Companies Amendment Act 1919
Companies Amendment Act 1919
Companies Amendment Act 1919
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Companies Amendment Act 1919
Public Act |
1919 No 31 |
|
Date of assent |
31 October 1919 |
|
An Act to amend the Companies Act, 1908.
BE IT ENACTED by the General Assembly of New Zealand in Parliament assembled, and by the authority of the same, as follows:—
1 Short Title.
This Act may be cited as the Companies Amendment Act, 1919, and shall be read together with and deemed part of the Companies Act, 1908 (hereinafter referred to as the principal Act).
2 Protection of mortgages secured on uncalled capital.
(1.)
Section thirty-seven of the principal Act is hereby amended by adding the following proviso:—
“Provided that any mortgage or charge granted or created by a limited company on the whole or any part of its uncalled capital, whether before or after the passing of any such special resolution, shall have the same validity, force, and effect as if no such special resolution had been passed, save that, in the case of a mortgage or charge granted or created after the passing of such special resolution, the right of any person entitled by virtue of such mortgage or charge to require the calling-up of any uncalled capital affected by such special resolution shall be deferred until the event of the company being wound up.”
Provisions of principal Act as to reserve capital not applicable to private companies.
(2.)
Section thirty-seven of the principal Act shall not apply to private companies.
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Versions
Companies Amendment Act 1919
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