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The Pamphlet Collection of Sir Robert Stout: Volume 7



8. The Capital of the Company is £100,000, divided

Capital— Increased to £250,100, Sec. No. 1 of amended Articles.

into 10,000 shares of £10 each.
9. The Board may allot and issue the said shares

Board may allot and issue Shares as they think fit.

to such persons (whether Directors or others), and at such times as they may think fit; and they may, also, for the purpose of making any purchases which are authorised by the Memorandum of Association, issue

May issue Paid-up Shares.

any of the said shares with such amount as they shall think fit, credited as paid thereon, in or towards payment for all or any of the matters and things so purchased. An application for shares, followed by an allotment, shall be deemed to be an acceptance by the

Allotment of Shares deemed acceptance by applicant.

applicant of the shares allotted, who thereby shall be and become a member of the Company.
10. The Company, from time to time, may, by a

Increase of Original Capital.

special resolution of a General Meeting, increase the original capital by the issue of new shares of such amount as they shall think expedient.
11. The Company may, by resolution of a General

Company may issue or re-issue Shares not issued or re-issued subject to special privileges or condition.

Meeting, determine that any shares not then issued, (or in the case of forfeited shares not then re-issued) shall be issued, or re-issued, as of the same class with the then outstanding shares, or not, and as of one or more classes, and may attach to or take away from any one or more classes of such shares so to be issued any special privileges or conditions whatever, and in page 16 particular any preference, privilege, or guarantee, fixed, fluctuating, contingent, redeemable or irredeemable, as to payment of dividend or interest, or repayment of

Provision to apply to New Shares.

capital. This provision shall be equally applicable to shares forming part of the original capital, and to any new shares to be afterwards created, and the resolution may in either case operate by way of repeal, or alteration of, or addition to, the rights, privileges, and conditions which had at the time of creation, or by subsequent resolutions, been attached to the shares.

New Shares to be considered as part of original capital.

12. If, and so far as a resolution to be passed under the preceding Article shall not otherwise determine, any capital raised by new shares shall be considered as part of the original capital, and be subject to the same provisions in all respects with reference to the payment of calls, the forfeiture of shares on non-payment of calls, and otherwise, as if it had been part of the original capital.

New Shares to existing Share-holders. Unless & c

13. The new shares shall in the first instance, unless the Company before the issue thereof otherwise determine, be offered by the Board to the Shareholders in proportion to the number of their respective shares, and so many of the new shares as are not taken by the Shareholders may be disposed of as the Board shall think fit.

Holders of Preferential Shares not entitled to offer of New Shares, unless

14. If the Company, after having attached to any new shares any preference or guarantee, or other special privilege, shall create any further new shares, the holders of the new shares to which the special privilege shall be attached shall not in respect of such new shares (unless the Company otherwise determine) be entitled to an offer for the further new shares.
page 17
15. The Company may from time to time, by the

Paid-up Shares may be converted into Stock.

special resolution of a General Meeting, convert all or any part of its paid-up shares into stock.
16. The Company may from time to time, by

Capital may be reduced by Special Resolution.

special resolution, reduce its capital. The Board may, on any such resolution being passed, apply to the proper Court, and do all other things necessary or expedient to obtain the confirmation thereof.
17. The Company may from time to time, by

Capital may be divided by Special Resolution.

special resolution, divide its capital, or any part thereof, by sub-division of the


shares, or any of them, into shares of smaller amount than is fixed by the Memorandum of Association. Provided that in the sub-division of the shares the proportion between the amount which is paid, and the amount (if any) which is unpaid on each share of reduced amount shall be the same as it was in the case of the existing share from which the share of reduced amount shall be derived.