The Mining Companies Amendment Act 1882 (SA)

ANNO QUADRAGESIMO QUINTO ET QUADKAGESIMO

SEXTO

V I C T O R I ~ REGINB.

No. 256.

9 9

An Act to amend "The Mining Companies Act, 1881.

[Asse&d to, November 17th, 1882.1

I-IEKEAS it is desirable to nmcnd C L The Mining Companies l'reanlble.

Province of South ,4ustralia, by and with the advice and consent of

W Act, I8RI"-Uc i t thcrcfore Enacted by the Governor of the

the T,egislative Council and House of Assembly of thc said pro-

vince, in this present Parliament assemblecl, as follows:

1. This Act may bc cited for all rmrposes as Thc Mining Corn-

panies Amendment ,4ct, 1882."

2. Section 40 of The Mining Companies Act, 188 1" (which Act :,m;:;;$E:gfon

is hereinafter designated " the principal Act "), slid1 be a,nd A C ~.

collstrued as if there were inserted in the second line thereof, after

the word a " the words " written or."

3. The words “FLft~r the final call has been made," in the first Amen(lmentof"ccfion 47 of the principal

line of section 47 of the principal Act, are hereby repealed, and the Act.

said section shall be read and construed as if thcrc were inserted

therein, in lieu of the words SO repealed, thc words " a t any time."

4. All powers which by the principal Act are vested in, or which Majority of a h. e ~ i o l & ~ s in number pre-

may be excrciscd by, a majority of the shareholders in m y Compmv, .o.t at meeting may

whether such majority shall be a general or special one, shall de ~	~	~	~	?	~	~	~	~	$	~	~
vested in, and may bc exercised by, a majority in number of the holders b y t h e	shareholders present in person or by proxy a t any meeting of the principal Act.
Company at which such powers may, under the principal Act, be

251; 5. Whenever

45' & 46' VICTORIK, No. 256.

The Mining Companies Amendment Act.-1 882.

Forfeited shares

which we not sold to 5, Whenever, at any public auction called under the principal

becomo tho ab~olute	Act for the sale of forfeited shares in any Company, there shall have
property of the
Company.	been or shall be no bid for the purchase of any of such shares, or no bid sufficient to cover the call or calls then unpaid upon such shares,
and the expenses of and attending the forfeiture and attempted
sale, and, in case of proceedings having been taken for the recovery of any call or calls on shares with liability, all costs and expenses incurred against the shareholder in respect of such proceedings, such shares shall become the absolute property of such Company, and may be dealt with in any manner that the Directors of such Com- pany may think advisable for the benefit of the Company.
Minute of forfeiture

to be conclusive 6. Any minute in the books of thc company signed by the Chair-

evidence.	man of Directors for the time being that any shares were offered for
sale by public auction, and that there was no sufficient bid to pay the arrears of calls then due thereon, and the expenses of forfeiture
and sale, and othcr costs and expenses as aforesaid, shall be received
in all Courts of law as conclusive evidence that such shares becvame the absolute property of the Cloinpany on the day when thcy were offered for sale, and that the previous holclcrs of such shares forfeited all claim to or in respect of the same.
Power to issue new	7. Whenever any forfeited shares shall have been sold at public auction, or shall have becomo the property of the Company, it shall be lawful for the Directors of the Company to issue new scrip certificates in respect of such shares, which new certificates shall bear upon the f'me thereof the words " Issued in lieu of forfeited
scrip.
share-scrip. "

Repeal of soction 61 8. Section 61 of the principal Act is hereby repealed, and the

of principal Act.

said Act shall bc read and construed as if there wero inserted there-

in in lieu of the section so repealed the ncxt following section.

Substituted section. Q. A majority in number of the allottees of shares in any Com-

pany, present in person at any meeting called for the purpose of	agreeing to rules for thc management and purposes of the Com-	pany may at such meeting, or at any adjournment thereof, before
incorporation, make rules for such nlanagement and for such pur- poses, but so that such rules be not inconsistent with this Act. After incorporation it shall be lawful for the majority in number of the shareholders in any Company present in person, or by proxy, at any extraordinary meeting of the shareholders called for the purpose, to
alter any such rules, or to make rules if no rules shall have been
made before incorporation. Every meeting for making or altering rules shall be called by advertisement in two daily newspapers published in Adelaide not less than seven days before the day of meeting, and a certificate of the chairman of such meeting indorsed
on or written at the foot of any copy of the rules passed at such
meeting that such rules were agreed to at such meeting shall be conclusive evidence thereof, and such rules shall thereupon become binding upon all shareholders in thc Company. A copy of such

rules

45' & 46" V I C T O R ~ E, No. 256.

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The Minhy Com~mni~s Amendment Act.- -1882.

rules shall, forthwith after the making or altering thereof, be filed at the officc of the Kegistrar of Companies; and any copy of such rules purporting to be signed by the Chairman of Directors of the Company for thc time being, shall be received as conclusivc proof that such rules mcre duly passed and are binding on all share- holders in the Company.

hereby repealed, 2nd the number of the paragraphs of the said 10. Paragraph 4 in the Sevcnth Schedule to the principal Act is t r L r t

Schedule shall be altered accordingly, and the said Schedule shall be read and construed as if there were inserted at the end of the present fifth paragraph in such Schedule the words-" of which

number will be issued as fully paid-up [or as paid up to

the amount of each, acco?di?,g do t h e fact]."

11. Notwithstanding anything contained in the principal Act, it register Amendment of share- in

shall not be necessary to distinguish each share by its number in holders.

the register of sharehoiders in any Company.

12. This Act shall be incorporated with thc principal Act, and Incor~)oration.

shall be read and construed therewith as forming one -4ct.

In the name and on behalf of Her Majesty, I hereby assent to

this Bill.

TVM, F. DRUMMONII JERVOIS, Governor.

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Adelaide : 13y authority, E. SPILLER, Oo~ernment Printer, North-terrace.