Companies Act 1879
| Year | 1879 |
Companies Act, 1879
(42 & 43 Vict.) CHAPTER 76.
An Act to amend the Law with respect to the Liability of Members of Banking and other Joint Stock Companies; and for other purposes.
[15th August 1879]
Be it enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:
1 Short title.
1. This Act may be cited as theCompanies Act, 1879.
2 Act not to apply to Bank of England.
2. This Act shall not apply to the Bank of England.
3 Act to be construed with 25 & 26 Vict. c. 89., 30 & 31 Vict. c. 131., and 40 & 41 Vict. c. 26.
3. This Act shall, so far as is consistent with the tenor thereof, be construed as one with the Companies Acts, 1862, 1867, and 1877, and those Acts together with this Act may be referred to as the Companies Acts, 1862 to 1879.
4 Registration anew of company.
4. Subject as in this Act mentioned, any company registered before or after the passing of this Act as an unlimited company may register under the Companies Acts, 1862 to 1879, as a limited company, or any company already registered as a limited company may re-register under the provisions of this Act.
The registration of an unlimited company as a limited company in pursuance of this Act shall not affect or prejudice any debts, liabilities, obligations, or contracts incurred or entered into by, to, with, or on behalf of such company prior to registration, and such debts, liabilities, contracts, and obligations may be enforced in manner provided by Part VII. of the Companies Act, 1862, in the case of a company registering in pursuance of that Part.
5 Reserve capital of company, how provided.
5. An unlimited company may, by the resolution passed by the members when assenting to registration as a limited company under the Companies Acts, 1862 to 1879, and for the purpose of such registration or otherwise, increase the nominal amount of its capital by increasing the nominal amount of each of its shares.
Provided always, that no part of such increased capital shall be capable of being called up, except in the event of and for the purposes of the company being wound up.
And, in cases where no such increase of nominal capital may be resolved upon, an unlimited company may, by such resolution as aforesaid, provide that a portion of its uncalled capital shall not be capable of being called up, except in the event of and for the purposes of the company being wound up.
A limited company may by a special resolution declare that any portion of its capital which has not been already called up shall not be capable of being called up, except in the event of and for the purpose of the company being wound up; and thereupon such portion of capital shall not be capable of being called up, except in the event of and for the purposes of the company being wound up.
6 & 26 Vict. c. 89. s. 182. repealed, and liability of bank of issue unlimited in respect of notes.
6. Section one...
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