Bulk Handling Act Amendment Act 1946 (WA)

BULK HANDLING.

10 0 GEO. VI., No. II.

No. 2 of 1946.

AN ACT to amend the Bulk Handling Act, 1935-1943, by making provision for and with respect to the purchase by Co-operative Bulk Handling Limited of a limited number of shares of its members.

[Assented to 23rd October, 1946.]

BE it enacted by the King's Most Excellent Majesty,by and with the advice and consent of the Legis- lative Council and Legislative Assembly of Western Australia, in this present Parliament assembled, and by the authority of the same, as follows:—

Short title. 1. This Act may be cited as the Bulk Handling Act

1943. s. 4. Amendment Act, 1946, and shall be read as one with . No. 22 of

the Bulk Handling Act, 1935-1943 (No. 40 of 1935, as reprinted in the Appendix to the Sessional Volume of

1946.] Bulk Handling. [No. 2.

the Statutes for the year 1936 and amended by the Act No. 22 of 1943), hereinafter referred to as the principal Act.

2.    A new section is inserted in the principal Act New section

after section eighteen, as follows:

18A. Notwithstanding the provisions of section etrun":

one hundred and five of the Companies Act, 1893- 1938, or any provision contained in the memorandum or articles of association of the Company, it shall be lawful for the Company to purchase out of its reserve funds any shares of a member of the Com- pany, but so that the shares so purchased and not sold or disposed of shall not at any time exceed one-fifth part of the paid up capital of the Company : provided that such shares shall not he deemed to be cancelled nor to be a reduction of capital, but may be sold or disposed of by the Company in accordance with the provisions of its articles of association.

3. The principal Aet as amended by this Act may be citation of principal Act

cited as the Bulk Handling Act, 1935-1946. as amended.