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Arrangement of Sections

Short title

1. This Act may be cited as the Companies Act.

Interpretation

2.In this Act the expression -

"Act of the Territorial Legislature" means any Act or Act in force in the

Territory:

"the Court" means the Supreme Court or a Judge thereof. A Judge of the

Supreme Court may do in Chambers any act which the Court is by this

Act authorized to do so;

"private company" means a company which by its articles -

(a) restricts the right to transfer its shares;

(b) limits the number of its members (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) to fifty: Provided that where two or more persons

hold one or more shares in a company jointly they shall for

the purpose of this definition be treated as a single member;

shares or debentures of the company.

"Registrar" means the Registrar of Companies holding office as such

under section 207.

Prohibition of partnership exceeding certain number

3. No company, association or partnership consisting of more than twenty

persons shall be exceeding certain formed, for the purpose of carrying on any

business that has for its object the acquisition o number gain by the company,

association or partnership, or by the individual members thereof, unless it is

registered as a company under this Act, or if formed in pursuance of some Act of

the Imperial Parliament, or of the Legislature of the Territory, or by Royal

Charter or Letters Patent; but this Act shall not apply to persons associated

together for the purpose of banking or insurance.

Application to private companies

4. Save as herein otherwise expressly provided the provisions of this Act

shall apply to private companies in like manner as they apply to public

companies.

Application to banks

4A.(1) No company that has the word "bank" or "banking" as part of its

name shall be registered under this Act unless there is issued in respect of that

company a licence under the Banking act.

(2) For the purposes of this section "bank" means a bank within the context of

the Banking act, 1972 and "banking" has a corresponding meaning.

(3) A company that, at the date of the commencement of this section, would

otherwise be registered in contravention of subsection (1) continues to be so

registered for a period of three months from that date after which it ceases to be

so registered; but application may be made under the Banking Act for registration

of the Company under that Act.

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