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The Pamphlet Collection of Sir Robert Stout: Volume 88

Increase of Capital

Increase of Capital.

Increase of capital.

26. The capital of the Company may be from time to time increased to any sum or sums not exceeding in the aggregate the sum of Five Hundred Thousand Pounds Provided always that no increase of the capital of the Company shall be effected save in pursuance of an order or resolution of a general meeting of the Company to be specially called for that purpose or otherwise than in accordance with or to give effect to previous reports or recommendations of the Board of Directors in favor of such increase.

Additional capital how to be raised and apportioned.

27. All additional capital which shall be raised for the purposes of the Company beyond the first One Hundred Thousand Pounds shall be raised in shares numbered progressively and in continuation of the series of numbers of the shares in the previous capital and the existing shareholders for the time being shall have the option offered to them by the Board of Directors in the first instance of taking and subscribing for the shares in such additional capital so far as may be rate ably and in proportion to their respective interests in the existing capital and such additional Capital shall be paid and contributed in such calls or instalments as the Board of Directors shall prescribe or require and such Board shall have the power to allot and dispose of all shares not taken up by the Shareholders to whom such option shall have been offered to such person or persons at such price or prices on such terms and subject to such conditions as they in their discretion may think fit for the advantage of the Company and any premium received on the shares in such additional capital shall form part of the profits of the Company and the other proceeds arising from the disposal of such shares shall form part of the capital of the Company and if such shares so disposed of be sold at a discount the loss shall be borne by the Shareholders proportionately according to their several shares in the capital of the Company and all the shares in such additional capital when taken by shareholders or otherwise disposed of shall be subject to the provisions of and the laws and regulations for the time being of the Company and shall confer on and entitle the holders thereof to the same benefits rights and privileges and subject them to the same claims obligations and liabilities in respect thereof as if the same had been shares in the original capital of the Company.