notice that I [we] have been appointed Liquidator[s]
of...........Limited, by
(a)........
[Signature] (b)
Dated this........day
of..........................19.........
(a)
State how appointed, whether by the creditors of the Company, or how
otherwise.
(b) To be signed by each
Liquidator if more than one.
______
FORM No. 30
(r. 52)
STATEMENT OF ASSETS AND LIABILITIES
To be submitted to a meeting of creditors pursuant to
section 282 of the Companies Act by the
Liquidator in a Members' Voluntary Winding-up, if he is of the opinion that the
Company is unable to pay its debts in full
within the period stated in the
Declaration of Solvency, viz. ...... *months from the commencement of the
Winding-up.
...............................................Limited
(in
Liquidation).
Statement as at....., 19......., showing assets at
estimated realizable values and liabilities expected to rank.
(Date of
commencement of Winding-up .......................,
19.......)
Liquidator's Remarks:
In particular the Liquidator
should draw attention to any item where after taking his receipts and payments
into account there is
a substantial difference between his estimate and the
director's estimate in the statement annexed to the Declaration of
Solvency.
*Insert period shown in the Declaration of
Solvency.
...............................................Limited (in
liquidation)
STATEMENT AS AT......, 19......., SHOWING ASSETS AT .................... ESTIMATED REALIZABLE VALUES AND LIABILITIES EXPECTED TO RANK (DATE OF COMMENCEMENT OF WINDING-UP ................, 19..................)
|
ASSETS NOT SPECIFICALLY PLEDGED
|
Estimated realisable values
$
|
||||
|
Balance at bank , . . . . . . .
|
|
||||
|
Cash in hand .. . . . . . . . .
|
|
||||
|
Marketable securities . . . . . .
|
|
||||
|
Bills receivable . . . . . .: .
|
|
||||
|
Trade debtors.. .. .. .. ..
|
|
||||
|
Loans and advances . . . . . . . .
|
|
||||
|
Unpaid calls . . . . , . . . . .
|
|
||||
|
Stock in trade.. .. .. .. ..
|
|
||||
|
Work in progress .. .. .. ..
|
|
||||
|
.............................
|
|
||||
|
.............................
|
|
||||
|
Freehold property .. .. .. .
|
|
||||
|
Leasehold property .. .. .. ..
|
|
||||
|
Plant and machinery.. . . . . . .
|
|
||||
|
Furniture, fittings, utensils, etc. . . . .
|
|
||||
|
Patents, trade marks, etc. . . . .
|
|
||||
|
Investments other than marketable securities
|
|
||||
|
Other property, viz.:-
|
|
||||
|
............................
|
|
||||
|
............................
|
|
||||
|
ASSETS SPECIFICALLY PLEDGED
(as per List B) |
(a)
Estimated realisable values |
(b)
Due to secured creditors |
(c)
Deficiency ranking as unsecured (see next
page)
|
Surplus carried to last
column
|
|
|
Freehold
property
..................... ..................... |
$
|
$
|
$
|
$
|
|
|
|
$______
|
$_____
|
$_______
|
$_____
|
|
Estimated surplus from assets specifically pledged......................................
ESTIMATED TOTAL ASSETS AVAILABLE FOR PREFERENTIAL CREDITORS,
DEBENTURE HOLDERS SECURED BY A FLOATING CHARGE, AND UNSECURED CREDITORS*
(carried forward below)
......................................................$
$ SUMMARY OF GROSS ASSETS................................. (d)
Gross realizable value of assets specifically pledged ................................. $
$ Other assets ___________
Gross assets .................... ____________
ESTIMATED SURPLUS/DEFICIENCY AS REGARDS MEMBERS*
............________
These figures must be read subject to the following
notes:-
(1) (f) There is no
unpaid capital liable to be called up
or
(g) The nominal amount of
capital liable to be called up is $ ..... estimated to produce $... which is
[not] charged in favour of debenture
holders.
(2) The estimates are
subject to costs of the winding-up and to any surplus or deficiency on trading
pending realization of assets.
Strike out
(f) or
(a).
_________
FORM No. 31
(r. 64)
ORDER DIRECTING A PUBLIC EXAMINATION
(Title)*
The ................ day of ..................,
19...
Upon reading the reports of the Official Receiver in the above
matter, dated respectively the .... day of ...., 19.., the ... day
of
..........., 19..., and
It is ordered that the several persons whose
names and addresses are set forth in the Schedule hereto do attend before the
Court on
a day and at a place to be named for the purpose, and be publicly
examined as to the promotion or formation of the Company, as to
the conduct of
the business of the Company and as to their conduct and dealings as directors or
officers of the Company.
THE SCHEDULE REFERRED TO
|
Name
|
Address
|
Connexion with the Company
|
|
|
|
|
*See Form No.
1.
_______
FORM No. 32
(r. 56)
NOTICE TO ATTEND PUBLIC EXAMINATION
(Title)*
Whereas by an order of this Court, made on the .... day of
..., 19.., it was ordered that you, the under-mentioned ....., should attend
before the court ....., on a day and at a place to be named for the purpose, and
be publicly examined as to the promotion or formation
of the Company and as to
the conduct of the business of the Company, and as to your conduct and dealings
as (a) .......
And whereas the
........... day of ..., 19..., at .... o'clock in the .... noon, before the
..... sitting at ..., has been appointed
as the time and place for holding the
said examination.
Notice is hereby given that you are required to attend
at the same time and place, and at any adjournments of the examination which
may
be ordered, and to bring with you and produce all books, papers and writings and
other documents in your custody or power in
any way, relating to the above-named
Company. And take notice that if you fail, without reasonable excuse, to attend
at such time
and place, and at any adjournments of the said public examination
which may be ordered, you will be liable to be committed to prison
without
further notice.
Dated this ........day of ...., 19...
Official Receiver.
To:
*See
Form No. 1.
(a) Insert director or
officer [or as the case may be].
________
FORM No. 33
(r. 58)
WARRANT AGAINST PERSON WHO FAILS TO ATTEND EXAMINATION
(Title)*
To X.Y., the officer of this Court and all police officers
within the jurisdiction of the said Court and to the officer in charge
of the
[here insert the name of the
prison].
Whereas by order of the Court dated .., 19..,
(a)....... was ordered to attend
before the Court on a day and at a place to be named for the purpose of being
publicly examined.
And whereas, by evidence taken upon oath, it hath been
made to appear to the satisfaction of the Court that the .... day of .., 19..,
at .... o'clock in the .... noon, before a judge of the Supreme Court sitting at
(b) ...., was appointed as the time
and place for holding the said examination, and that notice of the said order
and of the said time
and place so appointed was duly served upon the said
(a)
[And whereas the said
(a) ........ did without good cause
fail to attend on the said .... day of 19..., for the purpose of being examined,
according .....
to the requirements of the said order of this Court made on the
... day of ..., 19..., directing him so to attend] [or and that the
said
(a) ... has absconded] [or that there
is reason to believe that the said (a)
.... is about to abscond] with a view to avoiding examination under the
Companies Act].
These are therefore to require you the said .... and such
police officers as aforesaid to take the said
(a).... and to deliver him to the
officer in charge of the above-named prison, and you the said officer in charge
to receive the said
(a) ... and him
safely to keep in the said prison until such time as this Court may
order.
Dated this .......... day of ................19..
*See Form
No. 1.
(a) Name of person required
to attend.
(b) Place of
examination.
_______
FORM No. 34
(r.59)
NOTES OF PUBLIC EXAMINATION WHERE A SHORTHAND WRITER IS APPOINTED
(Title)
Public Examination of
(a) .....
Before ........ at the
Court ..... this .........day of ....., 19..
The above-named ....., being
sworn and examined at the time and place above mentioned, upon the several
questions following being
put and propounded to him, gave the several answers
thereto respectively following each question, that is to say:-
(b)
These are the notes of the
public examination referred to in the memorandum of public examination of
..........., taken before me
this ..... day of ....,19..
*See Form No.
1.
(a) Mr an officer [or as the
case may be] of the above-named
Company.
(b) Here set out the
questions and the answers made thereto.
_______
FORM No. 35
(r. 59)
NOTES OF PUBLIC EXAMINATION WHERE A SHORTHAND WRITER IS NOT APPOINTED
(Title)*
Public Examination of
(a)
Before ..... at the Court ....
This ....day of ..., 19..
The above-named ...., being sworn and examined
at the time and place above mentioned, upon his oath saith as follows:-
(b)
These are the notes of the
public examination referred to in the memorandum of public examination of .....,
taken before me this ....
day of ..., 19...
*See Form No.
1.
(a) Mr.
an officer (or as the case may be) of the above-named Company.
(b) Here set out the questions and
the answers made thereto.
_______
FORM No. 36
(r. 63 (2))
DECLARATION OF SHORTHAND WRITER
(Title)*
Before
I, ...., of ...., the shorthand writer
appointed by this Court to take down the examination of ...., do solemnly and
sincerely declare
that I will truly and faithfully take down the questions and
answers put to and given by the said .... in this matter, and will deliver
true
and faithful transcripts thereof as the Court may direct.
Dated this
..... day of ........, 19...
Declared before me at the time and place
above mentioned.
*See Form No. 1.
_______
FORM No. 37
(r. 65 (3))
DISCLAIMER OF LEASE
(Title)*
Pursuant to an order of the Court dated the .....day of
......, 19...
I, ...., the Liquidator of the above-named Company, hereby
disclaim all interest in the lease dated the ..... day of ....., 19...,
whereby
the premises (a) ....were demised to
.... at a rent of $ per annum for a term of ...............
Notice of
this disclaimer has been given to .......
Dated this ......... day of
..........., 19...
Liquidator
*See Form No.
1.
(a) Insert description of the
property disclaimed.
________
FORM No. 38
(r. 66 (3))
NOTICE OF DISCLAIMER OF LEASE
(Title)*
Take notice that, pursuant to an order of the Court dated
the ..... day of ...., 19 ..., I, ...., the liquidator of the above-named
company, by writing under my hand bearing date the ..... day of ....., 19...,
disclaimed all interest in the lease dated the ....
day of 19..., whereby the
premises (a) ..... were demised to,
....... at a rent of $.... per annum for a term of .....
The
above-mentioned disclaimer has been filed at the office of the Registrar at
(b)....
Dated
this ..... day of ..., 19...
Liquidator
To:
[Address]
*See
Form No. 1.
(a) Insert description
of the property disclaimed.
(b)
State address.
________
FORM No. 39
(r. 69)
NOTICE BY LIQUIDATOR REQUIRING PAYMENT OF MONEY OR DELIVERY OF BOORS, ETC., TO LIQUIDATOR
(Title)*
Take notice that I, the undersigned
(a) ...., have been appointed
Liquidator of the above-named Company, and that you, the under-mentioned
(b) ...., are required within .....
days after service hereof, to pay me [or deliver, convey, surrender or transfer
to or into may hands]
as Liquidator of the said Company, at my office, situate
at (c) ...., the sum of $ ..., being
the amount of debt appearing to be due from you on your account with the said
Company [or any money,
property, books or papers] [or specifically describe the
property now being in your hands], and to which the said Company is entitled
[or otherwise, as the case may
be].
Dated this .... day of ..., 19...
[Signed]
Liquidator
To:- (b)
[Address]
*See
Form No. 1.
(a) Name of
Liquidator.
(b) Name of person to
whom notice is addressed.
(c)
Address of Liquidator's office.
_____
FORM No. 40
(r. 70)
PROVISIONAL LIST OF CONTRIBUTORIES TO BE MADE OUT BY LIQUIDATOR
(Title)*
The following is a list of members of the Company liable
to be placed on the list of contributories of the said Company, made out
by me
from the books and papers of the said Company, together with their respective
addresses and the number of shares [or
extent of interest] to be attributed to each and the amount called up and
the amount paid up in respect of such shares
[or interest] so far as I have been
able to make out or ascertain the same. In the first part of the list, the
persons who are contributories
in their own rights are distinguished.
In
the second part of the list, the persons who are contributories as being
representatives of, or being liable for the debts of,
others are
distinguished.
FIRST PART- CONTRIBUTORIES IN THEIR OWN RIGHT
|
(1)
Serial
No.
|
(2)
Name and
description
|
(3)
Address |
(4)
Number of shares [or extent
of interest]
|
(5)
Amount called up at date of
commencement of winding-up
|
(6)
Amount paid up at date of
commencement of winding-up
|
|
|
|
|
|
|
|
SECOND PART-CONTRIBUTORIES AS BEING REPRESENTATIVES OF, OR LIABLE FOR THE DEBTS OF, OTHERS
|
(1)
|
(2)
|
(3)
|
(4)
|
(5)
|
(6)
|
(7)
|
|
Serial
No. |
Name and
description
|
Address
|
In what character
included
|
Number of shares [or extent
of interest]
|
Amount called up at date of
commencement of winding-up
|
Amount paid at date up of
commencement of winding-up
|
|
|
|
|
|
|
|
|
*See. Form No. I.
________
FORM No. 41
(r. 71)
NOTICE TO CONTRIBUTORIES OF APPOINTMENT TO SETTLE LIST OF CONTRIBUTORIES
(Title)*
Take notice that I, ...., the Liquidator of the
above-named Company, have appointed the .... day of ..., 19.., at ..... o'clock
in
the .... noon, at (a) ...., to
settle the list of the contributories of the above-named Company, made out by me
pursuant to the Companies Act, and the rules there-under, and that you are
included in such list. The character and the number of shares
[or extent of interest] in and for
which you are included and the amount called up and the amount paid up in
respect of such shares [or interest]
is stated below; if no sufficient cause is shown by you to the contrary at the
time and place aforesaid, the list will
be settled, including you
therein.
Dated this........day of......, 19..
Liquidator.
To Mr. A.B. [or to his barrister and solicitor].
|
(1)
|
(2)
|
(3)
|
(4)
|
(b)
|
(6)
|
(7)
|
|
No. on List
|
Name and
description
|
Address
|
In what character
included
|
Number of shares [or extent
of interest]
|
Amount called up at date of
commencement of winding-up
|
Amount paid up at date of
commencement of winding-up
|
|
|
|
|
|
|
|
|
Note.-Contributories
are under no obligation to attend the appointment referred to in the above
notice if they are satisfied that the particulars
contained in the notice are
correct.
A shareholder's name cannot be omitted from the list of
contributories on account of his inability to pay calls; this question will
be
dealt with when application is made for payment of the calls.
A change of
address may be notified by giving notice by post BEFORE the date fixed for the
appointment.
*See Form No.
1.
(a) Insert place of
appointment.
_______
FORM No. 42
(r. 71)
AFFIDAVIT OF POSTAGE OF NOTICES OF APPOINTMENT TO SETTLE LIST OF CONTRIBUTORIES
(Title)*
I,............, a
(a).........., make oath and say as
follows:-
1. That I did on the.............day of..............., 19..,
send to each contributory mentioned in the list of contributories made
out by
the [Official Receiver and] Liquidator on the................day of...........,
19.., and now on the file of proceedings of
the above-named Company, at the
address appearing in such list, a notice of the time and place of the
appointment to settle the list
of contributories in the form hereunto annexed
marked "A", except that in the tabular form at the foot of such copies
respectively
I inserted the number on list, name, address, description, in what
character included, the (b) the amount
called up and the amount paid up in respect of the shares [or interest] of the
person on whom such copy of the said notice
was served.
2. That I sent
the said notices by putting the same prepaid into the post office at before the
hour of......... o'clock in the ...........noon
on the said day.
Sworn
at, etc.
*See Form No.
1.
(a) State the description of the
deponent.
(b) "Number of shares" or
"extent of interest".
__________
FORM No. 43
(r. 72)
CERTIFICATE OF LIQUIDATOR OF FINAL SETTLEMENT OF THE LIST OF CONTRIBUTORIES
(Title)*
Pursuant to the Companies Act, and to the rules made
there-under, I, the under-signed, being the Liquidator of the above-named
Company, hereby certify that the
result of the settlement of the list of
contributories of the above-named Company, so far as the said list has been
settled up to
the date of this certificate, is as follows:-
1. The
several persons whose names are set forth in the second column of the First
Schedule hereto have been included in the said
list of contributories as
contributories of the said Company in respect of the
(a)........... set opposite the names
of such contributories respectively in the said Schedule.
I have, in the
first part of the said Schedule, distinguished such of the said several persons
included in the said list as are contributories
in their own right.
I
have, in the second part of the said Schedule, distinguished such of the said
several persons in the said list as are contributories
as being representatives
of or being liable for the debts of others.
2. The several persons whose
names are set forth in the second column of the Second Schedule hereto were
included in the provisional
list of contributories and have been excluded from
the said list of contributories.
3. I have, in the fifth column of the
first part of the First Schedule and in the sixth column of the second part of
the First Schedule
and in the same column of the Second Schedule, set forth
opposite the name of each of the several persons respectively the date when
such
person was included in or excluded from the said list of
contributories.
4. I have, in the sixth and seventh columns of the first
part of the First Schedule hereto and in the seventh and eighth columns of
the
second part of the said Schedule, set forth opposite the names of each of the
said persons respectively the amount called up
at the date of the commencement
of the winding-up and the amount paid up at such date in respect of their share
[or interest].
5. Before settling the said list, I was satisfied by the
affidavit of ............ clerk to.........., duly filed with the proceedings
herein, that notice was duly sent by post to each of the persons mentioned in
the said list, informing him that he was included in
such list in the character
and for the (a) ..............stated
therein, and of the amount called up and the amount paid up in respect of such
shares or (interest) and of the
day appointed for finally settling the said
list.
Dated this.........day of....., 19....
Liquidator.
*See Form No.
1.
(a) "Number of shares" or
"extent of interest".
In the matter of.................Limited.
THE FIRST SCHEDULE ABOVE REFERRED TO FIRST PART-CONTRIBUTORIES IN THEIR OWN RIGHT
|
(2)
Name and description |
(3)
Address |
(4)
Number of shares [or extent of interest] |
(5)
Date when included in the list |
(6)
Amount called up at date of commencement of winding-up |
(7)
Amount paid up at date of commencement of winding-up |
|
|
|
|
|
|
$
|
$
|
SECOND PART-CONTRIBUTORIES AS BEING REPRESENTATIVES OF, OR LIABLE FOR THE DEBTS OF, OTHERS
|
(2)
Name and description |
(3)
Address |
(4)
In what character
included
|
(5)
Number of shares [or extent of interest] |
(6)
Date when included from the
list
|
(7)
Amount called up at date of commencement of winding-up |
(8)
Amount paid up at date of commencement of winding-up |
|
|
|
|
|
|
|
$
|
$
|
In the matter of...........Limited.
THE SECOND SCHEDULE ABOVE REFERRED TO
|
(2)
Name and description |
(3)
Address |
(4)
In what character proposed to be included |
(5)
Number of shares [or extent of interest] |
(6)
Date when excluded from the list |
|
|
|
|
|
|
|
|
___________
FORM No. 44
(r 73)
NOTICE TO CONTRIBUTORY OF FINAL SETTLEMENT OF LIST OF CONTRIBUTORIES AND THAT HIS NAME IS INCLUDED
(Title)*
Take notice that I, .........., the Liquidator of the
above-named Company, have by certificate dated the...... day of ....., 19...,
under my hand, finally settled the list of contributories of the said Company,
and that you are included in such list. The character
and the number of shares
[or extent of interest] in and for which you are included, and the amount called
up and the amount paid
up in respect of such shares [or interest] is stated
below.
Any applications by you to vary the said list of contributories,
or that your name may be excluded there from, must be made by you
to the Court
within twenty-one days from the service on you of this notice, or the same will
not be entertained.
The said list may be inspected by you at the Chambers
of the Registrar at (a) ...... on any
day between the hours of......and.......
Dated this.....day of....,
19...
Liquidator.
To..................................
[or to his
barrister and solicitor].
|
(2)
Name and description |
(3)
Address |
(4)
In what character included |
(5)
Number of shares [or extent of interest] |
(6)
Amount called up at date of commencement of winding-up |
(7)
Amount paid up at date of commencement of winding-up |
|
|
|
|
|
|
|
|
|
*See Form No.
1.
(a) State address.
________
FORM No. 45
(r. 73)
AFFIDAVIT OF SERVICE OF NOTICE TO CONTRIBUTORY
(Title)*
I,..........,
(a) ......, of........., make oath and
say as follows:-
1. I did on the...........day of...........,
19..............., in the manner hereinafter mentioned serve a true copy of the
notice
now produced and shown to me and marked "A" upon each of the respective
persons whose names, descriptions and addresses appear in
the second and third
columns of the First Schedule to the list of contributories of the said Company
made out by the [Official Receiver
and] Liquidator of the Company on the........
day of ........., 19...., and now on the file of proceedings of the said
Company. In
the tabular form at the foot of such copies respectively I inserted
the number on list, name, address, description, in which character
included, the
(b) ............, the amount paid up
and the amount called up in respect of the shares [or interest] of the person of
whom such copy
of the said notice was served, in the same words and figures as
the same particulars are set forth in the said Schedule.
2. I served the
respective copies of the said notice, by putting them, duly addressed to such
persons respectively, according to their
respective names and addresses
appearing in the said Schedule, prepaid in the Post Office at , before the hour
of ....... o'clock
in the ........ noon of the said ...... day of
......,19...
Sworn at, etc.
*See Form No.
1.
(a) State full description of
deponent.
(b) "Number of shares" or
"extent of interest",
____________
FORM: No. 46
(r. 74 (1))
ORDER ON APPLICATION TO VARY LIST OF CONTRIBUTORIES
(Title)*
The ...... day of ........, 19..
Upon the
application of W.N., by summons dated the ...... day of ......., 19...., for an
order that the list of contributories of
this Company and the Liquidator's
certificate finally settling the same be varied by excluding the name of the
applicant there-from
[or as the case may be], and upon hearing [etc.], and upon
reading [etc.], It is ordered that the list of contributories of the Company
and
the Liquidator's certificate finally settling the same be varied by excluding
the name of the said W.N. from the said list of
contributories [or by including
the name of the said W.N. as contributory in the said list for .......... shares
or as the case maybe]
[or the Court does not think fit to make any order on the
said application, except that the said W.N. do pay to the Liquidator of
the said
Company his costs of this application, such costs to be taxed].
*See Form
No. 1.
____________-
Form No. 47
(r. 75)
SUPPLEMENTAL LIST OF CONTRIBUTORIES
(Title)*
1. The following is a list of persons who, since making
out the list of contributories herein, dated the day of ........, 19 ...,
I have
ascertained are, or have been holders of shares in [or member of] the
above-named Company, and to the best of my judgment
are contributories of the
said Company.
2. The said supplemental list contains the names of such
persons together with their respective addresses and the number of shares
[or
extent of interest] and the amount called up at the commencement of the
winding-up; and the amount paid up at such date in respect
of the shares [or
interest] to be attributed to each.
3. In the first part of the said
list, such of the said persons as are contributories in their own right are
distinguished.
4. In the second part of the said list, such of the said
persons as are contributories as being representatives of, or being liable
for
the debts of, others are distinguished.
Dated this....day of.....,
19....
[Official Receiver and] Liquidator.
[The supplemental list
is to be made out in the same form as the original list]
*See Form
No. 1.
_________
FORM No. 48
(r. 76 (b))
NOTICE TO EACH MEMBER OF COMMITTEE OF INSPECTION OF MEETING FOR SANCTION TO PROPOSED CALL
(Title)*
Take notice that a meeting of the Committee of Inspection
of the above-named Company will be held at ......, on the
(a)....day of....19......at,......
o'clock in the......noon, for the purpose of considering and obtaining the
sanction of the Committee
to a call of $.......... per share proposed to be made
by the Liquidator on the contributories.
Annexed hereto is a. statement
showing the necessity for the proposed call and the amount
required.
Dated this.....day of....., 19...
Liquidator.
*See Form No.
1.
(a) To be a date not less than
seven days from the date when the notice will in course of post reach the person
to whom it is addressed.
STATEMENT
1. The amount due in respect of proofs admitted against
the Company, and the estimated amount of the cost, charges and expenses of
the
winding-up, form in the aggregate the sum of $......... or
thereabouts.
2. The assets of the Company are estimated to realize the
sum of $........ There are no other assets, except the amounts due from
certain
of the contributories to the Company, and in my opinion it will not be possible
to realize in respect of the said amounts
more than $......
3. The list
of contributories has been duly settled, and persons have been settled on the
list in respect of the total number of ...
shares.
4. For the purpose of
satisfying the several debts and liabilities of the Company, and of paying the
costs, charges and expenses of
the winding-up, I estimate that a sum of
$......... will be required in addition to the amount of the Company's assets
hereinbefore
mentioned.
5. In order to provide the said sum of $.......
it is necessary to make a call on the contributories, and, having regard to the
probability
that some of them will partly or wholly fail to pay the amount of
the call, I estimate that for the purpose of realizing the amount
required it is
necessary that a call of $........ per share should be
made.
[Annex tabular statement showing
amounts of debts, costs, etc., and of assets]
_______
FORM No. 49
(r. 76 (b))
ADVERTISEMENT OF MEETING OF COMMITTEE OF INSPECTION TO SANCTION PROPOSED CALL
(*Title)
Notice is hereby given that the undersigned Liquidator of
the above-named Company proposes that a call should be made on all the
contributories
of the said Company, [or as the case may
be] of $......... per share, and that he has summoned a meeting of the
Committee of Inspection of the Company to be held at ......,
on the day of
......., 19 , at......... o'clock in the............... noon, to obtain their
sanction to the proposed call.
Each contributory may attend the meeting
and be heard, or make any communication in writing to the Liquidator or the
members of the
Committee of Inspection with reference to the intended
call.
A statement showing the necessity of the proposed call and the
purpose for which it is intended may be obtained on application to
the
Liquidator at his office at
(a)..........
Dated
this........day of....., 19....
Liquidator.
*See Form No.
1.
(a) Insert address.
_________
Form No. 50
(r. 76(d))
RESOLUTION OF COMMITTEE OF INSPECTION SANCTIONING CALL
(Title)*
Resolved, that, a call of $............ per share be made
by the Liquidator on all the contributories of the Company [or as the case
may
be].
Members of the Committee of Inspection.
Dated this ......day of......., 19...
*See Form No.
1.
_________
Form No. 51
(r. 77)
SUMMONS FOR LEAVE TO MAKE A CALL
(Title)*
Let the several persons whose names and addresses are set
forth in the second column of the Schedule hereto, being contributories
of the
above-named Company, as shown in the third column of the said Schedule, attend
at........on........the.......day of.......,
19....., at..... o'clock in
the...... noon, on the hearing on an application on the part of the [Official
Receiver and] Liquidator
of the Company for an order that he may be at liberty
to make a call to the amount of $....... per share on all the contributories
[or
as the case may be] of the said Company.
Dated this..... day
of.....,19....
This summons was taken out by [...... of ...........
Barristers and Solicitors for the] [Official Receiver and]
Liquidator.
To:-
Note.-If
you do not attend either in person or by your Barrister and Solicitor at the
time and place above-mentioned, such order will
be made and proceedings taken as
the Court mat think just and expedient.
SCHEDULE
|
Number
on list
|
Name
and address
|
In
what character included
|
|
|
|
*See Form No. 1.
_____________
FORM No. 52
(r.77)
AFFIDAVIT OF LIQUIDATOR IN SUPPORT OF PROPOSED CALL
(Title)*
I, ................, of................, etc., the
Liquidator of the above-named Company, make oath and say as follows:-
1.
I have in the Schedule now produced and shown to me, and marked "A", set forth a
statement showing the amount due in respect of
the debts proved and admitted
against the said Company, and the estimated amount of the costs, charges and
expenses of and incidental
to the winding-up of the affairs thereof, which
several amounts form in the aggregate the sum of $ .............. or
thereabouts.
2. I have also in the said Schedule set forth a statement of
the assets in hand belonging to the said Company, amounting to the sums
of
.............. and no more. There are no other assets belonging to the said
Company, except the amounts due from certain of the
contributories of the said
Company, and, to the best of my information and belief, it will be impossible to
realize in respect of
the said amounts more than the sum of $ ......... or
thereabouts.
3. ....................persons have been settled by me on
the list of contributories of the said Company in respect of the total number
of
........... shares.
4. For the purpose of satisfying the several debts
and liabilities of the said Company and of paying the costs, charges and
expenses
of an incidental to the winding-up of the affairs thereof, I believe
the sum of $....... will be required in addition to the amount
of the assets of
the said Company mentioned in the said Schedule and the said sum of $..........
5. In order to provide the said sum of $..............., it is necessary
to make a call upon the several persons who have been settled
on the list of
contributories as before mentioned, and, having regard to the probability that
some of such contributories will partly
or wholly fail to pay the amount of such
call, I believe that for the purpose of realizing the amount required as before
mentioned
it is necessary that a call of $.......... per share should be
made.
Sworn at, etc.
__________
FORM No. 53
(r. 77)
ADVERTISEMENT OF APPLICATION FOR LEAVE TO MAKE A CALL
In the matter
of......................Limited
Notice is hereby given that
(a) ................Court has
appointed................
The.......day of ........, 19......,
at......o'clock in the......noon, at
(b)......., to hear an application for
leave to make a call on all the contributories of the said Company (or as the
case may be) and
that the Liquidator of the said Company proposes that such call
shall, be for $......... per share. All persons interested are entitled
to
attend at such day, hour and place, to offer objections to such
call.
Dated this ...... day of ......., 19...
Liquidator.
*See Form No. 1.
___________
FORM No. 54
(rr. 77 and 79)
ORDER GIVING LEAVE TO MARE A CALL
(Title)*
The......day of........, 19...
Upon the application
by summons dated..........., 19........., of the [Official Receiver and]
Liquidator of the above-named Company,
and upon reading the order to wind up the
above-named Company, the list of contributories of the said Company and the
Liquidator's
certificate of the final settlement of the same filed the ..... day
of .......,19..., the affidavit of the said [Official Receiver
and] Liquidator,
filed the..... day of .....,19........, and the exhibit marked "A" therein
referred to, and an affidavit of......,
filed the day of
........,19...
It is ordered that leave be given to the [Official
Receiver and] Liquidator to make a call of $ .... per share on all the
contributories
of the said Company (a)
.....
And it is ordered that each such contributory do, on or before
the........ day of....., 19......., pay to the [Official Receiver and]
Liquidator of the said Company the amount which will be due from him or her in
respect of such call.
*See Form No.
1.
(a) or as the ogee may
be.
__________
FORM No. 55
(r. 78)
DOCUMENT MAKING A CALL
(Title)*
I,.........., [the Official Receiver and] Liquidator of
the above-named Company, in pursuance of (a)
........ made [or passed] this.....day of....., 19... hereby make a call
of $...... per share on all the contributories of the Company,
which sum is to
be paid at my office (b) ....... on
the day of......, 19...
Dated this......day of......, 19...
Liquidator.
*See Form No.
1.
(a) An order of Court or
resolution of the Committee of Inspection
(b) Insert address.
_________
FORM No. 56
(r. 79)
NOTICE OF CALL SANCTIONED BY COMMITTEE OF INSPECTION TO BE SENT TO CONTRIBUTORY
(Title)*
Take notice that the Committee of Inspection in the
winding-up of this Company have sanctioned a call for $....... per share on all
the contributories of the Company. The amount due from you in respect of the
call is the sum of $............. This sum should be
paid by you direct to me at
my office, at (a) ............. on or
before the ........ day of......., 19.....
Dated this........day of.........,
19...
To:-
Liquidator
Note.-If you do
not pay the sum due from you by the date mentioned, interest will be claimed on
such sum at the rate of six per cent per
annum from the said date until
payment.
*See Form No.
1.
(a) State address.
_________
FORM No. 57
(r. 79)
NOTICE TO BE SERVED WITH THE ORDER SANCTIONING A CALL
(Title)*
The amount due from you, A.B., in respect of the call made
pursuant to leave given by the above [or within] orders is the sum of
$...........
which sum is to be paid by you to me as the Liquidator of the said
Company at my office
(a)..........
In default of
payment interest at the rate of six per cent per annum will be charged upon the
amount unpaid from the day of.....,
19........, until payment.
Dated this
............ day of ....., 19....
To:
Liquidator.
*See Form No.
1.
(a) State address.
_______
FORM No. 58
(r. 80)
AFFIDAVIT IN SUPPORT OF APPLICATION FOR ORDER FOR PAYMENT OF CALL
(Title)*
I, ......., of......., the Liquidator of the above-named
Company, make oath and say as follows:-
1. The contributories of the said
Company, whose names are set forth in the Schedule hereto annexed, marked "A",
have not paid or
caused to be paid the sums set opposite their respective names
in the said Schedule, which sums are the amounts now due from them
respectively
under the call of $... per share, duly made under the Companies Act, dated the
.........day of ......... 19...
2. The respective amounts or sums set
opposite the names of such contributories respectively in such Schedule are the
true amounts
due and owing by such contributories respectively in respect of the
said call.
"A"
THE SCHEDULE ABOVE REFERRED TO
|
Number
on
list |
Name and
description
|
Address
|
In
what character included
|
Amount
due
|
|
|
|
|
|
|
Sworn at,
etc.
Note.-In addition to the
above affidavit, an affidavit of the service of the application for the call
will be required in cases in which
the Committee of Inspection or the Court has
authorized a call to be made.
*See Form No. 1.
__________
FORM No. 59
(r. .80)
ORDER FOR PAYMENT OF CALL DUE FROM A CONTRIBUTORY
(Title)*
The ......... day of ....., 19....
Upon the
application of the Liquidator of the above-named Company, and upon reading an
affidavit of ...... filed the ...... day of
....., 19..... and an affidavit of
the Liquidator filed the....day of......, 19......
It is ordered that
C.D., of
(etc.), [or E.F., of
(etc.)], the representative of
L. M., late of
(etc.), deceased], one of the
contributories of the said Company [or if
against several contributories, the several persons named in the second
column of the Schedule to this order, being respectively contributories of the
said Company,]
do on or before the .... day of ..... , 19..., or subsequently
within four days after service of this order, pay to
A.B., the Liquidator of the said
Company, at his office (a) ......the
sum of $..... [if against a representative add out of the assets of the said
L.M., deceased, in his hands as such
representative as aforesaid, to be administered in due course of administration,
if the said E.F. has in his hands so
much to be administered] [or if against
several contributories add the several sums of money set opposite to the
respective names in the fifth column of the said Schedule hereto] such sums [or
sums]
being the amount [or amounts]
due from the said C.D. [or L.M.]
[or the said several persons
respectively] in respect of the call of $...... per share duly made, dated
the....... day of.....19.....
And it is ordered that the said several
persons do, within the like period and at the place aforesaid, pay to the said
A.B., as such Liquidator as aforesaid,
interest at the rate of six per centum per annum on the amounts specified in the
fifth column
of the said Schedule from the ......... day of ..... , 19.......,
to the date of payment.
And it is ordered that the said several persons
do, within the like period and at the place aforesaid, pay to the said
A.B., as such Liquidator as aforesaid,
the several sums set opposite their respective names in the sixth column of the
said Schedule,
such sum being the proportion of the applicant's costs of the
said application payable by such several persons respectively.
[Add appropriate paragraphs as to amounts
payable by married women and representatives of deceased persons (if
any)].
THE SCHEDULE REFERRED TO IN THE FOREGOING ORDER
|
(1)
No. on list |
(2)
Name and description |
(3)
Address |
(4)
In what character included |
(5)
Amount due
|
(6)
Proportion of costs |
(7)
Total amount payable exclusive of interest |
|
|
|
|
|
$
|
|
$
|
Note.-The copy
for service of the above order must be endorsed as follows: "If you, the under
mentioned A.B., neglect to obey this
order by the time mentioned therein you will be liable to process of execution,
for the purpose of compelling
you to obey the same."
*See Form No.
1.
(a) State address.
________
FORM No. 60
(r. 80)
AFFIDAVIT OF SERVICE OF ORDER FOR PAYMENT OF CALL
(Title)*
I, (a) .......,
of........., make oath and say as follows:-
1. I did on the ........ day
of ......, 19..., personally serve G.
F, of with an order made in this matter by this Court, dated the ......
day of ....., 19..., whereby it was ordered
[set out the order] by delivering to
and leaving with the said G.F.,
at......, a true copy of the said order, and at the same time producing and
showing unto him, the said G.F., the
said original order.
2. There was endorsed on the said copy when so
served the following words, that is to say, "If you, the under mentioned
G.F., neglect to obey this order by
the time mentioned therein, you will be liable to process of execution for the
purpose of compelling
you to obey the same."
Sworn at,
etc.
*See Form No.
1.
(a)
Fill in full name, address and occupation of deponent.
_________
FORM No. 61
(rr. 82 and 84)
PROOF OF DEBT, GENERAL FORM
(Title)*
I, (a)
............, of .............., make oath and
say;-
(b) That I am in the
employ of the under mentioned creditor, and that I am duly authorized by
............... to make this affidavit,
and that it is within my own knowledge
that the debt hereinafter deposed to was incurred and for the consideration
stated, and that
such debt, to the best of my knowledge and belief, still
remains unpaid and
unsatisfied.
(c) That I am duly
authorized, under the seal of the Company hereinafter named, to make the proof
of debt on its
behalf.
*See
Form No.
1.
(a)
Fill in full name, address and occupation of deponent. It proof made by
creditor, strike out clauses
(b)
and
(c).
If made by clerk of creditor, strike out
(c).
If by clerk or agent of the Company strike out
(b),
(d)
Insert name and to
C.D.
and
E.F.,
my co-partners in trade [if any], or, if by clerk or agent, insert name, address
and description of principal.
1. That the above-named Company was,
at the date of the (*) order for winding-up the same, viz. the ........ day of
......., 19 .......,
and still is, justly and truly indebted to
(d)........in the sum of $.....c......
for (e)......, as shown by the account
endorsed hereon, or by the following account, viz:......., for which sum or any
part thereof I say
that I have not nor hath
(f)....... or any person by
(g)....... order to my knowledge or
belief for (g)....... use had or
received any manner of satisfaction or security whatsoever, save and except the
following (h):-
|
Admitted
to vote for
$....... ........................... the..... day.... of ....., 19... Official Receiver or Liquidator |
Date
|
Drawer
|
Acceptor
|
Amount
|
Due
date
|
|
|
|
|
|
$
|
c
|
|
|
Admitted to rank for dividend for $....... this day of
...., 19....
Official Receiver or Liquidator.
Sworn at,
etc.
Note.-The
proof cannot be admitted for voting at the first meeting unless it is properly
completed and lodged with the Official Receiver
before the time named in the
notice convening the meeting.
*
Where, before the presentation of the petition for the winding-up of a company
by the Court, a resolution has been passed by the
company for the voluntary
winding-up, the date of the commencement of the winding-up must be substituted
for the date of the winding-up
order (see section
227
of the Companies
Act).
NOTE
THIS
(e)
State consideration, as "goods sold and delivered by me (and my said partner) to
the Company between the dates of" or "moneys advanced
by me in respect of the
under-mentioned bill of exchange", or as the case may
be.
(f)
"my said partners or any of them" or "the above-named creditor" (as the case may
be).
(g)
"my" or "our" or "their" or "his" (as the case may
be).
(h)
Here state the particulars of all securities held and, where the securities are
on the property of the Company, assess the value
of the same, and if any bills
or other negotiable securities are held specify them in the
Schedule.
N.B.-Bills
of exchange or other negotiable securities must be produced before the proof can
be admitted.
PARTICULARS
OF ACCOUNT REFERRED TO ON OTHER
SIDE
[Credit
should be given for contra accounts]
|
Date
|
Consideration
|
Amount
|
Remarks
The vouchers (if any) by which the account can be
substantiated should be set out here
|
|
|
|
|
$
|
c
|
|
___________
FORM No. 62
(r. 92)
PROOF OF DEBT OF WORKMEN
(Title)*
I (a)
.........., of (b) ...............make
oath and say:-
1. That the above-named Company was, on the ........ day
of.........,19., and still is, justly and truly indebted to the several persons
whose names, addresses and descriptions appear in the Schedule endorsed hereon
in sums severally set against their names in the seventh
column of such Schedule
for wages due to them respectively as workmen or others in the employ of the
Company in respect of services
rendered by them respectively to the Company
during such periods as are set out against their respective names in the fifth
column
of such Schedule, and for accrued holiday remuneration so due to them in
respect of such periods as are set out in the sixth column
of such Schedule, for
which said sums or any part thereof, I say that they have not, nor hath any of
them, had or received any manner
of satisfaction or security
whatsoever.
Sworn at etc.
[Reverse]
SCHEDULE REFERRED TO ON THE OTHER SIDE
|
(1)
No. |
(2)
Full name of workmanship |
(3)
Address |
(4)
Description |
(5)
Period over which wages due |
(6)
Period over which accrued holiday remuneration due |
(7)
Amount due |
|
|
|
|
|
|
|
|
$
|
C
|
*See Form No.
1.
(a)
Fill in full name, address and occupation of
deponent.
(b)
On behalf of the workmen and others employed by the above-mentioned
Company.
__________
FORM No. 63
(r. 96)
NOTE OF REJECTION OF PROOF OF DEBT
(Title)*
Take notice that, as [Official Receiver and] Liquidator of
the above-named Company, I have this day rejected your claim against the
Company
(a) ...................
[to the
extent of $.........].
And further take notice that, subject to the power of
the Court to extend the time, no application to reverse or vary any decision
in
rejecting your proof will be entertained after the expiration of ....... days
from this date.
Dated this ...... day of .........,
19...
To:-.......................................
[Official Receiver and] Liquidator
*See Form No.
1.
(a)
It proof wholly rejected, strike out words in brackets.
_____________
FORM No. 64
(r. 102)
MONTHLY LIST OF PROOFS TENDERED TO BE FILED UNDER RULE 102
(Title)*
I hereby certify that the following is a correct list of
all proofs tendered to me in the above matter during the past
month.
Dated this..........day of....., 19......
Liquidator
|
Name of
creditor
|
Proofs
tendered
|
||||
|
|
Amount of proof
|
Whether admitted, rejected
or standing over for further consideration
|
If
admitted amount
|
||
|
$
|
c
|
$
|
c
|
||
|
|
|
|
|
||
*See Form No.
1.
_______
FORM No. 65
(r. 107 (1))
NOTICE TO CREDITORS OF INTENTION TO DECLARE DIVIDEND
(Title)*
A first [or
second or final
or as the case may be] dividend is
intended to be declared in the above matter. You are mentioned as a creditor in
the statement of affairs, but you have
not yet proved your debt.
If you
do not prove your debt by the ...... day of......, 19.... you will be excluded
from this dividend.
Dated this .... day of ......, 19....
To
X. Y.
Liquidator
*See Form No.
1.
________
FORM No. 66
(r. 107 (1)
NOTICE TO PERSONS CLAIMING TO BE CREDITORS OF INTENTION TO DECLARE FINAL DIVIDEND
(Title)*
Take notice that a final dividend is intended to be
declared in the above matter, and that if you do not establish your claim to the
satisfaction of the Court on or before the day of ..... 19.., or such later day
as the Court may fix, your claim will be expunged,
and I shall proceed to make a
final dividend without regard to such claim.
Dated this .......... day of
......., 19...
To X. Y.
Liquidator
*See Form No.
1.
__________
Form No. 67
(r. 107 (3))
NOTICE OF DIVIDEND
Please bring this Dividend Notice with you
Cheques are cancelled at the expiration of six months from
date of issue, but will be reissued free of charge on application within
twelve
months from date of issue.
A fee of 10c when the dividend does not exceed
$2 and 20c when the dividend exceeds $2, is chargeable on the reissue of each
cheque
after twelve months from date of issue.
(Title)*
Dividend of ...... in the $ ......
[Address]
[Date]
*See
Form No. 1.
Notice is hereby given that a dividend of
.......c.....in the $1...... has been declared in this matter, and that the same
may be
received at may office, as above, on the .... day of....., 19....., or on
any subsequent between the hours of.....and ...
Upon applying for payment
this notice must be produced entire,
together with any bills of exchange, promissory notes or other negotiable
securities held by you.
If you desire the dividend to be made payable to
some other person, you should sign and lodge with the Liquidator an authority in
the Form No. 70 prescribed in the Companies (Winding-up) Rules. Otherwise if you
do not attend personally you must fill up and sign
the subjoined forms of
receipt and authority for delivery, when a cheque in your favour will be
delivered in accordance with the
authority.
To:-...............................................................
Liquidator
Note.-The
receipt or authority should in the case of a firm be signed in the firm's name,
or in the case of a limited company by an officer
of the company so
described.
RECEIPT
No.
..................................................................,
19......
Received of.............in this matter the sum of
$..................................................., being payable to me [us]
in
respect of the ............. dividend of ............c .......in the $1 on my
[our] claim against this
Company...............
$.................................c.........................................................
[Payee's signature]
AUTHORITY FOR DELIVERY (a)
Sir,
Please deliver to me [us] by post at my [our]
risk, or to the Bearer
(b)............., the cheque for the
dividend payable to me [us] in this matter.
[Payee's Signature]
To the (Official Receiver and) Liquidator.
Date......, 19....
Note-
(a)
This is an authority only to
deliver
the cheque, NOT to make it payable to another
person.
(b)
Strike out words inapplicable. If not be sent by post, strike out words in
italics and insert the name of the person who is to receive
the
order.
_________
FORM No. 68
(r. 107 (5))
CERTIFIED LIST OR PROOFS UNDER RULE 107 (5) OF THE COMPANIES (WINDING-UP) RULES, AND APPLICATION FOR ISSUE OF CHEQUES FOR DIVIDEND ON COMPANIES LIQUIDATION ACCOUNT
Companies Liquidation A/c.
Ledger Folio
(Title)*
I hereby certify that the following list has been compared
with the proofs filed, and that the names of the creditors and the amounts
for
which the proofs are admitted are correctly stated.
Dated this
........... day of ......, 19......
Liquidator
I certify that by my books the sum of $ .............
stands to the credit of the above Company with the Companies Liquidation Account
at .............. and that the sum of $............. is required to meet the
under-mentioned dividends, on proofs which have been
duly made and admitted to
rank for dividend upon the Company, and I request that cheques may be issued to
me.
The dividend is payable on the ............... day of ...........,
19...., and notice of declaration thereof was forwarded to the
Government
Printer for insertion in the Fiji Royal Gazette on the ............ day of
........, 19......
Dated this .......... day of .........., 19...
Liquidator
[Address to which cheques should be sent]
To the Official Receiver.
|
No.
|
Surname
|
Forenames
|
Amount
of proof
|
Amount
of dividend
|
||
|
$
|
c
|
$
|
c
|
|||
|
|
|
|
|
|
|
|
*See Form No.
1.
___________
Form No. 69
(r. 107 (5))
CERTIFIED LIST OF PROOFS FILED UNDER RULE 107 (5) OF THE COMPANIES (WINDING-UP) RULES SPECIAL BANK CASE
(Title)*
I hereby certify that the following list has been compared
with the proofs filed, and that the names of the creditors and the amounts
for
which the proofs are admitted are correctly stated.
Dated this
........... day of .............., 19...
Liquidator
I hereby certify that a ........... dividend of ........ c
............ in the $1......... has been declared, and that the creditors
whose
names are set forth below are entitled to the amounts set opposite their
respective names.
Dated this ............. day of ......, 19.....
Liquidator
To the Official Receiver.
|
Surname
|
Forenames
|
Amount
of proof
|
Amount
of dividend
|
||
|
$
|
c
|
$
|
c
|
||
|
|
|
|
|
|
|
*See Form No.
1.
__________
FORM No. 70
(r. 107(7))
AUTHORITY TO LIQUIDATOR TO PAY DIVIDENDS TO ANOTHER PERSON
(Title)*
To the (Official Receiver and]
Liquidator.
Sir,
I [We] hereby authorize and request you to pay to
......., of ......., a specimen of whose signature is given below, all dividends
as they are declared in the above-named matter, and which may become due and
payable to me [us] in respect of the proof of debt for
the sum of
$.............. against the above-named Company, made [by Mr..... ] on my [our]
behalf.
And I [we] further request that the cheque or cheques drawn in
respect of such dividends may be made payable to the said whose receipt
shall be
sufficient authority to you for the issue of such cheque or cheques in his
name.
It is understood that this authority is to remain in force until
revoked by me [us] in writing.
[Signatures]
[Date]
Witness to the Signature
...............................
of...........................:
Witness
to the
Signature................................
of...........................:
Specimen
of Signature of person appointed as above:
Witness to the Signature
................................
of...........................:
*See
Form No. 1.
_________
FORM No. 71
(r. 108)
NOTICE OF RETURN TO CONTRIBUTORIES
Please bring this notice with you
Cheques are cancelled at the expiration of six months from
date of issue, but will be reissued free of charge on application within
twelve
months from month of issue.
A fee of 10c when the return does not exceed
$2 and 20c when the return exceeds $2, is chargeable on the reissue of each
cheque after
twelve months from date of issue.
(Title)*
Return of ........... per share
[Address]
[Date]
*See Form No.
1.
Notice is hereby given that a ......... return of
............... per share has been declared in this matter and that the same may
be received at my office, as above, on ......... the ........ day of ......,
19......, or on any subsequent between the hours of
........ and
...............
Upon applying for payment
this notice must be produced entire,
together with the share certificate. If you do not attend personally, you must
forward the share certificate and fill up and sign
the subjoined forms of
Receipt and Authority for delivery, when a cheque in your favour will be
delivered in accordance with the
Authority.
[Signed]
Liquidator
Note.-The
receipt should be signed by the contributory personally, or in the case of joint
contributories by each of them, and in the
case of a limited company by an
officer of the company so described.
RECEIPT
No
.....................................................................,
19......
Received of the .............. in this matter the sum of
$..................., being the amount payable to ................... in
respect
of the .............. return of $............ per share held
by............................ in this
Company]
__________
$
=========
[Contributory's signature]
AUTHORITY FOR DELIVERY (a)
Sir,
Please deliver to
me [us] by post at my [our] risk or to the
bearer (b) ............... the
cheque for the return payable to me [us] in this matter.
[Contributory's Signature]
Date..............., 19...
To the [Official Receiver and]
Liquidator.
Note:-
(a)
This is an authority only to deliver the cheque, NOT to make it payable to
another
person.
(b)
Strike out words inapplicable. IF NOT to be sent by post, strike out the words
in italics and insert the name of the person who is
to receive the
cheque.
___________
FORM No. 72
(r. 108)
SCHEDULE OF CONTRIBUTORIES
Schedule or List of Contributories Holding Paid-up Shares to Whom Return is to be Paid (a)
In the matter of .................. Bankruptcy and
Winding-up Cause No ......... of 19...
|
|
Number in settled
list
|
|
|
Name of contributory as per
settled list
|
|
|
Address
|
|
|
No. of shares held as per
settled list
|
|
|
Total amount called
up
|
|
|
Total amount paid
up
|
|
|
Arrears of calls at date of
return
|
|
|
Previous returns of for
capital appropriated by
Liquidator
arrears of calls |
|
|
Amount of return payable at
per share
|
|
|
Net return
payable
|
|
|
Date and particulars of
transfer of interest or other variation in list
|
(a) Where the
articles provide that the amount divisible among members or any class of members
shall be divisible in proportion to the
amount paid up or which ought to have
been paid up at the date of winding-up, or contain any other provision which
will necessitate
further information before a return can be made, columns shall
be added showing the amount called up and the amount paid up at such
date in
respect of shares then held by such members or class of members or such other
facts as may be requisite.
___________
Form No. 73
(r. 11.2)
NOTICE TO CREDITORS OF FIRST MEETING
(Title)*
(Under the order for winding-up the above-named Company,
dated the ..... day of ........19......)
Notice is hereby given that the
first meeting of creditors in the above matter will be held at............., on
the......... day of
........., 19........., at ..... o'clock in the
.............. noon.
To entitle you to vote thereat, your proof must be
lodged with me not later than ......... o'clock on the ............ day of
.........,
19...
Forms of proof and of general and special proxies are
enclosed herewith.
Proxies to be used at the meeting must be lodged with
me at ............, not later than .......... o'clock in the .......... noon
on
the ......... .day of............, 19...
Dated this ........ day of
........, 19.......
Official Receiver
(The statement of the Company's affairs
(a)...........................................).
Note
.-
1. At the first meetings of the creditors and contributories,
the may, amongst other things-
(a) by resolution determine whether or not an application is to be made to the Court to appoint a Liquidator in place of the Official Receiver;
(b) by resolution determine whether or not an application shall be made to the Court for the appointment of a Committee of Inspection to act with the Liquidator and who are to be the members of the Committee if appointed.
2. If a Liquidator is
not appointed by the Court, the Official Receiver will be the
Liquidator.
*See Form No.
1.
(a)
Here Insert "has not been lodged" or "has been lodged, and summary is
enclosed".
__________
FORM No. 74
(r. 112)
NOTICE TO CONTRIBUTORIES OF FIRST MEETING
(Title)*
Notice is hereby given that the first meeting of the
contributories in the above matter will be held at ................. on the
...............
day of ............, 19............., at ........... o'clock in
the ................. noon.
Forms of general and special proxies are
enclosed herewith. Proxies to be used at the meeting must be lodged with me at
not later
than ........... o'clock in the...... noon on the........day of
........, 19...
Dated this .......... day of ........, 19......
Official Receiver
(The Company's statement of affairs
(a)..............).
Note:-
1.
At the first meetings of the creditors and contributories, they may; amongst
other things-
(a) by resolution determine whether or not an application shall be made to the Court to appoint a Liquidator in place of the Official Receiver;
(b) by resolution determine whether or not our application shall be made to the Court for the appointment of a committee of Inspection to act with the Liquidator, and who are to be the members of the Committee if appointed.
2.
If a Liquidator is not appointed by the Court, the Official Receiver will be the
Liquidator.
*See Form No.
1.
(a)
Here insert "has not been lodged" or "has been lodged, and summary is
enclosed".
__________
FORM No. 75
(r. 113)
NOTICE TO OFFICERS OF COMPANY TO ATTEND FIRST MEETING OF CREDITORS OR CONTRIBUTORIES
(Title)
Take notice that the first meeting of creditors
[or contributories] will be held on
the ............. day of ............., 19............, at...........o'clock in
the ....... noon
at (a)........, and
that you are required to attend thereat, and give such information as the
meeting may require.
Dated this ...... day of ....., 19..
Official Receiver
To
(b)
Rule
113.-The Official Receiver shall also give to each of the officers of the
Company, who in his opinion ought to attend the first meeting
of creditors and
contributories, seven days' notice of the time and place appointed for each
meeting. The notice may either be delivered
personally or sent by prepaid post
letter, as may be convenient. It shall be the duty of ever officer who receives
notice of such
meeting to attend if so required by the Official Receiver, and,
if any such officer fails to attend, the Official Receiver shall
report such
failure to the Court.
*See Form No.
1.
(a)
Insert here place where meeting will be
held.
(b)
Insert name of person required to attend.
____________
FORM No. 76
(r. 117 (1))
NOTICE OF MEETING (GENERAL FORM)
(Title)*
Take notice that a meeting of creditors
[or contributories] in the above
matter will be held at ......... on the ...... day of......., 19...... at
o'clock in the ........ noon.
AGENDA
(a)
Dated this ........... day of ....., 19......
[Signed] (b)
Forms of general and special proxies are enclosed
herewith. Proxies to be used at the meeting must be lodged with ...... at
.......,
not later than o'clock in the ....... noon on the ...... day of ......,
19.......
*See Form No.
1.
(a)
Here insert purpose for which meeting,
called.
(b)
"Liquidator" or "Official Receiver", or as the case may be.
See
r.117.
________
FORM No. 77
(r. 118)
AFFIDAVIT OF POSTAGE OF NOTICES OF MEETING
(Title)*
I, ..................... a
(a) ......................, make oath
and say as follows:-
1. That I did on the ........... day of .........,
19......, send to each creditor mentioned in the Company's statement of affairs
[or to each contributory mentioned in
the register of members of the Company] a notice of the time and place of the
(b) ......... in the form hereunto
annexed marked "A".
2. That the notices for creditors were addressed to
the said creditors respectively, according to their respective names and
addresses
appearing in the statement of affairs of the Company or the last known
addresses of such creditors.
3. That the notices for contributories were
addressed to the contributories respectively according to their respective names
and registered
or last known addresses appearing in the register of the
Company.
4. That I sent the said notices by putting the same prepaid into
the Post Office at ...... before the hour of ...... o'clock in the
.........
noon on the said day.
Sworn at,
etc.
*See
Form No.
1.
(a)
State the description of the
deponent.
(b)
Insert here " general " or " adjourned general'" or "first " meeting of
creditors, or contributories, as the case may be.
___________
FORM No. 78
(r. 118)
CERTIFICATE OF POSTAGE OF NOTICES OF MEETING
(Title)*
I ..................., a clerk in the office of the
Official Receiver, hereby certify-
1. That I did on the ........... day
of ............, 19...., send to
(a)...... a notice of the time and the
place of the first meeting, (b)
........... in the form hereunto annexed marked
"A".
[Add paragraphs 2, 3
and 4
as in Form
No. 77.]
Dated this ....... day
of ........., 19...
[Signature]
*See Form No.
1.
(a)
Each creditor mentioned in statement of affairs, or each contributory mentioned
in Register of Members of Company, or as the case
may
be.
(b)
Or "general meeting" or "an adjourned meeting" or "general meeting", or as the
case may be.
__________
FORM No. 79
(rr. 121 and 143)
AUTHORITY TO DEPUTY TO ACT AS CHAIRMAN OF MEETINGS AND USE PROXIES
(Title)*
I, ................, the Official Receiver, do hereby
nominate .........., of ........., to be chairman of the first meeting of
creditors
[or contributories] in the
above matter, appointed to be held at........on the......day of........,
19........, and I depute him, being
a person in my employment or under my
official control, to attend such meeting and use, on my behalf, and proxy or
proxies held by
me in this matter.
Dated this ......day of ........,
19.....
Official Receiver
*See Form No.
1.
__________
FORM No. 80
(r. 125)
MEMORANDUM OF ADJOURNMENT OF FIRST OR OTHER MEETING
(Title)*
Before ........... at ............ on the .......... day
of ..........., 19.., at o'clock in the............ noon.
Memorandum.-The
(a)........... meeting of
(b)......... in the above matter was
held at the time and place abovementioned; but, it appearing that
(c) the meeting was adjourned until
the ........ day of ........, 19....... at ...... o'clock in the ........ noon,
then to be held at
the same place.
Chairman
*See Form No.
1.
(a)
"First ", or as the case may
be
(b)
Insert "creditors" or "contributories" as the case may
be.
(c)
Here state reason for adjournment.
__________
FORM No. 81
(r. 133 (2))
LIST OF CREDITORS (OR CONTRIBUTORIES) TO BE USED AT EVERY MEETING
(Title)*
Meeting held at ......... this ....... day of ......,
19.....
|
Consecutive
number
|
Names
of creditors
(a)
present or represented
|
Amount
of proof
(b)
|
|||
|
In
person
|
Proxies
|
||||
|
1
|
|
$
|
c
|
$
|
c
|
|
2
|
|
|
|
|
|
|
3
|
|
|
|
|
|
|
4
|
|
|
|
|
|
|
5
|
|
|
|
|
|
|
6
|
|
|
|
|
|
|
7
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
7
|
Total
number of creditors
(a)present
or represented
|
|
|
|
|
|
(a)
Or
"contributories".
(b) In case of contributories, insert "number of shares" and "number of votes according to the regulations of the Company". |
|||||
*See Form No.
1.
______________
FORM No. 82
(r. 135)
GENERAL PROXY
(Title)*
I [We] ................, of ........., a creditor
[or contributory], hereby appoints
(a)....... to be my [our] general
proxy to vote at the meeting of creditors,
[or contributories] to be held in the
above matter on the ......... day of ........., 19..., or at any adjournment
thereof.
Dated this.............. day of ....., 19...
[Signed] (b)
(a) The person
appointed general proxy may be in a winding-up by the Court the Official
Receiver, the Liquidator or such other person
as the creditor (or contributory)
may, approve and, in a voluntary winding-up the Liquidator, or if there is no
Liquidator, the Chairman
of a meeting, but not the Official Receiver. The proxy
form should be altered
accordingly.
(b) If a firm,
sign the firm's trading title, and add "by
A.B., a partner in the said firm". If
the appointer is a corporation, then the form of proxy must be under its common
seal or under the
hand of some other officer duly authorized in that behalf, and
the fact that the officer is so authorized must be so stated. The
proxy form
when signed must be lodged by the time and at the address named for that purpose
in the notice convening the meeting at
which it is to be
used.
*See Form No. 1.
___________
FORM No. 83
(r. 135)
SPECIAL PROXY
(Title)*
I [We]........., a creditor (or a contributory) hereby
appoint (a)........ as my [our] proxy
at the meeting of creditors [or
contributories] to be held on the day of ........., 19.., or at any
adjournment thereof, to vote
(b).................................
the resolution numbered ....... in the notice convening.
Dated this
............ day of ..........., 19...
[Signed] (c)
Notes:-
(a)
The person appointed proxy may in a winding-up by the Court be the Official
Receiver, the Liquidator or such other person as the
creditor (or contributory)
may approve, and in a voluntary winding-up the Liquidator, or if there is no
Liquidator the Chairman of
a meeting, but not the Official Receiver. The proxy
form should be altered accordingly. A creditor (or contributory) may give a
special
proxy to any person to vote at any specified meeting or adjournment
thereof on all or any of the following matters-
(i) for or against the appointment or continuance in office of any specified person as Liquidator or as member of the Committee of Inspection;
(ii) on all questions relating to any matter, other than those above referred to, arising at a specified meeting or adjournment thereof.
(b)
Here insert "for" or "against" as the case may require, and specify the
particular resolution.
(c) If a
firm, sign the firm's trading title, and add "by
A.B., partner in the said firm". If
the appointor is a corporation, then the form of proxy must be under its common
seal or under the
hand of some officer duly authorized in that behalf, and the
fact that he is so authorized must be so stated. The proxy form when
signed must
be lodged by the time and at the address named for that purpose in the notice
convening the meeting at which it is to
be
used.
*See Form No. 1.
_____________
FORM No. 84
(r. 158 (2))
APPLICATION TO COURT TO AUTHORIZE SPECIAL BANK ACCOUNT
(Title)*
We, the Committee of Inspection, being of opinion that
Mr................, of, ......... the Liquidator in the above matter, should
have a special bank account for the purpose of
(a)....,
hereby apply to the Court to authorize him to make his payments into and out of
the .................. bank.
All cheques to be countersigned by
..........., a member of the Committee of Inspection, and by
.............
Dated this .......... day of .........., 19....
|
.......................................................
....................................................... .......................................... |
}Committee
of Inspection
|
*See Form No.
1.
(a)
Here insert grounds of application.
______________
FORM No. 85
(r. 158)
ORDER OF COURT FOR SPECIAL BANK ACCOUNT
(Title)*
You are hereby authorized to make your payments in the
above matter into, and out of, the ................
bank.
[Here insert any special
terms]
All
cheques to be countersigned by ...................., a member of the Committee
of Inspection, and by ...........
Dated this .......... day of ........,
19...
By order of the Court, ............................
Registrar
To:-.................................................
Liquidator.
*see
Form No. 1.
___________
FORM No. 86
(r. 161)
CERTIFICATE AND REQUEST BY COMMITTEE OF INSPECTION AS TO INVESTMENT OF FUNDS
(Title)*
We, the Committee of Inspection in the above matter,
hereby certify that in our opinion the cash balance standing to the credit of
the above-named Company is in excess of the amount which is required for the
time being to answer demands in respect of such Company's
estate, and request
that the Official Receiver shall invest the sum of $..........., to be placed to
the credit of the said account
for the benefit of the said Company.
Dated
this ...... day of ....., 19...
|
.......................................................
....................................................... .......................................... |
}Committee
of Inspection
|
*See Form No.
1.
__________
FORM No. 87
(r. 161)
REQUEST BY COMMITTEE OF INSPECTION TO OFFICIAL RECEIVER TO SELL SECURITIES
(Title)*
We, the Committee of Inspection in the above matter,
hereby certify that a sum of $.........., forming part of the assets of the
above-named
Company, has been invested ........., and that the sum of
$........... is now required to answer demands in respect of the said Company.
And we request that so much of the said securities as may be necessary for the
purpose of answering such demands may be realized
by the Official Receiver and
that the amount realized may be placed to the credit of the said
Company.
Dated this.......day of......, 19.......
|
.......................................................
....................................................... .......................................... |
}Committee
of Inspection
|
*See Form No.
1.
__________
FORM No. 88
(r. 162)
CERTIFICATE BY COMMITTEE OF INSPECTION AS TO AUDIT OF LIQUIDATOR'S ACCOUNTS
(Title)*
We, that undersigned, members of the Committee of
Inspection in the winding-up of the above-named Company, hereby certify that we
have examined the foregoing cash book with the vouchers, and that to the best of
our knowledge and belief the said cash book contains
a full, true and complete
account of the Liquidator's receipts and payments.
Dated this day
of............., 19......
|
.......................................................
....................................................... .......................................... |
}Committee
of Inspection
|
*See Form No.
1
________________
FORM No. 89
(r. 163 (3))
AFFIDAVIT VERIFYING LIQUIDATOR'S ACCOUNT UNDER SECTION 245
(Title)*
I, ........, of ........., the Liquidator of the
above-named Company, make oath and say:-
That
(a) [the account hereunto annexed
marked "B" contains a full and true account of my receipts and payments in the
winding-up of the above-named
Company] from the ....... day of ......., 19.., to
the .......day of ......,19..., inclusive (a)
[and that] I have not, nor has any other person by my order or for my
use, during such period received any moneys on account of the
said Company
(a) [other than and except the items
mentioned and specified in the said account].
Sworn at,
etc.
*See Form No.
1.
(a)
If no receipts or payments strike out
words in brackets.
_____________
FORM No. 90
(r. 146 (1))
LIQUIDATOR'S TRADING ACCOUNT UNDER SECTION 246
(Title)*
....................., the Liquidator of the above-named
Company in account with the estate.
|
RECEIPTS
|
PAYMENTS
|
||||
|
DR
|
CR.
|
||||
|
Date
|
$
|
c
|
Date
|
$
|
c
|
|
|
|
|
|
||
Date
......................................................
Liquidator
We have examined
this account with the vouchers, and find the same correct, and we are of opinion
the expenditure has been proper.
Dated this .......... day of
............., 19...
[Member of the] Committee of Inspection
*See Form No.
1.
____________
FORM No. 91
(r. 164 (2))
AFFIDAVIT VERIFYING LIQUIDATOR'S TRADING ACCOUNT
(Title) *
I, .............., the Liquidator of the above-named
Company, make oath and say that the account hereto annexed is a full, true and
complete account of all money received and paid by me or by any person on my
behalf in respect of the carrying on the trade or business
of the Company, and
that the sums paid by me as set out in such account have, as I believe, been
necessarily expended in carrying
on such trade business.
Sworn at
etc.
*See Form No. 1.
___________
No. of Company..................
FORM No. 92
(r. 170)
LIQUIDATOR'S STATEMENT OF ACCOUNT (MEMBERS' OR CREDITORS' VOLUNTARY WINDING-UP)
Statement showing how the winding-up has been conducted and the property of the Company has been disposed of
Name of Company
............................................. (in Liquidation)
Presented
by ......................................................
MEMBERS'/CREDITORS' VOLUNTARY WINDING-UP*
From .........., 19... (Commencement of Winding-up) to ...., 19.... (Close of Winding-up)
|
|
Statement
of assets liabilities
|
Receipts
|
|
Payments
|
|||||
|
Receipts-
Cash at bank......... Cash in hand......... Marketable securities. Sundry debtors......... Stock in trade............. Work in progress...... Freehold property...... Leasehold property... Plant and machinery... Furniture, fittings, utensils, etc............ Patents, trades marks, etc.................... Investments other than marketable securities................ Surplus from securities................ Unpaid calls at commencement of winding-up............. Amounts received from calls on contributories made in the winding-up...... Receipts per trading account Other property, viz:- ........................... ........................... $
Less:- Payments to redeem securities Costs of execution... Payments per trading account |
$
|
c
|
$
|
c
|
Costs of barrister and
solicitor to
liquidator..................................
Other law costs.......................... |
$
|
c
|
||
|
Liquidator's
remuneration-
Where applicable: % on $ ............. realised |
$
|
c
|
|||||||
|
By whom
fixed................................
Auctioneers' and valuers' charges ................................................. Costs of possession and maintenance of estate............................................... Costs of notices in Gazette and local papers.............................................. Incidental outlay.................................. Total costs and charges............................. $ |
|||||||||
|
|
|
||||||||
|
(i) Debenture holders:- Payment of $..... per $....................debenture (ii) Creditors:- ...........† preferential ...........† unsecured:- Dividend(s) of ..... c .... .in $1..... on $......... .. (The estimate of amount expected to rank for dividend was $...) ........ (iii) Returns to contributories:- $.............per $.................... .......... ‡ share ............ $....... per $.................... .......... ‡ share.................. $......per $..................... .........‡ share ............ |
|
|
$
|
c
|
|||||
|
$
|
|
||||||||
|
|
|
||||||||
|
$
|
c
|
$
|
c
|
|
|
||||
|
|
|
||||||||
|
Net
realisations ..................
|
...
$
|
|
|
Balance
$ |
|
|
|||
|
|
|
|
|
||||||
(1) Assets,
including................ shown in the statement of assets and liabilities and
estimated to be of the value of $.........
have proved to be
unrealizable.
$
(2) State amount paid into the
Companies Liquidation Account in respect of:-
(a) unclaimed dividends payable to creditors in winding-up ......................
(b) other unclaimed distributions in the winding-up .................................
(c) moneys held by the Company in trust in respect of dividends or other sums due before the commencement of the winding-up to any person as a member of the Company..........................................................................................
(3)
Add here any special remarks the Liquidator thinks desirable:-
Dated this ................ day of ........, 19.....
[Signature of liquidator[s]]
[Address]
*Delete
as necessary.
† State number
Preferential creditors need not be separately shown if all creditors have been
paid in full.
‡ State nominal
value and class of share.
__________
FORM No. 93
(r. 171)
No. of Company........................
RETURN OF FINAL WINDING-UP MEETING IN MEMBER'S VOLUNTARY WINDING-UP
Name of Company .....................................
Limited.
Presented
by:............................................
MEMBERS' VOLUNTARY WINDING-UP
To the Registrar of Companies:
..............................
I [We]......., of ........., being the
Liquidator[s] of ............... Limited, hereby inform you that a general
meeting of the Company
held on
was duly (a) ......... the ........... day of ..........., 19...
summoned for
pursuant to section
284 of the Companies Act, for the
purpose of having an account (of which a copy is attached hereto)
(b) laid before it showing how the
winding-up of the Company has been conducted and the property of the Company has
been
the same was done accordingly.
disposed of, and that, .................................................................. (a).
no quorum was present at the meeting.
Dated this
............. day of ............, 19...
Liquidator[s](c).
(a)
Strike out that which does not
apply.
(b)
The copy account accompanying this return must be authenticated by the written
signature[s] of the
Liquidator[s].
(c)
To be signed by each Liquidator if more than one.
__________
FORM No. 94
(r. 171)
No. of Company..........................
RETURN OF FINAL WINDING-UP MEETINGS OF MEMBERS AND CREDITORS IN CREDITORS' VOLUNTARY WINDING-UP
Name of Company
............................................. Limited.
Presented by
.............................................
CREDITORS' VOLUNTARY WINDING-UP
To the Registrar of Companies:
......................
I [We]............., of.........., being the
Liquidator[s] of .................... Limited
hereby inform you:-
held on
(1) That a general meeting of this Company was duly
(a).............. the
summoned for
day of ................., 19..., pursuant to section 295 of the Companies Act, for the purpose of having an account (of which a copy is attached hereto) (b) laid before it showing how the winding-up of the Company has been conducted and the property of the Company has been
the same was done accordingly.
disposed of, and that ............................................. (a).
no quorum was present.
held on
(2) That a meeting of the creditors of
this Company was duly
(a)........................... the
summoned for
day of........., 19..., pursuant to section 295 of the Companies Act, for the purpose of having the said account laid before it showing how the winding-up of the Company has been conducted and the property of the Company has been
the same was done accordingly.
disposed of, and that...................................................(a)
no quorum was present at the meeting.
Dated this ....... day of ......................,
19...
Liquidator[s] (c).
(a)
Strike out that which does not
apply.
(b)
The copy account accompanying this return must be authenticated by the written
signatures of the
Liquidator(s).
(c)
To be signed by each Liquidator if more than one.
__________
FORM No. 95
(r. 172)
REQUEST TO DELIVER BILL FOR TAXATION
(Title) *
I hereby request that you will within ...... days of this
date, or such further time as the Court may allow, deliver to me for taxation
by
the proper officer your bill of costs
[or charges] as
(a)..........., failing which I shall,
in pursuance of the Companies Act, and Rules made there-under, proceed to
declare and distribute a dividend without regard to any claim which you may have
against
the assets of the Company, and your claim against the assets of the
Company will be liable to be forfeited.
Dated this ....... day of
.........., 19...
[Official Receiver and] Liquidator
*See Form No.
1.
(a) Here insert nature of
employment.
_________
FORM No. 96
(r. 177)
CERTIFICATE OF TAXATION
(Title)*
I hereby certify that the bill of costs
[or charges]
[or expenses] of Mr
C.D.
[here state capacity in which employed or,
engaged] [where necessary add
pursuant to an order of the Court dated the ........ day of ............,
19...], has been taxed and has been allowed at the sum
of $.....................
[where necessary add which sum is to
be paid to the said C.D. by as
directed by the said Order].
Dated this ............ day of ..........,
19...
__________
$_________
Registrar.
*See Form No.
1.
___________
FORM No. 97
(rr. 184, 185 and 188)
No. of Company
STATEMENT OF RECEIPTS AND PAYMENTS AND GENERAL DIRECTIONS AS TO STATEMENTS
Name of Company ........................................
Limited
This is the exhibit marked "B" referred to in the affidavit of ......., sworn before me this ..... day of ......., 19...
A Commissioner of Oaths
1. Every statement must contain a detailed account of all
the Liquidator's realizations and disbursements in respect of the Company.
The
statement of realizations should contain a record of all receipts derived from
assets existing at the date of the winding-up
resolution and subsequently
realized, including balance in bank, book debts, calls collected, property sold,
etc., and the account
of disbursements should contain all payments for costs and
charges, or to creditors or contributories. Where property has been realized,
the gross proceeds of sale must be entered under realizations and the necessary
payments incidental to sales must be entered as disbursements.
These accounts
should not contain payments into the Companies Liquidation Account (except
unclaimed dividends (see paragraph 4))
or payments into or out of bank, or temporary investments by the Liquidator, or
the proceeds of such investments when
realized, which should be shown
separately-
(a) by means of the bank pass book;
(b) by a separate detailed statement of moneys invested by the Liquidator and investments realized.
Interest allowed or charged by the
bank, bank commission, etc., and profit or loss upon the realization of
temporary investments should,
however, be inserted in the accounts of
realizations or disbursements, as the case may be. Each receipt and payment must
be entered
in the account in such manner as sufficiently to explain it nature.
The receipts and payments must severally be added up at the foot
of each sheet,
and the total carried forward from one account
to another without any intermediate balance, so that the gross totals shall
represent
the total amounts received and paid by the Liquidator
respectively.
2. When the Liquidator carries on a business, a
trading account must be forwarded as a distinct account, and the total of
receipts
and payments on the trading account must alone be set out in the
statement.
3. When dividends or instalments of compositions are paid to
creditors, or a return of surplus assets is made to contributories, the
total
amount of each dividend; or instalment of composition, or return to
contributories, actually paid, must be entered in the statement
of disbursements
as one sum, and the Liquidator must forward separate accounts showing in lists
the amount of the claim of each creditor,
and the amount of dividend or
composition payable to each creditor, and of surplus assets payable to each
contributory, distinguishing
in each list the dividends or instalments of
composition and shares of surplus assets actually paid and those remaining
unclaimed.
4. When unclaimed dividends, instalments of composition or
returns of surplus assets are paid into the Companies Liquidation Account,
the
total amount so paid in should be entered in the statement of disbursements as
one sum.
5. Credit should not be taken in the statement of disbursements
for any amount in respect to Liquidator's remuneration, unless it
has been duly
allowed by resolution of the Committee of Inspection or of the creditors or of
the Company in general meeting, or by
order of Court, as the case may
require.
LIQUIDATOR'S STATEMENT OF ACCOUNT
Name of Company:
Nature of proceedings (whether a
members' or creditors' voluntary winding-up or a winding-up under the
supervision of the Court):
Date of commencement of
winding-up:
Date to which statement is brought down:
Name and
address of Liquidator:
This statement is required in duplicate
LIQUIDATOR'S STATEMENT OF ACCOUNT
pursuant to section 334 of the Companies Act
|
REALIZATIONS
|
DISBURSEMENTS
|
||||||||
|
Date
|
of whom
received
|
Nature of assets
realised
|
Amount
|
Date
|
To whom paid
|
Nature of
disbursements
|
Amount
|
||
|
|
|
B/f
C/f. |
$
|
c
|
|
|
B/f.
C/f. |
$
|
c
|
|
|
|
|
|
||||||
Note.-No balance
should be shown on this account, but only the total realization and
disbursements, which should be carried forward to
the nest account.
ANALYSIS OF BALANCE
$ c
Total realizations .....................
Total disbursement ..................
___________
Balance.......
____________
$ c
The
balance is made as follows:
1. Cash in hands of
Liquidator .. ..
....................................................
2. Total payments
into Bank, including balance at $ c
date of commencement of winding-up
(as per bank book)
.........................................
Total withdrawals from bank
............................
_______
Balance at
bank.............................................
3.
Account in Companies Liquidation Account ...
$ c
4. Amounts invested by Liquidator
....................
Less amounts realized from same balance .........._______
_______
Total balance as shown above ........ $
_______
The investment or deposit of money by the Liquidator does
not withdraw it from the operation of section
335 of the Companies Act, and any such
investments representing money held for six months or upwards must be realized
and paid into the Companies Liquidation
Account, except in the case of
investments in Government securities, the transfer of which to the control of
the Official Receiver
will be accepted as a sufficient compliance with the terms
of the section.
Note.-1. Full
details of stocks purchased for investment and of realization thereof should be
given in a separate
statement.
Note.-2. The
Liquidator should also state:-
|
(a)
|
The amount of the estimated assets and liabilities at the
date of the commencement of the winding-up......................
|
Assets (after deducting amounts charged to secured creditors
and debenture holders)................
$
Liabilities- secured creditors ....... ................ $ |
|
(b)
|
The total amount of the capital paid up at the date of the
commencement of the winding-up
|
Paid up in cash ..................................
$
Issued as paid up otherwise than for cash ... $ |
|
(c)
|
The general description and estimated value of outstanding
assets (if any)
|
|
|
(d)
|
The causes which delay the termination of the
winding-up
|
|
|
(e)
|
The period within which the winding-up may probably be
completed
|
|
_____
FORM No. 98
(rr, 184, 185 and 188)
No. of Company
AFFIDAVIT VERIFYING STATEMENT OF LIQUIDATOR'S ACCOUNT UNDER SECTION 334
Name of Company ................................
Limited
I, .................., of ..................., the Liquidator of
the above-named Company, make oath and say:-
That [the account hereunto
annexed marked "B" contains a full and true account of my receipts and payments
in the winding-up of the
above-named Company] from the ...... day of......,
19......., to the ...... day of ......, 19......, inclusive [and that] I have
not, nor has any other person by my order, or for my use during such period,
received or paid any moneys on account of the said Company,
[other than and
except the items mentioned and specified in the said account].
I further
say that the particulars in the annexed Form 97, marked "B", with respect to the
proceedings in and position of the liquidation,
are true to the best of my
knowledge and belief.
Sworn at
...............
Note.- If no
receipts or payments, strike out the words in brackets. The affidavit is not
required in duplicate, but it must in every
case be accompanied by a statement
in Form 97 in duplicate.
___________
FORM No. 99
(rr. 184 and 188)
No. of Company
LIQUIDATOR'S TRADING ACCOUNT UNDER SECTION 334
Name of
Company...................................Limited
(a).........,
the Liquidator of the above-named Company, in account with the estate.
|
Dr.
|
RECEIPTS
|
PAYMENTS
Cr.
|
||||
|
Date
|
|
$
|
c
|
Date
|
$
|
c |
|
|
|
|
|
|
|
|
|
|
Total
$
|
|
|
Total
$
|
|
|
[This account is required in duplicate in addition to Form No. 97]
Dated
this .......... day of ............, 19...
Liquidator
_______
FORM No. 100
(rr. 184 and 188)
No. of Company
LIST OF DIVIDENDS OR COMPOSITION
Name of Company ....................... Limited
I
hereby certify that a dividend [or
composition] of...... c ......... in the $1...... was declared payable on and
after the ...... day of......, 19.., and that the creditors
whose names are set
forth below are entitled to the amounts set opposite their respective names, and
have been paid such amounts
except in the cases specified as
unclaimed.
Dated this ......... day of ................., 19...
Liquidator
To
the Registrar of Companies
|
Surname
|
Forenames
|
Amount
of proof
|
Amount
of dividend
(or composition) |
||||
|
Paid
|
Unclaimed
|
||||||
|
|
|
$
|
c
|
$
|
c
|
$
|
c
|
|
|
|
|
|
|
|
||
|
|
Total
$
|
|
|
|
|
|
|
[This list is required in duplicate]
_______
FORM No. 101
(rr. 184 and 188)
No. of Company
LIST OF AMOUNTS PAID OR PAYABLE TO CONTRIBUTORIES
Name of
Company...............................................................Limited
I
hereby certify that a return of surplus assets was declared payable to
contributories on and after the ...... day of ......., 19...,
at the rate of $
............ per share, and that the contributories whose names are set forth
below are entitled to the amounts
set opposite their respective names, and have
been paid such amounts except in the cases specified as unclaimed.
Dated
this........ day of .......,19.........
Liquidator
To the Registrar of Companies
|
Surname
|
Forenames
|
No.
of shares
|
Amount
returned on shares
|
|||
|
Paid
|
Unclaimed
|
|||||
|
|
Total
$
|
|
$
|
c
|
$
|
c
|
|
|
|
|
|
|
||
[This list is required in duplicate]
___________
Form No. 102
(r.187)
AFFIDAVIT VERIFYING ACCOUNT OF UNCLAIMED AND UNDISTRIBUTED FUNDS
(Title)*
I,......, of......., make oath and say that the
particulars entered in the statement hereunto annexed marked "A" are correct,
and
truly set forth all money in my hands or under my control, representing
unclaimed or undistributed assets of the above-named Company
or held by the
Company in trust in respect of dividends or other sums due to any person as a
member of the Company, and that the
amount due by me to the Companies
Liquidation Account in respect of unclaimed dividends and undistributed funds is
$
Sworn at,
etc.
*See Form No. 1.
___________
FORM No. 103
(r. 192)
NOTICE TO CREDITORS AND CONTRIBUTORIES OF INTENTION TO APPLY FOR RELEASE
(Title)*
Take notice that I, the undersigned Liquidator of the
above-named Company, intend to apply to the Court for my release; and further
take notice that any objection you may have to the granting of my release must
be notified to the Court within twenty-one days of
the date thereto.
A
summary of all receipts and payments in the winding-up is hereto
annexed.
Dated this ............ day of ............, 19...
Liquidator
To:-
Note.-Section
248(3) of the Companies Act, provides
as follows:-
An Order of the Court releasing the Liquidator shall
discharge him from all liability in respect of any act done or default made by
him in the administration of the affairs of the company or otherwise in relation
to his conduct as Liquidator, but any such order
may be revoked on proof that it
was obtained by fraud or by suppression or concealment of any material
fact.
*See
Form No. 1.
__________
FORM No. 104
(r. 192)
APPLICATION BY LIQUIDATOR TO COURT FOR RELEASE
(Title)*
I, ........, the Liquidator of the above-named Company, do
hereby report to the Court as follows:-
1. That the whole of the property
of the Company has been realized for the benefit of the creditors and
contributories [and a dividend
to the amount of .........c .... in the
$1...... has been paid as shown by the
statement hereunto annexed, and a return of ............ per share has been made
to the contributories
of the Company];
[or That so much of the
property of the Company as can, according to the joint opinion of myself and the
Committee of Inspection, hereunto
annexed, in writing under our hands, be
realized without needlessly protracting the liquidation, has been realized, as
shown by the
statement hereunto annexed, and a dividend to the amount of ......
c ........ per $1.....has been paid,
together with a return of ....... per share to the contributories of the
Company]. [Add, if necessary, and that
the rights of the contributories between themselves have been
adjusted].
2. I therefore request the Court to cause a report on my
accounts to be prepared, and to grant me a certificate of release.
Dated
this ......... day of ................, 19...
Liquidator
*See
Form No. 1
__________
FORM No. 105
(r. 192)
STATEMENT TO ACCOMPANY NOTICE OF APPLICATION FOR RELEASE
(Title)*
STATEMENT SHOWING POSITION OF COMPANY AT DATE OF APPLICATION FOR RELEASE
*As in form No.
1
|
DR.
|
CR.
|
||||||||||
|
|
Estimated to produce as
per
Company's Statement of affairs |
Receipts
|
|
Payments
|
|||||||
|
To total receipts from date
of wind-up order,
viz.:-
[State particulars under the several headings specified in the statement of affairs] |
$
|
c
|
$
|
c
|
By Official Receiver's and
Court fees, (including stationery, printing and postages in respect of
contributories, creditors and debtors)
and fees for
audit...........................................
|
$
|
c
|
||||
|
|
|
|
|
Law costs of
petition.....
Law costs of barrister and solicitor to Liquidator......... Other law costs........... |
$
|
c
|
|||||
|
Receipts per trading
account....
|
|
|
|
|
Liquidator's remuneration,
viz:-
|
$
|
c
|
||||
|
Other
receipts...................
|
|
|
|
|
per cent on $....assets
realized
per cent on $.....assets distributed in dividend .. |
||||||
|
Total........................
|
|
|
|
|
Shorthand writer's
charges............
|
|
|
||||
|
|
$
|
c
|
|
|
Special manager's
charges............
|
|
|||||
|
Less
Payments to redeem securities... Costs of execution........ Payments per trading account... |
|
|
|
|
Person appointed to assist
in preparation of statement of
affairs......
Auctioneer's charges as taxed ....... Other taxed costs....................... Costs of possession and maintenance of estate.................................... Costs of notices in Gazette and local papers.................................. Incidental outlay...................... |
|
|||||
|
|
|||||||||||
|
|
|||||||||||
|
Net
realizations..................
|
|||||||||||
|
|
|
$
|
|||||||||
|
Amounts received from calls
on contributories made in the
winding-up.................
|
|
|
|
|
|||||||
|
Total
costs and
charges....................$
|
|
|
|||||||||
|
|
$
|
c
|
$
|
c
|
Creditors,
viz.:-
*preferential............ *unsecured: dividend of c in $1....................... The estimate of amount expected to rank for dividend was $......... Amount returned to contributories |
$
|
c
|
|
|
||
|
$
|
|
|
Balance....................
|
|
|
||||||
|
$
|
|
|
|||||||||
*State number of creditors
Assets not yet realized including calls estimated to
produce $..............
[Add here any
special remarks the Liquidator thinks desirable]
Creditors can obtain
any further information by inquiry at the office of the liquidator.
[Signature
of Liquidator]
[Address]
Dated this ......... day of ................,
19....
_______
FORM NO 106
(r 195)
REGSITER OF WINDING-UP ORDERS TO BE KEPT IN THE COURT
|
Number
of winding-up order
|
Number
of petition
|
Date
of petition
|
Date
of winding-up order
|
Date
of public examinations
(if any) |
Liquidator
|
|
|
|
|
|
|
______
FORM No. 107
(r. 195)
REGISTER OF WINDING-UP PETITIONS TO BE KEPT IN THE COURT
|
No.
of petition
|
Name
of company
|
Address
of registered office
|
Description
of company
|
Date
of petition
|
Petitioner
|
Date
of winding-up order
|
|
|
|
|
|
|
|
_________
FORM No. 108
(r. 196)
NOTICES FOR FIJI ROYAL GAZETTE
(1) NOTICE OF WINDING-UP ORDER
(rule 37(1)(c))
Name of company.
Address of registered
office.
Registered postal address.
Court.
Number of
matter.
Date of order.
Date of presentation of petition (where it
is known that a voluntary winding-up preceded the presentation of the petition,
the date
of the resolution for voluntary winding-up should also be
given).
(2) NOTICE OF FIRST MEETINGS
(rule 110)
Name of company.
Address of registered
office.
Registered postal address.
Nature of
business.
Court.
Number of matter.
Creditors: ..... Date
........... Hour ...........
Place
Contributories: Date
........... Hour ........
Place .....
(3) NOTICE OF DAY APPOINTED FOR PUBLIC EXAMINATION
(rule 57(1) and (2))
Name of company.
Address of registered office.
Registered postal address.
Nature of
business.
Court.
Number of matter.
Date fixed for
examination.
Names of persons to be
examined.
Hour.
Place.
(4) NOTICE OF INTENDED DIVIDEND
(rule 107(1)(4))
Name of company.
Address of registered
office.
Registered postal address.
Nature of
business.
Court.
Number of matter.
Last day for receiving
proofs.
Name of liquidator.
Address.
Name of
company.
Address of registered office.
Registered postal
address.
Nature of business.
Court.
Number of
matter.
Amount per $1.
First and final, or otherwise.
When
payable.
Where payable.
(5) NOTICE OF DIVIDEND
(rule 107(3))
(6) NOTICE OF RETURN TO CONTRIBUTORIES
(rule 108)
Name of Company.
Address of registered
office.
Registered postal address.
Nature of
business.
Court.
Number of matter.
Amount per
share.
First and final, or otherwise.
When payable.
Where
payable.
(7) NOTICE OF APPOINTMENT OF LIQUIDATOR-WINDING-UP BY THE COURT
(rule 47(6))
Name of Company.
Address of registered
office.
Registered postal address.
Nature of
business.
Court.
Number of matter.
Liquidator's
name.
Address.
Date of appointment.
(8) NOTICE OF APPOINTMENT OF LIQUIDATOR
|
MEMBERS
CREDITORS |
VOLUNTARY WINDING-UP
|
(rule 51)
Name of Company.
Address of registered
office.
Registered postal address.
Nature of
business.
Liquidator's name.
Address[es].
Date of
appointment.
By whom appointed.
(9) NOTICE OF DEATH, RESIGNATION OR REMOVAL OF LIQUIDATOR
(rule 47(8))
Name of company.
Address of registered
office.
Registered postal address.
Nature of
business.
Court.
Number of matter.
Liquidator's
name.
Address.
Date of death, resignation or removal.
(10) NOTICE OF RELEASE OF LIQUIDATOR
(rule 192(2))
Name of company.
Address of registered
office.
Registered postal address.
Nature of
business.
Court.
Number of matter.
Liquidator's
name.
Address.
Date of release.
_________
FORM No. 109
(r. 197)
MEMORANDUM OF ADVERTISEMENT OR GAZETTING
Name of paper.
Date of issue.
Date of
filing.
Nature of order, etc.
[Signed]
__________
SECTION 345-COMPANIES (WINDING-UP FEES) RULES
TABLE OF PROVISIONS
RULE
1. Short title
2. Fees
Schedule-Fees
----------------------
Legal
Notice No. 85 of 1983
(in force 1
January 1984*)
Short title
1. These Rules may be cited as the Companies (Winding-Up
Fees) Rules.
Fees
2. The fees specified in the Schedule shall be paid to the
official receiver in accordance with the provisions of the said
Schedule.
SCHEDULE
(Rule
2)
FEES
$ c
1. On a bond with sureties
............................................................. 4.00
2. On
a affidavit, including a proof of debt ..................................
2.00
3. On an application to the official receiver, after 6 months after
the date of issue, for the reissue of lapsed cheque, money order
or payable
order in respect of moneys standing to the credit of the Companies Liquidation
Account. ...................... 1.00
4. On the audit of the liquidator's
accounts under section 246 of the Act,
a fee according to the following scale on amount brought to credit, including
the produce of calls on contributories,
but after deducting
(a) the amount spent out of the money
received in carrying on the business of the company, and
(b) amounts paid by the official
receiver or liquidator to secured creditors (other than debenture-holders)-
Per cent
on the first $10,000 or fraction thereof .................... 1 1/2
on the next $190,000 or fraction thereof .................. 1
on the next $800,000 or fraction thereof .................. 1/2
on the next $1,000,000 or fraction thereof ............... 1/4
on any excess $2,000,000 ......................................... 1/8
5. Where the official receiver acts as
provisional or interim liquidator only-
(a) where no winding-up order is made upon the petition, or where a winding-up order is rescinded, or all further proceedings are stayed before the summoning of the statutory meetings of creditors and contributories: such amount as the court may consider reasonable to be paid by the petitioner, or by the company as court may direct, in respect of the services of the official receiver as provisional or interim liquidator.
(b) where a winding-up order is made but the official receiver is not continued as liquidator after the statutory meetings of creditors and contributories-
$ c
(i) in respect of every 10 members, creditors and debtors, and every fraction of 10 up to 1,000 ............................................................... 3.00
for every fraction of 10 above, 1,000 ....................... 2.00
(ii) on the value of the company's property as estimated in the statement of affairs, or, where the court has dispensed with the submission of a statement of affairs, on the value of the company's property as estimated by the official receiver after deducting (in cases where a person other than the official receiver has, before but not on the day of, the making of a winding-up order been appointed receiver for debenture-holders) the amount due to debenture-holders-
Per cent
on the first $10,000 or fraction thereof ............... 2
on the next $40,000 or fraction thereof .............. 1
on the next $150,000 or fraction thereof ............. 1/2
on any excess over $200,000 .............................. 1/4
6. Where the
official receiver acts as liquidator of the company and a special manager is
appointed (to include the official receiver's
services as provisional or interim
liquidator): such amount as the court on the application of the official
receiver may consider
reasonable.
7. In all other cases where the
official receiver acts as liquidator of the company (to include his services as
provisional or interim
liquidator)-
(a) in respect of every 10 members, creditors, and debtors, and every fraction of 10 ................................................................................................. $5.00
(This fee to include cost of official stationery, printing, books, forms, and inland postages.)
(b) upon the total assets, including produce of calls on contributories, realized or brought to credit by the official receiver, after deducting sums on which fees are chargeable under item 8 of this Schedule, and the amount spent out of the money received in carrying on the business of the company-
Per cent
on the first $2,000 or fraction thereof ........................ 10
on the next $3,000 or fraction thereof ........................ 7 1/2
on the next $5,000 or fraction thereof ........................ 6
on the next $10,000 or fraction thereof ...................... 4 1/2
on any excess over $20,000 ......................................... 3
(c) on the amount distributed in dividend or paid to contributories, preferential creditors and debenture-holders by the official receiver, half the above percentages.
8. Where the official receiver
collects, calls or realizes property for debenture-holders: the same fees as
under paragraphs (b) and
(c) of item 7 of this Schedule, to be
paid out of the proceeds of such calls or property.
9. Where the official
receiver realizes property for secured creditors other than debenture-holders:
the same fees as under paragraph
(b)
of item 7 of this Schedule, to be paid out of the proceeds of such
property.
10. Where the official receiver performs any special duties not
provided for in this Schedule: such amount as the court, on the application
of
the official receiver, considers reasonable.
11. For travelling, keeping
possession, law costs and other reasonable expenses of the official receiver,
the amount disbursed or
incurred.
12. On payment of money out of the
Companies Liquidation Account under section
335 of the Act-
(a) where the money consists of unclaimed dividends, on each dividend paid out, 10c of every $2 or fraction thereof;
(b) where the money consists of undistributed funds or balances- on the first $10,000, 10c on every $2 or fraction thereof; and on any excess over $10,000, 5c on every $2 or fraction thereof; but so that-
(i) the total fee payable in any liquidation shall not exceed $3,000; and
(ii) any payment of money out of the Companies Liquidation Account in respect of the fee payable to the official receiver under this paragraph of this item shall be disregarded in calculating the fee.
13. For an inspection under
section 246(4) of the Act
.................................. $1.00
*See Legal Notice 92 of
1983.
__________
SECTION 405 - COMPANIES REGULATIONS
TABLE OF PROVISIONS
REGULATION
1. Short title
2. Forms
3. Printing
processes
4. Names of companies
5. Additional fees
6. Certification of
documents
7. Certified translations
8. Fees
9. Revocation
First
Schedule-Forms
Second Schedule-Fees
------------------------
Legal
Notice No. 86 of 1983
(In force 1
January 1984*)
*See Legal Notice No. 93 of 1983.
Short title
1. These Regulations may be cited as the Companies
Regulations.
Forms
2. The forms set out in the First Schedule shall be used
for the purposes of the Act with such variations as circumstances require,
and
the particulars contained therein are hereby prescribed as the particulars
required under the Act.
Printing processes
3.-(1) Any matter which, by the provisions of the Act, is
required to be printed or typewritten shall be accepted by the registrar
if it
has been reproduced by any 1 of the following processes:-
(a) lithography of any description;
(b) multigraph;
(c) roneotype;
(d) such other process as the registrar may, from time to time, approve.
(2)
Notwithstanding the provisions of this regulation, the registrar may, in his
absolute discretion, refuse to accept for registration
any document printed,
typewritten or reproduced in a manner referred to in paragraph (1), if in his
opinion, such document is not
sufficiently legible or of durable
quality.
Names of companies
4.-(1) On payment of the prescribed fee, the registrar
shall, on the request of any person requiring approval of any name as the name
of a proposed company or of any name which it is proposed shall be the new name
of an existing company, cause a search to be made
in the index of registered
companies and also in the register of reserved names, and shall notify the
applicant that such name is
either not available or desirable or is available
unconditionally or subject to specified actions; and, in the event of refusal of
any name, it shall not be necessary for the registrar to assign any reason for
such refusal.
(2) A name which has been approved by the registrar shall
be entered in the register of reserved names on behalf of the applicant
for a
period of 30 days or such longer period, not exceeding 3 months, as the
registrar may allow, and such period shall commence
from the date of
notification of approval to the applicant.
Additional fees
5. The additional fees payable under subsection (2) of
section 392 of the Act shall be those
set out in Part V of the Second Schedule, and shall be calculated in respect of
the period from the day
following the last day on which a document should have
been delivered in accordance with the provisions of the Act to the day on
which
such document is received by the registrar:
Provided that, if such
document is subsequently rejected by the registrar, the period from the date on
which he first received such
document until the date of redelivery thereof to
the person presenting the same shall be excluded in calculating the period of
the
default.
Certification of documents
6.-(1) A certified copy of the charter, statutes or
memorandum and articles of the company or other instrument constituting or
defining
the constitution of the company required to be delivered to the
registrar under subsection (1) of section
367 of the Act in the case of any
overseas company incorporated under laws of a foreign country shall be deemed to
be certified as a
true copy, if, in such foreign country, it is-
(a) duly certified as a true copy by an official of the government to whose custody the original is committed; or
(b) duly certified as a true copy by a notary public of such foreign country; or
(c) duly certified as a true copy on oath by some officer of the company,
before
some person having authority to administer an oath in such country.
(2) A
copy of the instrument by which a charge is created or evidenced to be delivered
to the registrar under section 370 of
the Act shall be verified or certified to be a true copy under the seal of the
company or under the hand of some person interested
therein otherwise than on
behalf of the company.
Certified translations
7.-(1) A translation of a charter, statutes or memorandum
and articles of association or other instrument constituting or defining
the
constitution of a company or any account, prospectus or document to be delivered
to the registrar under the Act shall be certified
to be a correct
translation-
(a) in the case of a translation made in a foreign country, by any person having authority by law to administer an oath;
(b) in the case of a translation made within Fiji-
(i) by a barrister and solicitor; or
(ii) by a notary public of Fiji.
(2) The registrar may, in
any particular case, if he thinks fit so to do and upon such conditions as he
thinks fit, permit certified
copies or translations to be delivered to him,
though not certified in accordance with the above requirement.
Fees
8. The fees payable to the registrar shall be those
specified in the Second Schedule in respect of the several matters mentioned
therein.
Revocation
9. The Companies Rules published at pages 6405 to 6432
inclusive of Volume X of the 1967 Revised Edition of the Laws are
revoked.
_______
FIRST SCHEDULE
(r. 2)
FORMS
No. of Company ..............................
Form No 201
NOTICE OF SITUATION OF REGISTERED OFFICE OR OF ANY CHANGE THEREIN
(section 110)
Name of Company
................................................................................................
Limited
Presented by
........................................................................................................................
To
the Registrar of
Companies
...................................................................................................
Limited hereby gives you notice,
in accordance with section
110 of the Companies Act, that the
registered office of the company is situated at
.................................................................................
Date
..............................................,. 19... Signature
........................................
[State whether Director or Secretary]
Fee $4
_________
No. of
Company................................................
Form No. 202
ANNUAL RETURN OF A COMPANY NOT HAVING A SHARE CAPITAL
(sections 128 to 130)
Name of Company
................................................................................................
Limited
Presented by
........................................................................................................................
Annual
Return of
........................................................................
Limited, made up to the ........................
day of
....................................., 19 ............, (being the fourteenth
day after the date of the annual general meeting
for the year 19 ...).
1.
Address of registered office of the Company:
...........................................
2. Situation of registers of
members and debenture-holders-
(a) Address of place at which the register of members is kept, if other than the registered office of the company: ..................................................................................
(b) Address of any place in Fiji other than the registered office of the Company, at which is kept any register of holders of debentures of the Company or any duplicate of any such register or part of any such register which is kept outside Fiji: ......................................................................................................................................
[P.T.O.]
3. Total amount of indebtedness of the Company in respect
of all mortgages and charges which are required to be registered with the
Registrar of Companies, under the Companies Act:
..............................................................................
4.
Particulars of directors and secretaries-
PARTICULARS OF THE PERSONS WHO
ARE DIRECTORS OF THE COMPANY
AT THE DATE OF THIS RETURN
|
1
Name |
2
Any former forename or names and surname |
3
Nationality |
4
Postal address |
5
Business occupation and particulars of other directorships |
6
Date of birth |
|
|
|
|
|
|
PARTICULARS OF EACH PERSON WHO 1S A SECRETARY OF THE COMPANY AT THE DATE OF THIS RETURN
|
1
Name |
2
Any former forename or names and surname |
3
Postal address |
|
|
|
Signed ......................................) Director
..................................................) Secretary
......................................)
Date.............................., 19......
Fee
$5
NOTES
"Directors" includes any person who occupies the position
of a director by whatsoever name called, and any person in accordance with
whose
directions or instructions the directors of the Company are accustomed to
act.
"Surname", in the case of a peer or person usually known by a title
different from his surname means that title.
"former forename" and
"former surname" do not include-
(a) in the case of a pees or a person usually known by a British title different from his surname, the name by which he was known before the adoption of or succession to the title; or
(b) in the case of any person, a former forename or surname where that name or surname was, changed or disused before the person hearing the name attained the age of eighteen years or has been changed or disused for a period of not lees than twenty years; or
(c) in the case of a married woman, the name or surname by which she was known before the marriage.
The names of all bodies corporate
incorporated in Fiji of which the director in also a director should, be given,
except bodies corporate
of which the Company making the return is the
wholly-owned subsidiary or bodies corporate which are the wholly-owned
subsidiaries
either of the Company or of another company of which the Company in
the wholly-owned subsidiary. A body corporate is deemed to be
the wholly-owned
subsidiary of another if it has no members except that other that other's
wholly-owned subsidiaries and its or their
nominees. If the space provided in
the form is insufficient, particulars of other Directorships should be listed on
a separate statement
attached to this return.
[P.T.O.],
Dates of birth need only be given in the case of a company
which is subject to section 187 of the
Companies Act, namely a company which is not a private company, or which, being
a private company, is a subsidiary of a body corporate incorporated
in Fiji
which is not a private company.
CERTIFICATE AND OTHER DOCUMENTS ACCOMPANYING ANNUAL RETURNS
Certified Copies of
Accounts
In the case of every company to which section
130 of the Companies Act applies, there
shall be annexed to this return a written copy, certified both by a director and
by a secretary of the company to
be a true copy, of every balance sheet laid
before the company in general meeting during the period to which this return
relates
(including every document required by law to be annexed to the balance
sheet) and a copy (certified as aforesaid) of the report of
the auditors on, and
of the report of the directors accompanying each balance sheet. If any such
balance sheet or document required
by law to be annexed thereto is in a foreign
language, there must also be annexed to that balance sheet a translation in
English
of the balance sheet or documents certified in the prescribed manner to
be a correct translation. If any such balance sheet as aforesaid
or document
required by law to be annexed thereto did not comply with the requirements of
the law as in force at the date of the
audit with respect to the form of balance
sheet or documents aforesaid, as the case may be, there must be made such
additions to
and corrections in the copy as would have been required to be made
in the balance sheet or document in order to make it comply with
the said
requirements, and the fact that the copy has been so amended must be stated
thereon.
_________
No. of Company...................................
Form No. 203
PARTICULARS OF DIRECTORS AND SECRETARIES AND OF ANY CHANGES THEREIN
(section 202)
Name of Company
................................................................................................
Limited
Presented by
........................................................................................................................
PARTICULARS OF PERSONS WHO ARE DIRECTORS OF THE COMPANY AT THE DATE OF THIS RETURN AND OF PERSONS NOW CEASING TO BE DIRECTORS
|
1
Name |
2
Any former forename or names and surname |
3
Nationality |
4
Postal address |
5
Business occupation and particulars of other directorships |
6
Date of birth |
7
Changes |
|
|
|
|
|
|
|
[P.T.O]
PARTICULARS OF EACH PERSON WHO IS A SECRETARY OF THE COMPANY AT THE DATE OF THIS RETURN
|
1
Name |
2
Any former forename or names and surname |
3
Postal address |
4
Changes |
|
|
|
|
Date ..................................., 19.... Signed
.................................
[State whether Director or Secretary]
Fee $4
NOTES
"Directors" includes any person who occupies the position
of a director by whatsoever name called, and any person in accordance with
whose
directions or instructions the directors of the company are accustomed to
act.
"Surname" in the case of a peer or person usually known by a title
different from his surname means that title.
"former forename" and,
"former surname" do not include-
(a) in the case of a peer or a person usually known by a British title different from his surname, the name by which he was known before the adoption of or succession to the title; or
(b) in the case of any person, a former forename or surname where that name or surname was changed or disused before the person bearing the name attained the age of eighteen years or has been changed or disused for a period of not less than twenty years; or
(c) in the case of a married woman, the name or surname by which she was known before the marriage.
Directorships
- The names of all bodies corporate incorporated in Fiji of which the director
is also a director should be given, except bodies
corporate, of which the
company making the return is the wholly-owned subsidiary or bodies corporate
which are the wholly owned subsidiaries
either of the company or of another
company of which the company is the wholly-owned subsidiary. A body corporate is
deemed to be
the wholly-owned subsidiary of another if it has no members except
that other's and that other's wholly-owned subsidiaries and its
or their
nominees. If the space provided in the form is insufficient, particulars of
other directorships should be listed on a separate
statement attached to this
form.
Dates of birth need only be given in the case of a company which is
subject to section 187 of the Companies
Act, namely a company which is not a private company, or which, being a private
company, is a subsidiary of a body corporate incorporated
in Fiji, which is not
a private company.
A complete list of the directors and the secretary
shown as existing in the last particulars delivered should be given. A note of
the changes in directors with the last list should be made in this column by
placing against a new director's name the words "Appointed
on ..................
in place of ........................." and against any former director's name
the words "resigned on ....................................."
or "died on
........................................", or as the case may be.
In the
case of a change of the secretary, particulars of the new secretary only need be
given together with the date of appointment
and the name of the outgoing
secretary, thus appointed on ............. place of ............."
______
No. of
Company.........................................
Form No. 204
NOTICE OF INCREASE IN NOMINAL CAPITAL
(section 67)
Name of Company
................................................................................................
Limited
Presented by
........................................................................................................................
To
the Registrar of
Companies
..................................................................................
Limited hereby gives you notice, pursuant to section
67 of the Companies Act, that by
(a)
.................................................. resolution of the
Company dated the .............................. day of ....................,
19
............, the nominal capital of the Company has been increased by the
addition thereto of the sum of $..... beyond the registered
capital of
$..................
The additional capital is divided as follows-
|
Number of shares
|
Class of share
|
Nominal amount of each
share
|
|
|
|
|
The conditions (e.g. voting rights, dividend rights,
winding-up rights, etc.) subject to which the new shares have been or are to
be
issued are as follows-
(if any of the
new shares are preference shares state whether they are redeemable or
not.)
Date....................................,
19............ Signed ........................................
[State whether Director or Secretary]
(a) Insert "an
ordinary" or "a special".
_______
No. of Company...................................
Form No. 205
NOTICE OF INCREASE IN NUMBER OF MEMBERS
(section 12(3)(a))
Name of Company
................................................................................................
Limited
Presented by
........................................................................................................................
To
the Registrar of
Companies
.....................................................................................................................
Limited gives
you notice, pursuant to section
12(3)(a)
of the Companies Act, that by
(a) .................... resolution of
the Company dated the ...........................day of
...........................................,
19 ........., the number of members
in the Company has been increased by the addition thereto of
.............................. members
beyond the present registered number of
...............................................................
Date
...................................,
19...... Signed.............................................................
[State whether Director or Secretary]
(a) Insert "an
ordinary" or "a special".
_______
No. of Company ...................................
Form No. 206
NOTICE OF CONSOLIDATION, DIVISION, SUBDIVISION OR CONVERSION INTO STOCK OF SHARES, SPECIFYING THE SHARES SO CONSOLIDATED, DIVIDED, SUBDIVIDED OR CONVERTED INTO STOCK, OR OF THE RECONVERSION INTO SHARES OF STOCK, SPECIFYING THE STOCK SO RECONVERTED, OR OF THE REDEMPTION OF REDEEMABLE PREFERENCE SHARES OR OF THE CANCELLATION OF SHARES (OTHERWISE THAN IN CONNEXION WITH A REDUCTION OF SHARE CAPITAL)
(section 66)
Name of Company
................................................................................................
Limited
Presented by
........................................................................................................................
To
the Registrar of
Companies
........................................................................................
Limited hereby gives you notice, in accordance
with section
66 of the Companies Act,
that-
Date.............................., 19... Signed
................................................
[State whether Director or Secretary]
Fee $4
________
No. of Company....................................
Form No. 207
NOTICE OF THE SITUATION OF THE OFFICE WHERE A BRANCH REGISTER IS KEPT, OR OF ANY CHANGE IN, OR DISCONTINUANCE OF, ANY SUCH OFFICE
(section 123(2))
Name of Company
................................................................................................
Limited
Presented by
........................................................................................................................
To
the Registrar of
Companies
............................................................................
Limited hereby gives you notice, in accordance with section
123(2) of the Companies Act, and by the
authority of (a) ...................
that a branch register is now kept at
(b)
...........
Date...................................., 19...
Signed...............................................
[State whether Director or Secretary]
Fee
$4
(a) e.g. "a special
resolution of the Company, duly passed on the ............ day of .........
19...," or "Clause ...........................
on the Company's articles of
association".
(b) In cases of
change, the words "in lieu of" and the previous address should be inserted after
the present address. In the case of
discontinuance, strike out the words "is now
kept" and insert the words "is discontinued" after the address.
________
No. of Company .........................
Form No. 208
DECLARATION OF COMPLIANCE WITH THE REQUIREMENTS OF THE COMPANIES ACT ON APPLICATION FOR REGISTRATION OF A COMPANY
(section 19(2))
Name of Company
................................................................................................
Limited
Presented by
........................................................................................................................
I,
................................................................................................................,
of
.................................................................................
do solemnly and sincerely declare that I am
(a)
....................................................................................................
of
............................................................................................................
Limited, and that all the requirements of the Companies Act, in respect of
matters precedent to the registration of the said Company and incidental thereto
have been complied with. And I make
this declaration conscientiously believing
the same to be true and according to the Statutory Declarations
Act.
Declared at .............................................)
this
.......................... day of ........., 19..,)
Before me,
.................................)
A Commissioner for Oaths (b).)
Fee
$4
(a) Insert "a barrister and
solicitor of the Supreme Court engaged in the formation" or "a person named in
the articles of association
as a director or
secretary".
(b) Or "Notary
Public" or "Magistrate".
________
No. of Company .................................
Form No. 209
CONSENT TO ACT AS DIRECTOR OF A COMPANY
(section 183(1)(a))
Name of Company
................................................................................................
Limited
Presented by
........................................................................................................................
To
the Registrar of Companies
I [We], the undersigned, hereby testify my
[our] consent to act as director of
.............................................................................................................
Limited, pursuant to section
183(1)(a)
of the Companies Act.
|
Signature
(a)
|
Address
|
Description
|
|
|
|
Dated the ............... day of ......................,
19.....
Fee $4
(a) If a
director signs by his agent authorized in writing, the authority must be
produced.
_______
No. of Company
....................................
Form No. 210
LIST OF PERSONS WHO HAVE CONSENTED TO BE DIRECTORS OF A COMPANY
(section 183(4))
Name of Company
................................................................................................
Limited
Presented by
........................................................................................................................
List
of the persons who have consented to be directors of ......................
Limited, delivered to the Registrar of Companies,
pursuant to section
183(4) of the Companies Act, by
............................ of ....................... the applicant[s] for
registration of the memorandum and the articles
of the Company.
|
Surname
|
Forename
|
Address and Description
|
|
|
|
Date ..............................., 19..... Signed
..................................................................
[Applicant(s)]
Fee $4
_______
No. of Company ...................................
Form No. 211
DECLARATION THAT THE CONDITIONS OF SECTION 113(1)(b) AND (c) OF THE COMPANIES ACT, HAVE BEEN COMPLIED WITH
(section 113(1)(d))
[To be used by a
company which issued a prospectus on or with reference to its
formation]
Name of Company
................................................................................................
Limited
Presented by
........................................................................................................................
I,
.........................................................................................................................................,
of
.................................................................................................................................................,
being (a)
........................................... of
................................Limited, do solemnly and sincerely declare as
follows:-
That the amount of the share capital of the Company offered to
the public for subscription is
$.................................................................................
That
the amount stated in the prospectus as the minimum amount which in the opinion
of the directors must be raised by the issue of
share capital in order to
provide for the matters specified in paragraph 4 of Part I of the Fourth
Schedule to the Companies Act is
$..................................................................................
That
shares held subject to the payment of the whole amount thereof in cash have been
allotted to the amount of
$..........................................
*That every director of the
Company has paid to the Company on each of the shares taken or contracted to be
taken by him and for which
he is liable to pay in cash a proportion payable on
application and allotment on the shares offered for public subscription, *except
the following director[s] namely
....................................................................., who has
[have] not taken
or contracted to take any shares for which he is [they are]
liable to pay in cash.
*That no director of the Company has taken or
contracted to take any shares for which he is liable to pay in
cash.
*That no money is or may become liable to be repaid to applicants
for any shares or debentures which have been offered for public
subscription by
reason of any failure to apply for or to obtain permission for the shares or
debentures to be dealt in on any stock
exchange.
And I make this
declaration conscientiously believing the same to be true and according to the
Statutory Declarations Act.
Declared at
..........................................)
this ................. day of
.............., 19 ...,)
Before me,
..........................................,)
A Commissioner for Oaths (b).
Fee
$4
(a) Insert "a secretary" or
"a director".
(b) Or "Notary
Public" or "Magistrate".
_________
No. of Company
....................................
Form No. 212
DECLARATION THAT THE PROVISIONS OF SECTION 113(2)(b) OF THE COMPANIES ACT HAVE BEEN COMPLIED WITH
(section 113(2)(c))
[To
be used by a company which has delivered to the
Registrar of
Companies
a statement in lieu of
prospectus]
Name of Company
................................................................................................
Limited
Presented by
........................................................................................................................
I,
................................... of
..................................................., being
(a) ......................... of
....................................................... Limited, do solemnly and
sincerely declare as
follows:-
*That every director of the Company has paid to the Company on each of the shares taken or contracted to be taken by him, and for which he is liable to pay in cash, a proportion equal to the proportion payable on application and allotment on the shares payable in cash,
*except the following directors namely ................................ who has [have] not taken or contracted to take any shares for which he is [they are] liable to pay in cash.
*That no director of the Company has taken or contracted to take any shares for which he is liable to pay in cash.
And I make
this declaration conscientiously believing the same to be true and according to
the Statutory Declarations Act.
Declared at
........................................)
this ........... day of
...................., 19...,)
Before me,
........................................,)
A Commissioner for Oaths (b).
Fee
$4
(a) Insert "a secretary" or
"a director".
(b) Or "Notary
Public" or "Magistrate".
_________
No. of Company
....................................
Form No. 213
RETURN OF ALLOTMENTS FROM THE (a) .........................................., 19 ....., to the ...................................., 19 .... of .........
(section 56)
Name of Company
................................................................................................
Limited
Presented by
........................................................................................................................
Number of the
(b) ................................
shares allotted payable in cash .................................
Nominal
amount of the .................................... shares so allotted
Nominal
amount of the..................................... shares so allotted
Amount
paid or due and payable on each share
...................................
Amount paid or due and payable on each
share ....................................
Number of
.............................. shares allotted for a consideration other than in
cash
Nominal amount of the .............................. shares so
allotted
Amount to be treated as paid on each such share
...................................
The consideration for which such shares
have been allotted is as follows:-
NAMES, DESCRIPTIONS AND ADDRESSES OF THE ALLOTTEES
|
Name and description
|
Address
|
Number of shares allotted
|
||
|
Preference
|
Ordinary
|
Other kinds
|
||
|
|
Total ............. |
|
|
|
Signed.
.......................................
[State
whether Director or Secretary]
Fee $4
(a) (i) When a return includes several allotments made on different dates, the dates of only the first and the last of such allotments should be entered at the top of the front page, and the registration of the return should be effected within one month of the first date.
(ii) When a return relates to one allotment only, made on one particular date, that date only should be inserted, and the spaces for the second date struck out and the word "made" substituted for the word "from" after the word "Allotments".
(b)
Distinguish between preference, ordinary, redeemable preference,
etc.
________
No. of Company
....................................
Form No. 214
PARTICULARS OF A MORTGAGE OR CHARGE CREATED BY A COMPANY REGISTERED IN FIJI
(section 98)
Name of Company
................................................................................................
Limited
Presented by
........................................................................................................................
Particulars
of mortgage or charge created by
....................................................................... Limited,
a Company
registered in Fiji.
|
(1)
Date and description of the instrument creating or evidencing the mortgage or charge (a) |
(2)
Amount se-cured by the mortgage or charge |
(3)
Short particulars of the property mortgaged or charged |
(4)
Names, postal addresses and descriptions of the mortgagees or persons en-titled to the charge |
(5)
Amount of rate per cent of the commission, allowance or discount (if any) paid or made either directly or indirectly by the Company to any person in consideration of his subscribing or agreeing to subscribe, whether absolutely or conditionally, or procuring or agreeing to procure subscriptions, whether absolute or conditional, for any of the debentures included in this return (b) |
|
|
|
|
|
Date...................................., 19... Signed
................................................
[Designation of position in relation to the Company]
Fee
$10
(a)
A description of the instrument, e.g. "trust deed", "mortgage", "debenture",
etc., should be
given.
(b)
The rate of interest payable under the terms of the debentures should not be
entered.
_______
No. of Company ..............................
Form No. 215
PARTICULARS OF A SERIES OF DEBENTURES CONTAINING, OR GIVING BY REFERENCE TO ANY OTHER INSTRUMENT, ANY CHARGE, TO THE BENEFIT OF WHICH THE DEBENTURE HOLDERS OF THE SAID SERIES ARE ENTITLED PARI PASSU, CREATED BY A COMPANY REGISTERED IN FIJI
(section 98)
[This Form (No.
215) is to be used for registration of
particulars of the entire series. When more than one issue of debentures in the
series is made,
particulars of each issue subsequent to the first should be sent
to the Registrar on Form No. 217.]
Name of Company
................................................................................................
Limited
Presented by
........................................................................................................................
Particulars
of a series of debentures created by ................................ Limited, a
Company registered in Fiji.
|
(1)
Total
amount secured by the whole series
|
(2)
Amount
of the present issue of the series
|
(3)
Dates
of the resolutions authorizing the issue of the series
|
(4)
Date of the covering deed (if any) by which the security is created or defined or, if there is no such deed, the date of the first execution of any debenture of the series |
(5)
General description of the property charged |
(6)
Names of the trustees (if any) for the debenture holders |
(7)
Amount or rate per cent of the commission, allowance or discount (if any) paid or made either directly or indirectly by the Company to any person in consideration of his subscribing or agreeing to subscribe, whether absolutely or conditionally, or procuring or agreeing to procure subscriptions, whether absolute or conditional, for any of the debentures included in this return (a) |
|
|
|
|
|
|
|
Date....................................,
19... Signed..........................................................
[Designation of position in relation to the Company]
Fee
$10
(a)
The rate of interest payable under the terms of the debentures should not be
entered.
________
No. of Company....................................
Form No. 216
PARTICULARS OF A MORTGAGE OR CHARGE SUBJECT TO WHICH PROPERTY HAS BEEN ACQUIRED BY A COMPANY REGISTERED IN FIJI
(section 100)
Name of Company
................................................................................................
Limited
Presented by
........................................................................................................................
Particulars
of a mortgage or charge subject to which property has been acquired by
........... Limited, a Company registered in Fiji.
|
(1)
Date and description of the instrument creating or evidencing the mortgage or charge (a) |
(2)
Date if the acquisition of the property |
(3)
Amount owing on security of the mortgage or charge |
(4)
Short particulars of the property mortgaged or charged |
(5)
Names, postal addresses and, description of the mortgagees or persons entitled to the charge |
|
|
|
|
|
Date...................................., 19...
Signed...................................
[Designation of position in relation to the Company]
Fee
$10
(a)
A description of the instrument, e.g. "trust deed", "mortgage", etc., should be
given. Note.-The instrument should accompany this
statement of particulars for
verification.
_______
No. of Company....................................
Form No. 217
PARTICULARS OF AN ISSUE OF DEBENTURES IN A SERIES BY A COMPANY REGISTERED IN FIJI
(Section 98(7))
[For registration of the entire series, Form No. 215 must be used.]
Name of Company
................................................................................................
Limited
Presented by
........................................................................................................................
Particulars
of an issue of debentures in a series when more than one issue in the series is
made, by ..........................................
Limited, a Company
registered in Fiji.
|
(1)
Date of registration of the series (a) |
(2)
Date
of present issue
|
(3)
Amount of present issue |
(4)
Particulars as to the amount or rate per cent of the commission, allowance or discount (if any) paid or made either directly or indirectly by the Company to any person in consideration of his subscribing or agreeing to subscribe, whether absolutely or conditionally, or procuring or agreeing to procure subscriptions, whether absolute or conditional, for any of the debentures included in this return (b) |
|
|
|
|
Date...................................., 19...
Signed...................................
[Designation of position in relation to the Company]
Fee
$10
(a)
The date of registration may be confirmed from the certificate of
registration.
(b)
The rate of interest payable under the terms of the debentures should not be
entered.
________
No. of Company....................................
Form No. 218
DECLARATION VERIFYING MEMORANDUM OF SATISFACTION OF A REGISTERED MORTGAGE OR CHARGE
(section 103)
Name of Company
..................................................................................................
Limited
Presented by
..........................................................................................................................
We,
...............................................................,
of...................................................................,
a
director of
..............................................................................................................
Limited,
and ..................................................................,
of .....................................................................,
a
secretary thereof, do solemnly and sincerely declare that the particulars
contained in the Memorandum of Satisfaction annexed hereto
are true to the best
of our knowledge, information and belief. And we make this declaration
conscientiously believing the same to
be true and according to the Statutory
Declarations Act.
Declared at
...........................................)
this .................... day of
..........., 19 ..,)
Before me,
..........................................,)
A Commissioner for Oaths (a).)
MEMORANDUM OF COMPLETE SATISFACTION OF MORTGAGE OR CHARGE
.................................................................................................................................
Limited hereby gives notice that the registered charge being
(b)
......................................................, of which particulars
were registered with the Registrar of Companies on the
(c) ........................ day of
........................, 19 ............, was wholly satisfied on the
...................... day
of ..........................., 19 .........., the
debt for which the charge was given having been paid or satisfied.
In
witness whereof the common seal of the Company was hereunto affixed the
...............................day of.......................,
19.............
Signed
.............................................)
...........................................)
Directors
...........................................)
Secretary
...........................................)
Fee
$10
(a)
Or "Notary Public" or
"Magistrate".
(b)
A description of the instrument(s) creating or evidencing the charge, e.g.
"mortgage", "charge", "debenture", etc., with the date
thereof, should be given.
If the registered charge was a "series of debentures" or "debenture stock", the
words "authorized by resolution",
together with the date of the resolution,
should be
added.
(c)
The date of registration may be confirmed from the certificate of Registration
and (except in the case of a series of debentures)
from the registration stamp
affixed to the instruments) registered.
______
No. of Company....................................
Form No. 219
DECLARATION VERIFYING MEMORANDUM OF PARTIAL SATISFACTION OF REGISTERED MORTGAGE OR CHARGE
(section 103)
Name of Company
.....................................................................................................
Limited
Presented by
.............................................................................................................................
We,
.............................................., of
.............................., a director of ....................... Limited,
and ............................, of
....................................................................................,
a secretary
thereof, do solemnly and sincerely declare that the particulars
contained in the Memorandum annexed hereto are true to the best of
our
knowledge, information and belief. And we make this declaration conscientiously
believing the same to be true and according to
the Statutory Declarations
Act.
Declared at ...........................................)
this
.................... day of ..........., 19 ..,)
Before me,
..........................................,)
A Commissioner for Oaths (a).)
MEMORANDUM OF
(1) PARTIAL PAYMENT OR SATISFACTION OF MORTGAGE OR CHARGE
(2) RELEASE OF PART OF PROPERTY OR UNDERTAKING FROM MORTGAGE OR CHARGE
..............................................................................
Limited hereby gives notice that the registered charge,
being
(b)
............................................., of which particulars were
registered with the Registrar of Companies on the
(c)
.......................................................day
of......................................................, 19 ............,
was
satisfied on the ....................................................day of
..................................................,
19............, to the
extent of .......................................................,
(d) the debt for which the charge was
given having been partly paid or satisfied, and part of the property or
under-taking charged having
been released from the charge.
Short
particulars of the property or undertaking no longer
charged......................
In witness whereof the common seal of the
Company was hereunto affixed the .............. day
of..........................., 19............
Signed
.............................................)
...........................................)
Directors
...........................................)
Secretary
...........................................)
Fee
$10
(a)
Or "Notary Public" or
"Magistrate".
(b)
A description of the instrument(s) creating or evidencing the charge, e.g.
"mortgage", "charge" "debenture", etc., with the date
thereof, should be given.
If the registered charge was a "series of debentures" or "debenture stock", the
words "authorized by resolution",
together with the date of the resolution,
should be
added.
(c)
The date of registration may be confirmed from the Certificate of Registration
and (except in the case of a series of debentures)
from the registration stamp
affixed to the
instrument(s).
(d)
Delete as necessary.
______
No. of Company...................................
Forum No. 220
DECLARATION VERIFYING MEMORANDUM OF DISPOSAL OF PART OF PROPERTY MORTGAGED OR CHARGED
(section 103)
Name of Company
.....................................................................................................
Limited
Presented by
.............................................................................................................................
We,
............................................................, of
....................................................................,
a director
of
..................................................................................................................................
Limited and ..................................................................,
of .................................................,
the secretary thereof, do
solemnly and sincerely declare that the particulars contained in the Memorandum
annexed hereto are true
to the best of our knowledge, information and belief.
And we make this declaration conscientiously believing the same to be true
and
according to the Statutory Declarations Act.
Declared at
...........................................)
this .................... day of
..........., 19 ..,)
Before me,
..........................................,)
A Commissioner for Oaths (a).)
MEMORANDUM OF FACT THAT PART OF PROPERTY OR UNDERTAKING MORTGAGED OR CHARGED HAS CEASED TO FORM PART OF PROPERTY OR UNDERTAKING OF COMPANY
.................................................................................................................................
Limited hereby gives notice that on the ................................ day of
.........................................., 19 .............,
part of the
property or undertaking secured by the registered charge, being
(b)
..................................................., of which particulars were
registered with the Registrar of Companies on the
(c)...........................................
day of............................... 19............, ceased to form part of the
Company's
property or undertaking.
Short particulars of such property
...............................................................................
In
witness whereof the common seal of the Company was hereunto affixed the
.................................. day of .................,
19............
Signed
.............................................)
...........................................)
Directors
...........................................)
Secretary
...........................................)
Fee
$10
(a)
Or "Notary Public" or
"Magistrate".
(b)
A description of the instrument(s) creating or evidencing the charge, e.g.
"mortgage", "charge" "debenture", etc., with the date
thereof, should be given.
If the registered charge was a series of debentures or debenture stock, the
words "authorized by resolution",
together with the date of the resolution,
should be
added.
(c)
The date of registration may be confirmed from the Certificate of Registration
and (except in the case of a series of debentures)
from the registration stamp
affixed to the instrument registered.
______
No. of Company....................................
Form No. 221
PARTICULARS OF CONTRACT RELATING TO SHARES
(section 56)
[The particulars must be stamped with the same stamp duty as would have been payable if the contract had been reduced to writing]
Name of Company
..............................................................................................
Limited
Presented by
......................................................................................................................
Particulars
of contract relating to shares allotted as fully or partly paid up otherwise
than in cash by
................................................................................................................
Limited.
(1) The number of shares allotted as fully or partly paid up
otherwise than in cash:
..............................................................................
(2)
The nominal amount of each share:
$..........................................
(3) The amount to be
considered as paid up on each share otherwise than in cash:
$....................................
(4) If the consideration for the
allotment of such shares is services, or any consideration other than that
mentioned below in (5),
state the nature of such consideration, and the number
of shares so
allotted....................................................................................
(5)
If the allotment is made in satisfaction or part satisfaction of the purchase
price of property, give brief description of such
property, and full particulars
of manner in which the purchase price is to be satisfied-
(a) Brief description of property.................................
(b) Purchase price ....... $......................
(c) Total amount considered as paid on..................... shares
allotted otherwise than in cash ......... $........................
(d) Cash ....... $........................
(e) Amount of debt released or liabilities assumed by the purchaser (including mortgages on property acquired) .......... $........................
Total
purchase price ............. $......................
[P.T.O.]
(6) Give full particulars, in the form of the following
table, of the property which is the subject of the sale, showing in detail
how
the total purchase price is apportioned between the respective heads-
$
|
Legal estates in freehold property and fixed plant and
machinery and other fixtures thereon
(a)
|
................... |
|
Legal estates in leasehold property
(a)
|
...................
|
|
Fixed plant and machinery on leasehold property (including
tenants, trade and other fixtures)
|
.................. |
|
Equitable interests in freehold or leasehold property
(a)
|
|
|
Loose plant and machinery, stock-in-trade and other chattels
(b)
|
........................
|
|
Goodwill and benefit of contracts.
|
........................
|
|
Patents, designs, trade marks, licences, copyrights,
etc.
|
........................
|
|
Book and other debts.
|
........................
|
|
Cash in hand and at bank on current account, bills, notes,
etc.
|
........................
|
|
Cash on deposit at bank or elsewhere.
|
........................
|
|
Shares, debentures and other investments.
|
........................
|
|
Other property, viz.
|
........................
|
|
|
$
|
Date....................................
19... Signed................................................
[State whether Director or Secretary]
Fee
$4
(a)
Where such properties are sold subject to mortgage, the gross value should be
shown.
(b)
No plant and machinery which was not in actual state of severance on the date of
the sale should be included under this head.
________
No. of Company....................................
Form No. 222
NOTICE OF APPOINTMENT OF A RECEIVER OR MANAGER
(section 105)
Name of
Company........................................................................................................
Limited
Presented by
..............................................................................................................................
To
the Registrar of Companies.
I,
....................................................................., of
..............................................................,
with reference
to
...................................................................................................................
Limited, hereby give notice
that-
(a) I have obtained an
Order of the (b)
...................................................... dated the
.............................. day of
..........................................,
19
..... k for the appointment of
................................................,
of...............................................................................,
as (c)
........................................................................................................................
*(1)
of the whole or substantially the whole of the property of this Company.
*(2)
of part of the property of this Company.
*(3) of the income arising from the
property or part of the property of this Company, on behalf of the holders of
(d)
...........................................................................................
(a)
On the.......................................... day of
................................................................., 19
............
I appointed
..................................................................................,
of ......................................................,
as
(c)
...............................................................
*(1) of
the whole or substantially the whole of the property of this Company,
*(2) of
part of the property of this Company,
*(3) of the income arising from the
property or part of the property of this Company, on behalf of the holders of
(d)
..........................................................................................
under the powers contained in that instrument.
Date
.................................., 19.....
Signed
..........................
Fee
$10.
*Delete as
necessary.
(a)
Of these two paragraphs, strike out that which does not
apply.
(b)
Name of Court making the
order.
(c)
"Receiver" or "Manager" or "Receiver and Manager", as the case may
be.
(d)
Describe fully the instrument under which appointment is made, and state whether
it is a debenture secured by a floating charge.
_______
No. of Company...................................
Form No. 223
RECEIVER'S OR MANAGER'S ABSTRACT OF RECEIPTS AND PAYMENTS
(sections 352 (2) and 354 (1))
Name of Company
...........................................................................................
Limited
Presented by
....................................................................................................................
Name
and address of Receiver or Manager
....................................................................
Date
and description of security containing the powers under which Receiver or
Manager is appointed
...............................................................................................................
from
..................................................................................................................
Period
covered by the abstract to {from
........................
to ...........................
ABSTRACT
|
Receipts
|
Payments
|
||||
|
Brought forward
.............
Carried forward ............. |
$
|
c
|
Brought forward
................
Carried forward ............... |
$
|
C
|
|
|
|
|
|
||
Note.-The
receipts and payments must severally be added up at the foot of each sheet and
the totals carried forward from one abstract to
another without any intermediate
balance, so that the gross totals shall represent the total amounts received and
paid by the Receiver
or Manager since the date of appointment.
Date
....................................., 19..........
Signed.
...............................................
Fee $4.
________
No. of Company....................................
Form No. 224
NOTICE OF CEASING TO ACT AS RECEIVER OR MANAGER
(section 105(2))
Name of Company
..................................................................................................................................Limited
Presented
by
........................................................................................................................
To
the Registrar of Companies.
I,
.............................................................., of
.............................................................................
.................................................................................................................,
hereby give you
notice that I ceased to act as Receiver and [or] Manager of
........................................................ Limited, on
the
.............................. day of ....................,
19.......
Date ..........:..............................,
19....
Signed
............................................................................................................
Fee
$4
_________
No. of Company....................................
Form No. 225
STATEMENT OF THE AMOUNT OR RATE PER CENT OF THE COMMISSION
PAYABLE IN RESPECT OF SHARES AND OF THE NUMBER OF SHARES FOR WHICH PERSONS
HAVE
AGREED FOR A COMMISSION TO SUBSCRIBE ABSOLUTELY
(section 57(1)(c)(ii))
Name of Company
......................................................................................
Limited
Presented by
.............................................................................................................
Article
of association authorizing commission ........................................
No. ................
Particulars of amount payable as commission for
subscribing or agreeing to subscribe, or for procuring or agreeing to procure
subscriptions,
for any shares in the Company
.........................................................................................
$....
or
Rate of such commission
........................................................ Rate per cent
.....
Date of circular or notice (if any) not being a prospectus,
inviting subscriptions for the shares and disclosing the amount or rate
of the
commission ........................ Date ..................
Number of
shares for which persons have agreed for a commission to subscribe absolute.
........................................................................................
No. ......
Signatures of all the Directors or of their Agents authorized
in writing
....................................
...............................................
..........
...........................
...................................
Date..........................................,
19..
Signed ............................................
Fee
$4
_______
FORM No. 226
NOTICE TO DISSENTING SHAREHOLDERS
(section 211(1))
re (a)
..........................................................................................................................
Limited
(hereinafter called "the transferor Company").
Notice by
(b)
.............................................................................................................Limited
(hereinafter
called "the transferee Company").
To
(c)
.........................................................................................................................
Whereas
on the ............................. day of ................................, 19
............, the transferee Company made
an offer to all the holders of
(d)
............................................. shares in the transferor Company
[state shortly the nature of the offer]
..........................................
And Whereas up to the
.......................................... day of
.........................................., 19............,
being a date within
four months of the date of the making thereof, such offer was approved by the
holders of not less than nine-tenths
in value of the said
(d)
................................................ shares (other than shares
already held at the date of the offer by or by a nominee
for the transferee
Company or its subsidiary):
Now therefore the transferee Company in
pursuance of subsection (1) of section
211 of the Companies Act, hereby gives
you notice that it desires to acquire the
(d)
................................................ shares held by you in the
transferor Company.
And further take notice that, unless upon an
application made to the Court by you the said
(c)
..........................................................................................................................................
........................................................................................................................................................................................................................
on or before the...................................................... day of
.........................................., 19 ............,
being one month
from the date of this notice, the Court thinks fit to order otherwise, the
transferee Company will be entitled and
bound to acquire the
(d)
.................................:.. shares held by you in the transferor
Company on the terms of the abovementioned offer approved
by the approving
(d)
...................................... shareholders of the said
Company.
Date...................................., 19...
Signed...................................
[Designation of position in relation to the Company]
(a)
Name of transfer
Company.
(b)
Name of transferee
Company.
(c)
Name(s) and address(es) of dissenting
shareholder(s).
(d)
If the offer is limited to a certain class or classes of shareholders state
description of that class or those classes.
_______
Form No. 227
NOTICE TO NON-ASSENTING SHAREHOLDERS
(section 211(2))
re (a)
........................................................................................................................
Limited
(hereinafter called "the transferor Company").
Notice by
(b)
...........................................................................................................
Limited (hereinafter
called "the transferee
Company").
To (c)
...............................................................................................................................
Whereas
in pursuance of a scheme or contract involving the transfer of
the (d)
....................................................................................
shares in the transferor Company to the transferee
Company certain shares were
on the .................................... day of
............................., 19........., transferred
to the transferee
company or to its nominee.
Now therefore the transferee Company, in
pursuance of subsection (2) of section
211 of the Companies Act, hereby gives
you notice that those shares together with such other
(d)
............................................... shares in the transferor
Company as were held by or by a nominee for the transferee
Company or its
subsidiary at the said date comprise or include nine-tenths in value of all the
(d)
............................................. shares in the transferor
Company.
And further take notice that you may within three months from
the giving of this notice give notice that you require the transferee
Company to
acquire your holding of (d)
........................................ shares in the transferor Company, and
that if you give such notice the transferee Company
shall be entitled and bound
to acquire those shares on the terms on which under the said scheme or contract
the shares of the approving
shareholders were transferred to it, or on such
other terms as may be agreed or as the Court on the application of either the
transferee
Company or yourself [yourselves] thinks fit to
order.
Date...................................., 19...
Signed...................................
[Designation of position in relation to the Company]
(a)
Name of transferor
Company.
(b)
Name of transferee
Company.
(c)
Name(s) and address(es) of non-assenting
shareholders.
(d)
If the offer is limited to a certain class or classes of shareholders state
description of that class or those classes.
_______
Form No. 228
NOTICE TO TRANSFEREE COMPANY BY NON-ASSENTING SHAREHOLDER
(section 211(2))
Re (a)
...........................................................................................................................
Limited
(hereinafter called "the transferor Company").
Notice by
(b)
..............................................................................................................................
..............................................................................................................................................................................................................................
To
(c)
......................................................................................................................
Limited (hereinafter
called "the transferee Company").
Whereas on the
.................................. day of .....................................,
19 ........., (c)
..................................................................................................gave
notice to me [us] that on the.......................................
day of
................................., 19........, by reason of the
(d)
.................................................. shares in the
transferor Company having that day been transferred to the transferee
Company or
its nominee in pursuance of a scheme or contract involving the transfer of those
shares to the transferee Company the
shares so transferred together with other
(d)
............................................................ shares in the
transferor Company held by or by a nominee for the transferee
Company or its
subsidiary at the date of transfer comprised or included nine-tenths in value of
all the (d)
............................................ shares in the transferor
Company.
Now I [we] the said
......................................................................................................................................................
................................................................................................................
........................................
being the holder[s] of (e)
............................................................ the transferor
Company hereby give notice in accordance with subsection
(2) of section
211 of the Companies Act, to the
transferee Company that I [we] require it to acquire the said shares held by me
[us].
Date ....................................., 19.....
Signed
............................................
Note.-Where
a shareholder has given this notice to the transferee Company, the transferee
Company is entitled and bound to acquire the shares
on the terms on the scheme
or contract or on agreed terms, or on such other terms as the Court on the
application of either party
may
fix.
(a)
Name of transferor
Company.
(b)
Name(s) and address(es) of non-assenting
shareholder(s).
(c)
Name of transferee
Company.
(d)
If the offer is limited to a certain class or classes of shareholders, state
description of that class or those
classes.
(e)
State the number and description of shares held by the non-assenting
shareholders.
________
No. of Company....................................
Form No. 229
NOTICE OF APPLICATION MADE TO THE COURT FOR THE
CANCELLATION OF AN ALTERATION MADE BY SPECIAL RESOLUTION TO THE PROVISIONS OF
THE
MEMORANDUM OF THE COMPANY
(section 10(7))
Name of Company
............................................................................................Limited
Presented by
.................................................................................................................
To
the Registrar of
Companies.
..............................................................................................................................
Limited
hereby gives you notice, pursuant to subsection (7) of section
10 of the Companies Act that an
application has been made to the Court under that section for the cancellation
of the alteration made to the provisions of
the memorandum of the Company by a
special resolution dated the ............................... day of
........................,
19 ...., of which a copy was forwarded to you on the
.................................... day of ..........................,
19.......
Date...................................., 19...
Signed...................................
[Designation of position in relation to the Company]
Fee $4.
_________
No. of Company....................................
Form No. 230
NOTICE OF PLACE WHERE A REGISTER OF HOLDERS OF DEBENTURES OR A DUPLICATE THEREOF IS KEPT OR OF ANY CHANGE IN THAT PLACE
(section 90(2))
Name of Company
............................................................................................Limited
Presented by
.................................................................................................................
To
the Registrar of
Companies.
..............................................................................................................................
Limited
hereby gives you notice, in accordance with subsection (2) of section
90 of the Companies Act that a register
of holders of debentures of the Company is kept
at
Date...................................., 19...
Signed...................................
[Designation of position in relation to the Company]
Fee $4.
_______
No. of Company....................................
Form No. 231
NOTICE OF PLACE WHERE REGISTER OF MEMBERS IS KEPT OR OF ANY CHANGE IN THAT PLACE
(section 114(3))
Name of Company
............................................................................................Limited
Presented by
.................................................................................................................
To
the Registrar of
Companies.
..............................................................................................................................
Limited
hereby gives you notice, in accordance with subsection (3) of section
114 of the Companies Act, that the
register of members of the Company is kept at
.................................
Date....................................,
19... Signed...................................
[Designation of position in relation to the Company]
Fee $4.
________
Form No. 232
LETTER FORWARDING STATEMENT AS TO THE. AFFAIRS OF ........................................................................................................ Limited
(section 352(1)(c)(i))
To the Registrar of Companies.
I,
............................................................. of
.....................................................................
the
Receiver of (a)
...................................................................................
of the property of the above Company appointed
under the powers contained in
(b)
.........................................., hereby transmit to you, pursuant to
section
352(1)(c)(i)
of the Companies Act a copy of the Statement of Affairs of the said Company
received by me from the Company on (c)
...............................................
Date.........................................,
19...
Signed .............................................
Fee
$4.
(a)
Short description of the property over which
appointed.
(b)
Describe fully the instrument under which the appointment is
made.
(c)
Date of receipt by the Receiver of the Statement from the
Company.
_________
Form No. 233
NOTICE OF APPOINTMENT OF RECEIVER OR MANAGER
(section 352(1))
To (a)
....................................................................................................................................
I, ...................................., of
......................................................., hereby give notice
that-
(b) Under the Order of
the (c)
............................................................ dated the
...................................... day of
......................................,
19............, in the matter
of (d)
.............................................................................. I
was appointed (e) of
........................................................................................
of the property of your
Company.
(b) On
the.................................... day of
.......................:..........., 19............, I was appointed
(e)
.................................................................................................of
(g)
......................................................................... of the
property of your Company under the powers contained
in an instrument dated
(h)
.....................................................................
Date
..................................., 19....
Signed
......................................................................................
(a)
Name of
Company.
(b)
Of these two paragraphs strike out that which does not
apply.
(c)
Name of Court making
Order.
(d)
Short title of
action.
(e)
"Receiver" or "Manager" or "Receiver and
Manager", as the case may
be.
(f)
Short recital from the Order of the property over which
appointed.
(g)
Short description of the property over which
appointed.
(h)
Describe fully the instrument under which the appointment is
made.
_______
No. of Company .................................
Form No. 234
STATEMENT AS TO THE AFFAIRS
OF
*....................................... Limited
(sections 352 (1) (b) and 353 (2))
In the Matter of a Debenture [Series of Debentures]
Registered ................., 19..................
Statement as at the
.............................. day of ............., 19..., the date of the
appointment of the Receiver.
We,
................................................., of
............................, a director of
.............................................................................................................Limited,
and ..................................................., of
.......................................................................................,
a secretary thereof, do solemnly and sincerely declare that the statement made
overleaf and the several lists hereunto annexed marked
.................................... are to the best of our knowledge and belief
a full, true and complete statement as to the affairs
of the above-named Company
on the .................................... day of ................., 19..., the
date of the appointment
of the Receiver. And I make this solemn declaration
conscientiously believing the same to be true and according to the Statutory
Declarations Act.
Declared at
......................................)
this ............... day of
..........., 19 ..,)
Before me, ......................................)
A Commissioner for Oaths (a))
The
Commissioner is particularly requested, before taking the declaration, to
ascertain that the full name, address and description
of each declarant are
stated, and to initial all crossings-out or other alterations on the printed
form. A deficiency in the declaration
in any of the above respects will entail
its refusal, and will necessitate its being
re-declared.
Note.-The several lists
annexed are not exhibits to the
declaration.
*Insert full name of
Company.
________
No. of Company.:..................................
Form No. 235
STATEMENT AS TO THE AFFAIRS OF
*.......................................................................................... Limited
(sections 352(1)(b) and 353(2))
IN THE SUPREME COURT OF FIJI IN THE MATTER OF
†.......................................................................................................................................
Statement
as at the ............................... day, of
..................................., 19.., the date of the appointment
of the
Receiver.
We
..........................................................................., of
........................................................
a director of
.........................................................................................................
Limited and
............................................................, of
.........................................................................,
a
secretary thereof, make oath and say that the statement made overleaf and the
several lists hereunto annexed marked
....................................................................................................
are to the best of our knowledge and belief a full, true and complete statement
as to the affairs of the above-named Company on the
.............................................:......................... day of
...........................................................,
19..., the date of
the appointment of the Receiver. And we make this solemn declaration
conscientiously believing the same to be
true and according to the Statutory
Declarations Act.
Declared at
......................................)
this ............... day of
..........., 19 ..,)
Before me, ......................................)
A Commissioner for Oaths )
The Commissioner is
particularly requested, before taking the affidavit, to ascertain that the full
name, address and description
of each deponent are stated, and to initial any
crossing-out or other alterations in the printed form. A deficiency in the
affidavit
in any of the above respects will entail its refusal by the Court, and
will necessitate its being
resworn.
Note.-The several
lists annexed are not exhibits to the
affidavit.
*Insert full name of
Company.
†Insert title of
action.
STATEMENT OF AFFAIRS AND LISTS TO BE ANNEXED TO FORMS 232, 234 and 235
|
STATEMENT
AS TO THE AFFAIRS OF
...........................................................................................................................
Limited
ON THE ................................................, 19............, THE DATE OF THE APPOINTMENT OF THE RECEIVER SHOWING ASSETS AT ESTIMATED REALIZABLE VALUES AND LIABILITIES EXPECTED TO RANK |
|||||
|
|
Estimated
realizable values |
||||
|
ASSETS NOT SPECIFICALLY
PLEDGED
(as per List "A") |
$
|
||||
Balance at bank ......................................................... |
|
||||
|
ASSETS SPECIALLY
PLEDGED
(as per List B) Freehold property ...................... ...................... ..................... $ |
(a)
Estimated realizable values |
(b)
Due to secured creditors |
(c)
Deficiency ranking as
unsecured (see next page)
|
Surplus carried to last
column
|
|
|
$
|
$
|
$
|
$
|
||
|
|
|
|
|
||
|
|
|
|
|
||
|
Estimated surplus from
assets specifically
pledged.........................
ESTIMATED TOTAL ASSETS AVAILABLE FOR PREFERENTIAL CREDITORS, DEBENTURE HOLDERS SECURED BY A FLOATING CHARGE, UN-SECURED CREDITORS* (carried forward to next page) .................................................................. SUMMARY OF GROSS ASSETS ............................................................ Gross realizable value of assets specifically pledged. ....................................... Other assets ........................................................................................ GROSS
ASSETS ..................$
|
(d)
|
||||
|
|
|||||
|
ESTIMATED TOTAL ASSETS
AVAILABLE FOR PREFERENTIAL CREDITORS, DEBENTURE HOLDERS SECURED BY A FLOATING
CHARGE, AND UNSECURED
CREDITORS*
(brought forward from preceding page) ................................. |
|
||
|
(e)
Gross liabilities $ |
LIABILITIES
(to
be deducted from surplus or added to deficiency as the case may
be)
SECURED CREDITORS (as per List " B ") to extent to which claims are estimated to be covered by assets specifically pledged (item (a) or (b) on preceding page, whichever is the less) ..................................... (Insert
in " Gross liabilities " column
only)
PREFERENTIAL CREDITORS (as
per List " C ") .......
Estimated balance of assets available for debenture holders secured by a floating charge, and unsecured creditors* ........................................................ DEBENTURE HOLDERS secured by a floating charge (as per List " D ") ............................................... Estimated SURPLUS/DEFICIENCY as regards debenture holders* ............................................. |
||
|
|
|||
|
|
|||
|
|
|||
|
UNSECURED CREDITORS (as per
List "E"):-
Estimated unsecured balance of claims of creditors partly
secured on specific assets, brought from pre-ceding page
(c) ..................
Trade accounts ........................................ Bills payable ............................................ Outstanding expenses ................................ ............................................................ ............................................................ Contingent liabilities (state nature):- ............................................................ ............................................................ SURPLUS/DEFICIENCY As REGARDS CREDITORS* being difference between: GROSS ASSETS brought from preceding page (d) ........................................................ and GROSS LIABILITIES as per column (e) ..... ISSUED AND CALLED-UP CAPITAL: preference shares of .....................each called up Ordinary shares of....................... each called up |
$
|
||
|
$
|
|
||
|
$
|
|||
|
|
ESTIMATED SURPLUS/DEFICIENCY
AS REGARDS MEMBERS* (as per List "F") ..............................
|
|
|
|
*These figures must be read subject to the following notes:- (1) (f) There is no unpaid capital liable to be called up, or (g) The nominal amount of unpaid capital liable to be called up is $.......... estimated to produce $ ........................... which is/is not charged in favour of debenture holders. |
} |
Strike out (f) or (g) |
(2) The estimates are
subject to costs of the receivership and to any surplus or deficiency on trading
pending realization of the
assets.
LIST "A"- ASSETS NOT SPECIFICALLY PLEDGED
Full particulars of every description of property not specifically pledged and not included in any other list are to be set forth in this list.
STATEMENT OF AFFAIRS
LIST "A"
|
Full
statement and nature of property
|
Book
value
|
Estimated
to produce |
||
|
Balance at bank (state name of bankers) ............................................... Cash in hand ......................................................................... Marketable Securities viz. ......................................................... Bill receivable (as per Schedule I) ................................................. Trade debtors (as per Schedule II) ................................................ Loans and advances, viz. ........................................................... Unpaid calls (as per Schedule III) ................................................ Stock in trade (state nature) ....................................................... Work in progress (state nature) ................................................... Freehold property, viz. ............................................................ Leasehold property, viz. ............................................................ Plant and machinery, viz. .......................................................... Furniture, fittings, utensils, etc. ................................................... Patents, trade marks, etc., ......................................................... Investments other than marketable securities, viz. ............................. Other property, viz ................................................................. |
$
|
c
|
$
|
c
|
Date ..........................,
19... Signed
.....................................
SCHEDULE I- BILLS OF EXCHANGE, PROMISSORY NOTES, ETC. ON HAND AVAILABLE AS ASSETS
The names to be arranged in alphabetical order and numbered consecutively
STATEMENT OF AFFAIRS
SCHEDULE I TO LIST "A"
|
No.
|
Name
of acceptor of
bill or note |
Address,
etc.
|
Amount
of bill or note |
Date
when due |
Estimated
to produce |
Particulars
of any
property held as security for payment of bill or note |
||
|
|
|
|
$
|
c
|
|
$
|
c
|
|
Date ...........................,
19... Signed
.....................................
SCHEDULE II-TRADE
DEBTORS
The names to be arranged in
alphabetical order and numbered consecutively
STATEMENT OF AFFAIRS
SCHEDULE II TO LIST
"A"
NOTE.-If the debtor to the Company is also a creditor, but for a less
amount than his indebtedness, the gross amount due to the Company
and the amount
of the contra account should be shown
in the third column, and the balance only inserted under the heading "Amount of
debt", thus:-
$ c
Due to Company ........................................................
Less: Contra Account ..................................................
No
such claim should be included in List "E".
|
No.
|
Name
|
Residence
and occupation
|
Amount of debt |
Folio
of ledger or other book where particulars are to be found
|
When
contracted
|
Estimated
to
produce |
Particulars
of any securities held for debt
|
|||||||
|
Good
|
Doubtful
|
Bad
|
||||||||||||
|
Month
|
Year
|
|||||||||||||
|
|
|
$
|
c
|
$
|
c
|
$
|
c
|
|
|
|
$
|
c
|
|
|
Date ..........................., 19 ...
Signed
.....................................
SCHEDULE III-UNPAID
CALLS
The names to be arranged in
alphabetical order and numbered consecutively
STATEMENT OF AFFAIRS
SCHEDULE III TO LIST
"A"
|
Consecutive
No. |
No.
in share register
|
Name
of shareholder
|
Address
|
No.
of shares held
|
Amount
of call per share unpaid
|
Total
amount
|
Estimated
to realize
|
|||
|
|
|
|
|
$
|
c
|
$
|
c
|
$
|
c
|
|
Date ...........................,
19... Signed
................................
LIST "B" - ASSETS SPECIFICALLY PLEDGED AND CREDITORS FULLY OR PARTLY SECURED
(NOT INCLUDING DEBENTURE HOLDERS SECURED BY A FLOATING CHARGE)
STATEMENT OF AFFAIRS
LIST "B"
The names of the secured creditors are to be shown against the assets on which their claims are secured, numbered consecutively, and arranged in alphabetical order as far as possible
|
Particulars
of assets specifically pledged
|
Date
when security given
|
Estimated
value of security
|
No.
|
Name
of creditor
|
Address
and occupation
|
Amount
of debt
|
Date
when contracted
|
Consideration
|
Balance
of debt unsecured carried to List "E"
|
Estimated
surplus from security
|
|||||
|
month
|
year
|
||||||||||||||
|
|
|
$
|
c
|
|
|
|
$
|
c
|
|
|
|
$
|
C
|
$
|
c
|
Date ....................,
19.... Signed
.....................................
LIST "C" - PREFERENTIAL CREDITORS FOR RATES, TAXES, SALARIES, WAGES AND OTHERWISE
The names to be arranged in alphabetical order and numbered consecutively
STATEMENT of AFFAIRS
LIST "C"
|
No.
|
Name of
creditor
|
Address and
occupation
|
Nature of claim
|
Period
during
which claim accrued due |
Date when due
|
Amount of claim
|
Amount payable in
full
|
Balance not preferential
carried to List "E"
|
|||
|
|
|
|
|
|
|
$
|
c
|
$
|
c
|
$
|
C
|
Date ..........................., 19.....
Signed
.....................................
LIST "D" - LIST OF DEBENTURE
HOLDERS SECURED BY A FLOATING CHARGE
The
names to be arranged in alphabetical order and numbered consecutively
STATEMENT OF AFFAIRS
LIST "D"
Separate lists
must be furnished of holders of each issue of debentures, should more than one
issue have been made
|
No.
|
Name
of holder
|
Address
|
Amount
|
Description
of assets over which security extends
|
|
|
|
|
|
$
|
c
|
|
Date ..........................., 19...
Signed
.....................................
LIST "E" - UNSECURED CREDITORS
The names to be arranged in alphabetical order and numbered consecutively
STATEMENT of AFFAIRS
LIST
"E"
NOTES-
1. When there is a
contra account against the creditor
less than his claim against the Company, the amount of the creditor's claim and
the amount of the contra account
should be shown in the third column, and the balance only inserted under the
heading "Amount of debt", thus:-
$ c
Total amount of claim ..............................................
Less: Contra Account ..............................................
No
such set-off should be included in Schedule I attached to list "A".
2.
The particulars of any bills of exchange and promissory notes held by a creditor
should be inserted immediately below the name
and address of such
creditor.
|
No.
|
Name
|
Address
and occupation
|
Amount of
debt
|
Date when
Contracted
|
Consideration
|
||
|
Month
|
Year
|
||||||
|
|
Unsecured balance of creditors partly secured-brought from
List "B".
Balance not preferential of preferential creditors-brought from List "C". |
$
|
c
|
|
|
|
|
Date ...........................,
19.... Signed
.....................................
LIST "F"-DEFICIENCY OR SURPLUS ACCOUNT
STATEMENT OF AFFAIRS
LIST "F"
The period
covered by this account must commence on a date not less than three years before
the appointment of the Receiver or, if
the Company has not been incorporated for
the whole of that period, the date of formation of the Company, unless the
Receiver otherwise
agrees.
ITEMS CONTRIBUTING TO DEFICIENCY (OR INCLUDING
SURPLUS)-
$ c
1. Excess (if any) of capital and liabilities over assets
on the .................., 19...., as shown by balance sheet (copy annexed)
.................................................................................
2.
Net dividends and bonuses declared during the period from .............., 19...,
to the date of the statement
..........................................................................................................
3.
Net trading losses (after charging items shown in note below) for the same
period .................
4. Losses other than trading losses written off
for which provision has been made in the books during the same period (give
particulars
or annex schedule)
..............................................
5. Estimated losses now
written off or for which provision has been made for the purpose of preparing
the statement (give particulars
or annex schedule)
.............................................
6. Other items contributing
to deficiency or reducing surplus
.............................................
.......................................................................................................................
ITEMS
REDUCING DEFICIENCY (OR CONTRIBUTING TO SURPLUS)-
7. Excess (if any) of
assets over capital and liabilities on the ................., 19 ......, as
shown on the balance sheet (copy
annexed)
...................................................................................
8.
Net trading profits (after charging items shown in note below) for the period
from the ............................, 19.......,
to the date of the statement
....................................................
9. Profits and
income other than trading profits during the same period (give particulars or
annex schedule)
.........................................................................................................
.....................................................................................................................
10.
Other items reducing deficiency or contributing to surplus
...........................................
......................................................................................................................
DEFICIENCY
SURPLUS as shown by statement
..........................................................
NOTE AS NET
TRADING PROFITS AND LOSSES-
Particulars are to be inserted here (so far
as applicable) of the items mentioned below, which are to be taken into account
in arriving
at the amount of net trading profits or losses shown in this
account:-
Provisions for depreciation, renewals or diminution in value of
fixed assets
Charges for Fiji income tax and other Fiji taxation on profits
interest on debentures and other fixed loans
.............................................................................................................
Payments
to directors made by the Company and required by law to be disclosed in the
accounts..
Exceptional or non-recurring expenditure
..................................................................
Less:
Exceptional
or non-recurring receipts
.........................................................................
Balance,
being other trading profits or losses
.................................................................
Net trading
profits or losses as shown in deficiency or surplus account above
..........................
Date ..........................., 19...
Signed
.....................................
LIST "G"
In substitution for such of the lists "A" to "F" as will have to be returned blank
STATEMENT OF AFFAIRS
LIST "G"
|
List
|
Particulars
|
Remarks
Where no entries are made on any one or more of the lists
"A" to "F" the word "nil" should be inserted in this column opposite the
list or
lists thus left blank
|
|
A
B C D E F |
Assets not specifically pledged ..........
Assets specifically pledged and creditors fully or partly secured (not including debenture holders secured by a floating charge) ............. Preferential creditors for rates, taxes, salaries, wages and otherwise ...................... Debenture holders secured by floating charges.... Unsecured creditors ........................ Deficiency or surplus account ............ |
|
Date ...........................,
19... Signed
.....................................
________
No. of Company
F..........................................
Form No. 236
LIST OF DOCUMENTS DELIVERED FOR REGISTRATION BY A COMPANY INCORPORATED OUTSIDE FIJI
(section 367)
Name of
Company.................................................................................................................
Presented
by
..........................................................................................................................
............................................................................................................
List
of documents delivered to the Registrar of Companies for registration, pursuant
to section 367 of the Companies Act, by
....................................................................................
a Company incorporated in (a)
...................................................................................
and which has a place of business within Fiji
at
.....................................................................................
(a) ...........................................................................................................................................
(b) ...........................................................................................................................................
(c) ............................................................................................................................................
(a)
A certified copy of the charter, statutes or memorandum and articles of the
Company, or other instrument constituting or defining
the constitution of the
Company, and if the instrument is not written in the English language, a
translation thereof, certified in
the prescribed
manner.
(b) A list of the
directors and secretary of the Company containing with respect to the directors
and secretary the particulars required
by section
367(2) of the Companies
Act.
(c) The names and
addresses of some one or more persons resident in Fiji authorized to accept on
behalf of the Company service of process
and any notices required to be served
on the Company.
Date...............................,
19....
Signatures of the persons authorized under section
367(1)(d)
) ..................................
of the Companies Act, or of some
other person in Fiji duly ) ....................................
authorized
by the Company. ) ....................................
.....................................
Fee
$5
(a)
Country of origin.
________
No. of Company
F..........................................
Form No. 237
LIST AND PARTICULARS OF THE DIRECTORS AND SECRETARY OF A COMPANY INCORPORATED OUTSIDE FIJI
(section 367(1)(b) and 367(2))
Name of
Company...............................................................................................................
Where
incorporated
.............................................................................................................
Address
of place of business in Fiji
....................................................................................
Presented
by
........................................................................................................................
..........................................................................................................
PARTICULARS OF THE PERSONS WHO ARE DIRECTORS OF THE COMPANY AT THE DATE OF THE RETURN
|
1
Name
|
2
Any former forename or name and surnames‡ |
3
Nationality
|
4
Postal
address
|
5
Other
business occupation or directorship, if any; if none, state
so§
|
|
|
|
|
|
PARTICULARS OF EACH PERSON WHO IS A SECRETARY OF THE COMPANY AT THE DATE OF THIS RETURN
|
1
Name
|
2
Any former forename or names
and surnames‡
|
3
Postal address
|
|
|
|
Date..........................., 19....
Signatures
of the persons authorized under section
367(1)(d)
) .................................
of the Companies Act, or of some
other person in Fiji duly ) ....................................
authorized
by the Company. ) ....................................
......................................
Fee $4
NOTES
*"Director" includes any
person who occupies the position of a director by whatsoever name called and any
person in accordance with
those directions or instructions the directors of the
Company are accustomed to
act.
† "Surname" in the case
of a peer or a person usually known by a British title different from his
surname means that
title.
‡"former forename"
and "former surname" do not include-
(a) in the case of a pear or a person known usually by a British title different from his surname, the name by which he was known previous to the adoption of or succession to the title; or
(b) in the case of any person, a former forename or surname where that name or surname was changed or disused before the person bearing the name attained the age of eighteen years or has been changed or disused for a period of not less than twenty years; or
(c) in the case of a married woman, the name, or surname by which she was known previous to the marriage.
§
In the case of an individual who has no business occupation but holds any other
directorship or directorships, particulars
of that directorship or some one of
those directorships must be entered.
________
No. of Company
F..........................................
Form No. 238
LIST OF THE NAMES AND ADDRESSES OF PERSON RESIDENT IN FIJI AUTHORIZED TO ACCEPT SERVICE ON BEHALF OF A COMPANY INCORPORATED OUTSIDE FIJI
(section 367(1)(d))
Name of
Company.................................................................................................................
Presented
by
..........................................................................................................................
............................................................................................................
List
of persons resident in Fiji authorized to accept on behalf of the Company
service of process and any notices required to be served
on
........................, a Company incorporated in
(a)
................................................ and which has established a
place of business to Fiji at
..............................................................................................................................................
|
Surname
|
Forename
|
Address
|
|
|
|
Date......................................................,
19......
Signatures of the persons authorized under section
367(1)(d))
................................
of the Companies Act, or of some other
person in Fiji duly ) ..................................
authorized by the
Company. ) .................................
...................................
Fee
$4
(a)
Country of origin.
________
No. of Company
F....................................
Form No. 231
RETURN OF ALTERATION IN THE CHARTER, STATUTES, MEMORANDUM OR ARTICLES OF ASSOCIATION OR OTHER INSTRUMENT CONSTITUTING OR DEFINING THE CONSTITUTION OF A COMPANY INCORPORATED OUTSIDE FIJI
(section 369(1)(a))
Name of
Company................................................................................................................
Presented
by
.........................................................................................................................
..........................................................................................................
Return
of alteration in the (a)
...............................................................................................
constituting
or defining the constitution of
..........................................................................
a
Company incorporated in (b)
................................................ and which has established a
place of business in Fiji.
(c)
Certified copy of alteration or certified copy of new deed, if one has been
executed, and certified translation of alteration or
deed, if mot in English
language, must accompany this return and be shortly referred to
here.
Date...........................................................,
19..........
Signatures of the persons authorized under section
367(1)(d))
.................................
of the Companies Act, or of some other
person in Fiji duly ) ...................................
authorized by the
Company. ) ..................................
Fee
$4
(a)
"Charter", "statue", "memorandum or articles of association" or other instrument as
the case may
be.
(b)
Country of
origin.
(c)
The copy and translation (if any) must be certified in the prescribed
manner.
_________
No. of Company F
..........................................
Form No. 240
RETURN OF ALTERATION IN THE LIST OF PARTICULARS OF DIRECTORS AND SECRETARY OF A COMPANY INCORPORATED OUTSIDE FIJI
(section 369(1)(b))
Name of
Company................................................................................................................
Where
incorporated...............................................................................................................
Address
of place of business in Fiji
......................................................................................
Presented
by
..........................................................................................................................
............................................................................................................
RETURN OF ALTERATION IN THE LIST OF PARTICULARS OF DIRECTORS AND SECRETARY PARTICULARS OF THE PERSONS WHO ARE DIRECTORS* OF THE COMPANY
|
1
Name
|
2
Any former forename or names
and surname‡
|
3
Nationality
|
4
Postal address
|
5
Other business occupation or
if directorships, if any, if none state so§
|
6
Remarks as to the
alteration
|
|
|
|
|
|
|
PARTICULARS OF EACH PERSON WHO IS A SECRETARY OF THE COMPANY
|
1
Name |
2
Any former forename or names and surname‡ |
3
Postal address |
4
Remarks as to the alteration |
|
|
|
|
Date............................................................,
19............
Signatures of the persons authorized under section
367(1)(d))
...................................
of the Companies Act, or of some other
person in Fiji duly ) .....................................
authorized by the
Company. ) ....................................
......................................
Fee $4
NOTES
*"Director" includes any
person who occupies the position of a director by whatsoever name called and any
person in accordance with
whose directions or instructions the directors of the
Company are accustomed to
act.
† "Surname" in the case
of a peer or person usually known by a title different from his surname means
that title.
‡ "former
forename" and "former surname" do not include-
(a) in the case of a peer or a person usually known by a British title different from his surname, the name by which he was known previous to the adoption of or succession to the title; or
(b) in the case of any person, a former forename or surname where that name or surname was changed or disused before the person bearing the name attained the age of eighteen years or has been changed or disused for a period of not less than twenty years; or
(c) in the case of a married woman, the name or surname by which she was known previous to the marriage.
§
In the case of an individual who has no business occupation but holds any other
directorship or directorships, particulars
of that directorship or of some one
of those directorships must be
entered.
A complete list of the
directors and secretary shown as existing in the last return must always be
given.
A note of the changes since
the last list was filed should be made in this column, e.g. by placing against a
new director's name the
words "in place of
................................................." and by writing against any
former director's name the words
"dead", "resigned" or as the case may
be.
__________
No. of Company
F..........................................
Form No. 241
RETURN OF ALTERATION IN THE NAMES OR ADDRESSES OF THE PERSONS RESIDENT IN FIJI AUTHORIZED TO ACCEPT SERVICE ON BEHALF OF A COMPANY INCORPORATED OUTSIDE FIJI
(section 369(1)(c))
Name of
Company................................................................................................................................
Presented
by
.........................................................................................................................................
.......................................................................................................................
Return
of alteration in the names or addresses of the persons resident in Fiji
authorized to accept on behalf of the Company service
of process and any notices
required to be served on
..................
.......................................................................................................................
a
Company incorporated in
(a)..................................................
and which has established a place of business in Fiji
at..................................................................................................................................
.......................................................................................................................
Date............................................................,
19............
Signatures of the persons authorized under section
367(1)(d))
...................................
of the Companies Act, or of some other
person in Fiji duly ) .....................................
authorized by the
Company. ) ....................................
......................................
Fee
$4
(a) Country of
origin.
______________
No. of Company
F..............................................
Form No. 242
PARTICULARS OF A MORTGAGE OR CHARGE ON PROPERTY IN FIJI CREATED BY A COMPANY INCORPORATED OUTSIDE FIJI
(sections 99 and 370)
Name of
Company................................................................................................................................
Presented
by.........................................................................................................................................
......................................................................................................................
Particulars
of a mortgage or charge created
by....................................................................................
.......................................
a Company incorporated in (a)
.................................................and which has
established a place of business in Fiji at
.............................................................................
|
1
|
2
|
3
|
4
|
5
|
|
Date and description of
the instrument creating or evidencing the mortgage or charge (b) |
Amount
secured by the mortgage or charge |
Short
particulars of the property mortgaged or charged |
Names,
Addresses and descriptions of the mortgagees or persons entitled to the charge |
Amount or rate per cent of the
commission, allowance or discount (if any) paid or made either directly or
indirectly by the Company
to any person in consideration of his subscribing or
agreeing to subscribe, whether absolutely or conditionally, or procuring or
agreeing to procure subscriptions, whether absolute conditional, for any of the
debentures included in this return
(c)
|
|
|
|
|||
Date............................................................,
19...
Signatures of the persons authorized under section
367(1)(d))
...................................
of the Companies Act, or of some other
person in Fiji duly ) .....................................
authorized by the
Company. ) ....................................
......................................
Fee
$10
(a)
Country, of
origin.
(b)
A description of the instrument, e.g. "trust deed", "mortgage", "debenture",
etc., as the case may be should be
given.
(c)
The rate of interest payable under the terms of the debentures should not be
entered.
_________
No. of Company
F............................................................
Form No. 243
PARTICULARS OF A MORTGAGE OR CHARGE SUBJECT TO WHICH PROPERTY IN FIJI HAS BEEN ACQUIRED BY A COMPANY INCORPORATED OUTSIDE FIJI
(sections 99 and 370)
Name of
Company................................................................................................................................
Presented
by
......................................................................................................................................
.......................................................................................................................
Particulars
of a mortgage or charge subject to which property in Fiji has been acquired by
...........
...................................., a Company incorporated in
(a)
.............................................................
and which has
established a place of business in Fiji at
......................................................................
|
1
|
2
|
3
|
4
|
5
|
||
|
Date and description of
the instrument creating or evidencing the mortgage or charge (b) |
Date of the acquisition of the
property
|
Amount secured by the mortgage
or charge
|
Short particulars of the
property mortgaged or charged
|
Names, addresses and
descriptions of the mortgagees or persons entitled to the charge
|
||
|
|
|
|
|
|||
Date............................................................,
19............
Signatures of the persons authorized under section
367(1)(d))
...................................
of the Companies Act, or of some other
person in Fiji duly ) .....................................
authorized by the
Company. ) ....................................
......................................
Fee
$10.
(a)
Country of
origin.
(b)
A description of the instrument, e.g. "trust deed", "mortgage", "debenture",
etc., as the case may be, should be
given.
A copy of the instrument
verified or certified in the manner prescribed by regulation 6 of the Companies
Regulations, must be delivered
with these particulars.
__________
No. of Company
F..........................................
Form No. 244
PARTICULARS OF A SERIES OF DEBENTURES CONTAINING, OR GIVING BY REFERENCE TO ANY OTHER INSTRUMENT, ANY CHARGE ON PROPERTY IN FIJI, TO THE BENEFIT OF WHICH THE DEBENTURE HOLDERS OF THE SAID SERIES ARE ENTITLED PARI PASSU, CREATED BY A COMPANY INCORPORATED OUTSIDE FIJI
(sections 98 (7) and 370)
[This form (No. 244) is to be used for registration of particulars of the entire series. When more than one issue of debentures in the series is made, particulars of the date and amount of each subsequent issue to the first should be sent to the Register on Form No. 245.]
Name
of
Company................................................................................................................................
Presented
by
....................................................................................................................................
..............................................................................................................
Particulars
of a series of debentures created by
.................................................................................
.............................,
a Company incorporated in (a)
....................................................................
and
which has established a place of business in Fiji at
......................................................................
|
1
|
2
|
3
|
4
|
5
|
6
|
7
|
|
Total amount secured by the
whole series
|
Amount of the present issue of
the series
|
Dates of resolutions
authorizing the issue of the series
|
Date of the covering deed (if
any) by which the security is created or defined; or if there is no such deed,
the date of the execution
of any debenture of the series
|
General description of the
property charged
|
Names of the trustees (if any)
for the debenture holders
|
Amount or rate per cent of the
commission, allowance or discount (if any) paid or made either directly or
indirectly by the Company
to any per son in consideration of his subscribing or
agreeing to subscribe, whether absolutely or condition ally, or procuring or
agreeing to procure subscriptions, whether absolute or conditional, for any of
the debentures included in this return
(b).
|
|
|
|
|
|
|
||
Date............................................................,
19............
Signatures of the persons authorized under section
367(1)(d))
...................................
of the Companies Act, or of some other
person in Fiji duly ) .....................................
authorized by the
Company. ) ....................................
......................................
Fee
$10.
(a)
Country of
origin.
(b)
The rate of interest payable under the terms of the debenture should not be
entered.
___________
No. of Company
F..........................................
Form No. 245
PARTICULARS OF AN ISSUE OF DEBENTURES IN A SERIES BY A COMPANY INCORPORATED OUTSIDE FIJI
(sections 98 (8) and 370)
[For registration of particulars of the entire series, Form No. 244 must be used]
Name
of
Company................................................................................................................................
Presented
by
.......................................................................................................................................
.............................................................................................................
Particulars
of an issue of debentures in a series, where more than one issue in the series
is made, by
....................................................................................,
a Company incorporated in (a)
................
and which has established a place of business in Fiji at
......................................................................
.......................................................................................................................
|
1
|
2
|
3
|
4
|
|
Date of registration of the
series (b)
|
Date of present issue
|
Amount of present issue
|
Particulars as to the amount
or rate per cent of the commission, allowance or discount (if any) paid or made
either directly or indirectly
by the Company to any person in consideration of
his subscribing or agreeing to subscribe, whether absolutely or conditionally,
or
procuring or agreeing to procure subscriptions, whether absolute or
conditional for any of the debentures included in this return
(c)
|
|
|
|
|
Date...........................................................,
19............
Signatures of the persons authorized under section
367(1)(d))
...................................
of the Companies Act, or of some other
person in Fiji duly ) .....................................
authorized by the
Company. ) ....................................
......................................
Fee
$10
(a)
Country of
origin.
(b)
The date of registration may be confirmed from the certificate of
registration.
(c)
The rate of interest payable under the terms of the debentures should not be
entered.
___________
No. of Company
F..........................................
Form No. 246
DECLARATION VERIFYING MEMORANDUM OF SATISFACTION OF A REGISTERED MORTGAGE OR CHARGE BY A COMPANY INCORPORATED OUTSIDE FIJI
(section 103)
Name of
Company................................................................................................................................
Presented
by
...................................................................................................................................
............................................................................................................
I
[We] ....................................................................., of
.....................................................................,
the
person[s] authorized under section
367(1)(d)
of the Companies Act, by (a)
........................
.........................................................,
do solemnly and sincerely declare that the particulars contained in the
Memorandum of Satisfaction annexed hereto are true to the best of my [our]
knowledge, information and belief. And I [we] make this
declaration
conscientiously believing the same to be true and according to the Statutory
Declarations Act.
Declared
at................................................................................................
this
.......................................... day
of.........................................., 19.....,
Before me, ................................................,
A Commissioner for Oaths (b).
MEMORANDUM OF COMPLETE SATISFACTION OF MORTGAGE OR CHARGE
Name of
Company...................................................................................................................Limited
I
[We],
..............................................................................................................................................
hereby
give notice that the registered charge, being
(c)
......................................................................
..........................,
of which particulars were registered with the Registrar of Companies on the
(d) ....................., day of
...................................., 19............, was wholly satisfied on
the ...............................
day of
..........................................., 19............, the debt for which
the charge was given having been paid or
satisfied.
Date..............................................,
19....
Signatures of the persons authorized under section
367(1)
(d)
..................................................
of the Companies
Act. ......................................
......................................
......................................
......................................
......................................
Fee
$10
(a)
Name of
Company.
(b)
Or
"Notary Public"
or
"Magistrate".
(c)
A description of the instrument(s) creating or evidencing the charge, e.g.
"mortgage", "charge", "debenture", etc., with the date
thereof should be given.
If the registered charge was a "series of debentures", or "debenture stock", the
words "authorized by resolution",
together with the date of the resolution,
should be
added.
(d)
The date of registration may be confirmed from the Certificate of Registration
and (except in the case of a series of debentures)
from the registration stamp
affixed to the instrument(s) registered.
__________
No. of Company
..........................................
Form No. 247
DECLARATION VERIFYING MEMORANDUM OR PARTIAL SATISFACTION OF REGISTERED MORTGAGE OR CHARGE BY A COMPANY INCORPORATED OUTSIDE FIJI
(section 103)
Name of
Company................................................................................................................................
Presented
by
.........................................................................................................................................
.......................................................................................................................
I
[We]
.............................................................................,
of ...............................................................,
the
person[s] authorized under section
367(1)(d)
of the Companies Act, by (a)
........................
............................................., do
solemnly and sincerely declare that the particulars contained in the Memorandum
annexed hereto are true to the best of my [our] knowledge, information and
belief. And I [we] make this declaration conscientiously
believing the same to
be true and according to the Statutory Declarations Act.
Declared at
...............................................................................................
this
..................................... day of
........................................., 19..........
Before me, .........................................................................................,
A Commissioner for Oaths (b)
MEMORANDUM OF
(1) PARTIAL PAYMENT OR SATISFACTION OF MORTGAGE OR
CHARGE
(2) RELEASE OF PART OF PROPERTY OR UNDERTAKING FROM MORTGAGE OR
CHARGE
Name of
Company................................................................................................................................
I
[We],
..................................................................................................................................................
hereby
give notice that the registered charge, being
(c)......................................................................,
of
which particulars were registered with the Registrar of Companies on the
(d) ..................... day of
........................................., 19 ..........., was satisfied on the
.............................
day of
...............
............................., 19............, to the extent
of
....................................................................................
.......................................................................................................................
*(1) the debt for which the. charge was given having been partly paid or satisfied and
*(2) part of the property or undertaking charged having been released from the charge. *Short particulars of the property or undertaking no longer charged ............................
Date..........................................,
19.....
Signatures of the persons authorized under section
367(1)
(d)
..................................................
of the Companies
Act. ......................................
......................................
......................................
......................................
......................................
Fee $10.
*Delete as
necessary.
(a)
Name of the
Company.
(b)
Or
"Notary Public"
or
"Magistrate".
(c)
A description of the instrument(s) creating or evidencing the charge, e.g.
"mortgage", "charge", "debenture", etc., with the date
thereof, should be given.
If the registered charge was a "series of debentures" or "debenture stock", the
word "authorized by resolution",
together with the date of the resolution,
should be
added.
(d)
The date of registration may be confirmed from the Certificate of Registration
and (except in the case of a series of debentures)
from the registration stamp
affixed to the Instruments) registered.
___________
No. of Company
F................................................
Form No. 248
DECLARATION VERIFYING MEMORANDUM OF DISPOSAL OF PART OF PROPERTY MORTGAGED OR CHARGED BY A COMPANY INCORPORATED OUTSIDE FIJI
(section 103)
Name of
Company................................................................................................................................
Presented
by..........................................................................................................................................
I
[We]
.........................................................................................
of ...................................................
the person[s]
authorized under section
367(1)(d)
of the Companies Act, by (a)
........................
.......................................................................,
do solemnly and sincerely declare that the particulars contained
in the
Memorandum annexed hereto are true to the best of my [our] knowledge,
information and belief. And I[we] make this declaration
conscientiously
believing the same to be true and according to the Statutory Declarations
Act,
Declared at
...................................................................................................
this
.......................................... day
of........................................, 19............,
Before me, .............................................................................................,
A Commissioner for Oaths (b)
MEMORANDUM OF FACT THAT PART OF PROPERTY OR UNDERTAKING MORTGAGED OR CHARGED HAS CEASED TO FORM PART OF MORTGAGED OR PROPERTY OR UNDERTAKING OF COMPANY
Name of
Company................................................................................................................................
I
[We]
...................................................................................................................................................
hereby
give notice that on the ......................................... day of
........................................., 19 ........,
part of the property or
undertakings secured by the registered charge, being
(c)
........................
...............................................................................................................,
of which particulars
were registered with the Registrar of Companies on the
(d)
...........................................day
of............................................................, 19...., ceased
to
form part of the company's property or undertaking.
Short particulars
of such property
........................................................................................................
.......................................................................................................................
Date.........................................,
19........,
Signatures of the persons authorized under section
367(1)(d)
..................................................
of the Companies
Act. ......................................
......................................
......................................
......................................
......................................
Fee
$10.
(a)
Name of
Company.
(b)
Or
"Notary Public" or
"Magistrate".
(c)
A description of the instrument(s) creating or evidencing the charge, e.g.
"mortgage", "debenture", "charge", etc., with the date
thereof, should be given.
f the registered charge was a "series of debentures" or "debenture stock", the
words "authorized by resolution",
together with the date of the resolution,
should be
added.
(d)
The date of registration may be confirmed from the Certificate of Registration
and (except in the case of a series of debentures)
from the registration stamp
axed to the instrument(s) registered.
_______
Company
No...........................................
FORM No. 249
NOTICE OF CESSATION OF BUSINESS
OF A COMPANY INCORPORATED
OUTSIDE FIJI
(section 374(1))
Notice is hereby given
that..............................................................................................,
a Company
incorporated in (a)
.......................................... and which had established a place of
business in Fiji at...........................................,
has now ceased
to carry on such business in
Fiji.
Date.........................................,
19....
Signatures of the persons authorized under section
367(1)(d)
..................................................
of the Companies Act, or
of some other person in
..................................................
Fiji duly authorized by
the Company. ......................................
......................................
......................................
......................................
Fee
$4
(a)
Country of origin.
________
No. of Company F..............................
Form No. 250
NOTICE OF SITUATION OF REGISTERED OR PRINCIPAL OFFICE OR OF ANY CHANGE THEREIN OF A FOREIGN COMPANY
(sections 367(1) and 369(1))
Name of
Company...................................................................................................................Limited
Presented
by
.........................................................................................................................................
To
the Registrar of Companies
................................. Limited hereby gives you notice, in accordance with sections *367 (1)/369(1) of the Companies Act, that the *registered or principal office of the company at the date of establishment of a place of business in Fiji is situated at .................................................
..............................................................................................................................................................
or
*with
effect from the .......................................................... day
of ...................................,19............
has been changed to
.............................................................................................................................
........................................................................................................................
Date............................................................,
19...........
Signatures of the persons authorized
under ........................................................
section
367(1)(d)
of the Companies Act or
of ........................................................
some other person
in Fiji duly authorized by
the ........................................................
Company. ........................................................
Fee
$4
*Delete words
inapplicable.
________
No. of Company F............................
Form No. 251
CERTIFICATE VERIFYING CONDITIONS
FOR EXEMPTION
OF A FOREIGN COMPANY FROM FILING ACCOUNTS
(section 371(1))
Name of
Company............................................................................................................
Limited
Presented by
..................................................................................................................................
.........................................................................................................
To
the Registrar of Companies
We
..............................................................................................................................................
of
....................................................................................................................................
a director and
..............................................................................................................................................
of
..............................................................................................................................
secretary of
..........................................................................................................................................
Limited hereby certify
that.................................................................................................................
Limited is incorporated in
......................................................................................
a country within
the Commonwealth and that it would, had it been incorporated in
Fiji, have been exempted from the provisions of section
130 of the Companies Act by virtue of
subsection (4) of that section.
Date
............................................,
19......
Signed
............................................................
Director.
Signed
...........................................................
Secretary.
Fee: $4
Note.
In accordance with section
371(1)
of the Companies Act a certificate in the above form is required to be delivered
to the Registrar for registration in every calendar year to obtain exemption
from the requirement to deliver copies of accounts for
registration.
_______
SECOND SCHEDULE
FEES TO BE PAID TO THE REGISTRAR
Part I-By a Company having a Share Capital
$ c
1. For registration of a company, the following fees shall
be payable, regulated according to the amount of nominal share capital-
(i) for the first $4,000 of nominal capital or part of $4,000 ............................... 25.00
(ii) for every $2,000 of nominal capital or part of $2,000 after $4,000 up to $20,000 ..................................................................................................... 5.00
(iii) for every $2,000 of nominal capital or part of $2,000 after the first $20,000 up to $400,000 ......................................................................................... 2.00
(iv) for every $2,000 of nominal capital or part of $2,000 after the first $400,000
..................................................................................................... 0.50
2. For registration of an increase in the
share capital of any company, an amount equal to the difference, if any, between
the amount
which would have been payable hereunder, on first registration, by
reference to its capital, as increased, and the amount which would
have been so
payable by reference to its capital immediately before the
increase:
Provided that no company shall be liable to pay in respect of
nominal share capital, on registration or afterwards, any greater amount
of fees
than $300 taking into account in the case of fees payable on an increase of
share capital after registration the fees paid
on registration.
3. For
registration of an annual return of a company, including a copy of a balance
sheet and the certificates attached to the annual
return
............................................................... 5.00
4.
For registering any other document by the Act required or authorized to be
registered or required to be delivered, sent or forwarded
to the registrar,
other than the memorandum or the abstract required to be delivered to the
registrar by a receiver or manager or
the statement required, to be sent to the
registrar by the liquidator in a winding-up in Fiji
........................................
4.00
5. For making a record of
any fact by the Act required or authorized to be recorded by the registrar
.................................................................................................................
4.00
Part II-By a Company not having a Share Capital
1. For registration of a company whose number of members
as stated in the articles of association does not exceed twenty
.................................................................................
20.00
2. For registration of a company whose number of members as stated
in the articles exceeds twenty but does not exceed one hundred
......................................................................
40.00
3. For registration of a company whose number of members as stated
in the articles exceeds one hundred but is not stated to be unlimited,
a fee of
$25 with an additional $2 for every additional fifty members or less after the
first one hundred.
4. For registration of a company in which the number
of members is stated in the articles to be unlimited
..................................................................................................
300.00
5. For registration of an increase in the membership of a company
limited by guarantee or an unlimited company, an amount equal to
the difference,
if any, between the amount which would have been payable hereunder on first
registration by reference to its membership
as increased and the amount which
would have been so payable by reference to its membership immediately before the
increase:
Provided that no company shall be liable to pay on the whole a
greater fee than $300 in respect of its number of members, taking into
account
the fee paid on the first registration of the Company.
6. For
re-registration of any unlimited company as a limited company the same fee as is
charged for registering a new company.
7. For registration of an annual
return of a company, including a copy of a balance sheet ...... 5.00
8.
For registering any other document by the Act required or authorised to be
registered or required to be delivered, sent or forwarded
to the registrar,
other than the memorandum or the abstract required to be delivered to the
registrar by a receiver or manager or
the statement required to be sent to the
registrar by the liquidator in a winding-up in Fiji
.......................................
4.00
9. For making a record of
any fact by the Act required or authorized to be recorded by the registrar
................................................................................................................
4.00
Part III-By a Company to which Part X of the Act applies
1. For registering a certified copy of the charter,
statutes or memorandum and articles of the company or other instrument
constituting
or defining the constitution of the company ........
75.00
2. For registering any other document required to be delivered to
the registrar under Part X of the Act
.........................................................................................................
4.00
Part IV-On Registering Charges
1. For registering, under Part IV of the Act, particulars
of any charge required to be registered thereunder, whether created by a
company
or existing on property acquired by the company
...........................................................................................................
10.00
2. For registering particulars of a series of debentures under Part
IV of the Act ............ 10.00
3. For registering the appointment of a
receiver or manager of the property of a company under section
105 of the Act
...............................................................................
10.00
Part V-Additional Fees
For registering any document out of time pursuant to
subsection (2) of section 392 of the
Act:-
(i) for the first month or part thereof during which the default continues (exclusive of the periods mentioned in regulation 5) ........................................................ 5.00
(ii) for each and every subsequent month (up to a maximum of $40) ................ 2.00
Part VI-Miscellaneous
1. For inspecting the register of companies, in respect of
any one company ................. 1.00
2. For a certified copy of a
certificate of incorporation .........................................
4.00
3. For a copy of, or extract from, a document filed in the registry,
per folio of one hundred words (but not less than $1.00 in respect
of any one
document) ....................................... 0.50
4. For certifying
a copy or extract as a true copy or extract
..................................... 1.00
5. On making any request to
the registrar to approve and reserve any name for registration of a company or a
change of name of a company.
...................................................... 5.00
6. For the
issue of a licence pursuant to subsection (1) or sub-section (2) of section
23 of the Act.
...........................................................................................................
25.00
7. On making application to the registrar for an investigation
under section 176 ............
50.00
Controlled by Ministry of Justice
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