INSERT INTO `actsofghana` (`id`, `title`, `content`, `republic`, `isshow`, `actname`) VALUES
(29, 'BILLS OF LADING ACT, 1961 (ACT 42)', '<span class="Apple-style-span" style="border-collapse: separate; color: #000000; font-family: ''Times New Roman''; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; font-size: medium;"><span class="Apple-style-span" style=""><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">ARRANGEMENT OF SECTIONS</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Section</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Application of Hague Rules</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">1. Application of Rules in Schedule.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">2. Statement as to Application of Rules to be Included in Bills of Lading.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">3. No Absolute Warranty of Seaworthiness.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">4. Modification of Rules 4 and 5 of Article 3.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">5. Modification of Rule 5 of Article 4.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">6. Modification of Article 6.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Rights and liabilities of Consignees and Endorsees</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">7. Consignees or Endorsees of Bill of Lading May Sue.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">8. Bill of Lading in Hands of Consignee, etc., Conclusive Evidence of Shipment Against Person Signing.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">9. Savings for Dangerous Goods and Limitations of Liability.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Consequential</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">10. Repeals.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">SCHEDULE</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Schedule</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: center;"><span style="font-family: Arial;">THE FORTY-SECOND</span></p><p class="MsoNormal" style="text-align: center;"><span style="font-family: Arial;">ACT OF THE PARLIAMENT OF THE REPUBLIC OF GHANA</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">ENTITLED</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">THE BILLS OF LADING ACT, 1961</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">AN ACT to consolidate with minor amendments the law relating to bills of lading.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">DATE OF ASSENT: 16th March, 1961.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">BE IT ENACTED by the President and the National Assembly in this present Parliament assembled as follows:—</span></p><p class="MsoNormal" style="text-align: justify;"><i><span style="font-family: Arial;">Application of Hague Rules</span></i></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 1—Application of Rules in Schedule.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Subject to the provisions of this Act, the Rules contained in Articles 1 to 8 of the Convention which are set out in the Schedule to this Act (hereinafter referred to as "the Rules") shall have effect in relation to and in connection with the carriage of goods by sea in ships carrying goods from any port in Ghana to any other port whether in or outside Ghana.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 2—Statement as to Application of Rules to be Included in Bills of Lading.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Every bill of lading or similar document of title issued in Ghana which contains or is evidence of any contract to which the Rules apply shall contain an express statement that it is to have effect subject to the provisions of the Rules as applied by this Act, and the Rules as so applied shall be deemed to be incorporated in every such bill of lading or similar document of title notwithstanding that it does not contain the express statement required by this section and notwithstanding that the contract pursuant to which such bill of lading or similar document of title is issued, is not governed by the law of Ghana.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 3—No Absolute Warranty of Seaworthiness.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">There shall not be implied in any contract for the carriage of goods by sea to which the Rules apply any absolute undertaking by the carrier of the goods to provide a seaworthy ship.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 4—Modification of Rules 4 and 5 of Article 3.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Where under the custom of any trade the weight of any bulk cargo inserted in the bill of lading is a weight ascertained or accepted by a third party other than the carrier or the shipper and the fact that the weight is so ascertained or accepted is stated in the bill of lading then, notwithstanding anything in the Rules, the bill of lading shall not be prima facie evidence against the carrier of the receipt of goods of the weight so inserted&nbsp; in the bill of lading, and the accuracy thereof at the time of shipment shall not be deemed to have been guaranteed by the shipper.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 5—Modification of Rule 5 of Article 4.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Rule 5 of Article 4 of the Rules shall be read as though for the reference to £100" there were substituted "two hundred Ghanaian pounds".</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 6—Modification of Article 6.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Article 6 of the Rules shall, in relation to the carriage of goods by sea in ships carrying goods from any port in Ghana to any other port in Ghana, have effect as though it referred to goods of any class instead of to particular goods and as though the proviso to the second paragraph of the Article were omitted.</span></p><p class="MsoNormal" style="text-align: justify;"><i><span style="font-family: Arial;">Rights and liabilities of Consignees and Endorsees</span></i></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 7—Consignees or Endorsees of Bill of Lading May Sue.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Every consignee of goods named in a bill of lading, and every endorsee of a bill of lading to whom the property in the goods therein mentioned passes under the contract in pursuance of which the endorsement was made, shall have transferred to and vested in him all rights, and be subject to the same liabilities in respect of the goods as if the contract expressed in the bill of lading had been made with himself.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Nothing in this section shall prejudice or affect any right of stoppage in transit or any right to claim freight against the original shipper or owner, or any liability of the consignee or endorsee by reason or in consequence of his being a consignee or endorsee, or of his receipt of the goods by reason or in consequence of the consignment or endorsement.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 8—Bill of lading in Hands of Consignee, etc., Conclusive Evidence of Shipment Against Person Signing.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) A bill of lading in the hands of a consignee or endorsee for valuable consideration representing goods to have been shipped on board a vessel, shall, subject to section 4 of this Act, be conclusive evidence of such shipment as against the master or other person signing the same unless the holder of the bill of lading had actual notice at the time of receiving it that the goods or some of them had not been in fact loaded on board.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) A consignee or endorsee or other holder of a bill of lading shall not be entitled to rely on subsection (1) if the misrepresentation in the bill of lading was caused without the fault of the person signing the same and wholly by the fraud of the shipper, or of the holder or some person under whom the holder claims.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 9—Savings for Dangerous Goods and Limitations of Liability.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Nothing in this Act shall affect the operation of any enactment for the time being in force limiting the liability of the owners of sea-going vessels or relating to the carriage of dangerous goods by sea.</span></p><p class="MsoNormal" style="text-align: justify;"><i><span style="font-family: Arial;">Consequential</span></i></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 10—Repeals.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The Carriage of Goods by Sea Ordinance (Cap. 242) is hereby repealed.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The United Kingdom Bills of Lading Act, 1855 (18 and 19 Vict., c.111) shall cease to apply in Ghana after the commencement of this Act but shall continue to apply to bills of lading issued before the commencement of this Act.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">SCHEDULE</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Section 1.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Articles 1 to 8 of the International Convention for the Unification of Certain Rules of Law relating to Bills of Lading signed at Brussels on August 24th, 1924.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Article 1</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">In this convention the following words are employed, with the meaning set out below:—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"Carrier" includes the owner or the charterer who enters into a contract of carriage with a shipper.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"Contract of carriage" applies only to contracts of carriage covered by a bill of lading or any similar document of title, in so far as such document relates to the carriage of goods by sea, including any bill of lading or any similar document as aforesaid issued under or pursuant to a charter-party from the moment at which such bill of lading or similar document of title regulates the relations between a carrier and a holder of the same.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"Goods" includes goods, wares, merchandise, and articles of every kind whatsoever except live animals and cargo which by the contract of carriage is stated as being carried on deck and is so carried.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"Ship" means any vessel used for the carriage of goods by sea.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"Carriage of goods" covers the period from the time when the goods are loaded on to the time they are discharged from the ship.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">ACT Schedule</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Article 2</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Subject to the provisions of Article 6, under every contract of carriage of goods by sea the carrier, in relation to the loading, handling, stowage, carriage, custody, care and discharge of such goods, shall be subject to the responsibilities and liabilities, and entitled to the rights and immunities hereinafter set forth.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Article 3</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">1. The carrier shall be bound before and at the beginning of the voyage to exercise due diligence to</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) Make the ship seaworthy.</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) Properly man, equip and supply the ship.</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) Make the holds, refrigerating and cool chambers, and all other parts of the ship in which goods are carried, fit and safe for their reception, carriage and preservation.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">2. Subject to the provisions of Article 4, the carrier shall properly and carefully load, handle, stow, carry, keep, care for, and discharge the goods carried.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">3. After receiving the goods into his charge the carrier or the master or agent of the carrier shall, on demand of the shipper, issue to the shipper a bill of lading showing among other things—</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) The leading marks necessary for identification of the goods as the same are furnished in writing by the shipper before the loading of such goods starts, provided such marks are stamped or otherwise shown clearly upon the goods if uncovered, or on the cases or coverings in which such goods are contained, in such a manner as should ordinarily remain legible until the end of the voyage.</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) Either the number of packages or pieces, or the quantity, or weight, as the case may be, as furnished in writing by the shipper.</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) The apparent order and condition of the goods.</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">Provided that no carrier, master or agent of the carrier shall be bound to state or show in the bill of lading any marks, number, quantity, or weight which he has reasonable ground for suspecting not accurately to represent the goods actually received, or which he has had no reasonable means of checking.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">4. Such a bill of lading shall be prima facie evidence of the receipt by the carrier of the goods as therein described in accordance with paragraph 3 (a), (b) and (c).</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">5.&nbsp; The shipper shall be deemed to have guaranteed to the carrier the accuracy at the time of shipment of the marks, number, quantity and weight, as furnished by him, and the shipper shall indemnify the carrier against all loss, damages and expenses arising or resulting from inaccruacies in such particulars. The right of the carrier to such indemnity shall in no way limit his responsibility and liability under the contract of carriage to any person other than the shipper.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">6. Unless notice of loss or damage and the general nature of such loss or damage be given in writing to the carrier or his agent at the port of discharge before or at the time of the removal of the goods into the custody of the person entitled to delivery thereof under the contract of carriage, or, if the loss or damage be not apparent, within three days, such removal shall be prima facie evidence of the delivery by the carrier of the goods as described in the bill of lading.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The notice in writing need not be given if the state of the goods has, at the time of their receipt, been the subject of joint survey or inspection.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">In any event the carrier and the ship shall be discharged from all liability in respect of loss or damage unless suit is brought within one year after delivery of the goods or the date when the goods should have been delivered.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">In the case of any actual or apprehended loss or damage the carrier and the receiver shall give all reasonable facilities to each other for inspection and tallying the goods.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">7. After the goods are loaded the bill of lading to be issued by the carrier, master, or agent of the carrier, to the shipper shall, if the shipper so demands, be a "shipped" bill of lading, provided that if the shipper shall have previously taken up any document of title to such goods, he shall surrender the same as against the issue of the "shipped" bill of lading, but at the option of the carrier such document of title may be noted at the port of shipment by the carrier, master, or agent with the name or names of the ship or ships upon which the goods have been shipped and the date or dates of shipment, and when so noted, if it shows the particulars mentioned in paragraph 3 of Article 3, shall for the purpose of this article be deemed to constitute a "shipped" bill of lading.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">8. Any clause, covenant, or agreement in a contract of carriage relieving the carrier or the ship from liability for loss or damage to, or in connection with goods arising from negligence, fault, or failure in the duties and obligations provided in this article or lessening such liability otherwise thatn as provided in this convention, shall be null and void and of no effect. A benefit of insurance in favour of the carrier or similar clause shall be deemed to be a clause relieving the carrier from liability.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Article 4</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">1. Neither the carrier nor the ship shall be liable for loss or damage arising or resulting from unseaworthiness unless caused by want of due diligence on the part of the carrier to make the ship seaworthy, and to secure that the ship is properly manned, equipped and supplied, and to make the holds, refrigerating and cool chambers and all other parts of the ship in which goods are carried fit and safe for their reception, carriage and preservation in accordance with the provisions of paragraph 1 of Article 3. Whenever loss or damage has resulted from unseaworthiness the burden of proving the exercise of due diligence shall be on the carrier or other person claiming exemption under this Article.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">2. Neither the carrier nor the ship shall be responsible for loss or damage arising or resulting from</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) Act, neglect, or default of the master, mariner, pilot, or the servants of the carrier in the navigation or in the management of the ship.</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) Fire, unless caused by the actual fault or privity of the carrier.</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) Perils, dangers and accidents of the sea or other navigable waters.</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) Act of God.</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(e) Act of war.</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(f) Act of public enemies.</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(g) Arrest or restraint of princes, rulers or people, or seizure under legal process.</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(h) Quarantine restrictions.</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(i) Act or omission of the shipper or owner of the goods, his agent or representative.</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(j) Strikes or lockouts or stoppage or restraint of labour from whatever cause, whether partial or general.</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(k) Riots and civil commotions.</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(l) Saving or attempting to save life or property at sea.</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(m) Wastage in bulk or weight or any other loss or damage arising from inherent defect, quality or vice of the goods.</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(n) Insufficiency of packing.</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(o) Insufficiency or inadequacy of marks.</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(p) Latent defects not discoverable by due diligence.</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(q) Any other cause arising without the actual fault or privity of the carrier, or without the fault or neglect of the agents or servants of the carrier, but the burden of proof shall be on the person claiming the benefit of this exception to show that neither the actual fault or privity of the carrier nor the fault or neglect of the agents or servants of the carrier contributed to the loss or damage.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">3. The shipper shall not be responsible for loss or damage sustained by the carrier or the ship arising or resulting from any cause without the act, fault or neglect of the shipper, his agents or his servants.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">4. Any deviation in saving or attempting to save life or peroperty at sea or any reasonable deviation shall not be deemed to be an infringement or breach of this convention or of the contract of carriage, and the carrier shall not be liable for any loss or damage resulting therefrom.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">5. Neither the carrier nor the ship shall in any event be or become liable for any loss or damage to or in connection with goods in an amount exceeding £100 per package or unit, or the equivalent of that sum in other currency unless the nature and value of such goods have been declared by the shipper before shipment and inserted in the bill of lading.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">This declaration if embodied in the bill of lading shall be prima facie evidence, but shall not be binding or conclusive on the carrier.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">By agreement between the carrier, master or agent of the carrier and the shipper another maximum amount than that mentioned in this paragraph may be fixed, provided that such maximum shall not be less than the figure above named.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Neither the carrier nor the ship shall be responsible in any event for loss or damage to, or in connection with, goods if the nature or value thereof has been knowingly misstated by the shipper in the bill of lading.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">6. Goods of an inflammable, explosive or dangerous nature to the shipment whereof the carrier, master or agent of the carrier has not consented with knowledge of their nature and character, may at any time before discharge be landed at any place, or destroyed or rendered innocuous by the carrier without compensation and the shipper of such goods shall be liable for all damages and expenses directly or indirectly arising out of or resulting from such shipment. If any such goods shipped with such knowledge and consent shall become a danger to the ship or cargo, they may in like manner be landed at any place, or destroyed or rendered innocuous by the carrier without liability on the part of the carrier except to general average, if any.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Article 5</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">A carrier shall be at liberty to surrender in whole or in part all or any of his rights and immunities or to increase any of his responsibilities and obligations under this convention, provided such surrender or increase shall be embodied in the bill of lading issued to the shipper. The provisions of this convention shall not be applicable to charterparties, but if bills of lading are issued in the case of a ship under a charterparty they shall comply with the terms of this convention. Nothing in these rules shall be held to prevent the insertion in a bill of lading of any lawful provision regarding general average.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;Article 6</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Notwithstanding the provisions of the preceding articles, a carrier, master or agent of the carrier and a shipper shall in regard to any particular goods be at liberty to enter into any agreement in any terms as to the responsibility and liability of the carrier for such goods, and as to the rights and immunites of the carrier in respect of such goods, or his obligation as to seaworthiness, so far as this stipulation is not contrary to public policy, or the care or diligence of his servants or agents in regard to the loading, handling, stowage, carriage, custody, care and discharge of the goods carried by sea, provided that in this case no bill of lading has been or shall be issued and that the terms agreed shall be embodied in a receipt which shall be a non-negotiable document and shall be marked as such.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Any agreement so entered into shall have full legal effect:</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">Provided that this article shall not apply to ordinary commercial shipments made in the ordinary course of trade, but only to other shipments where the character or condition of the property to be carried or the circumstances, terms and conditions under which the carriage is to be performed are such as reasonably to justify a special agreement.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Article 7</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Nothing herein contained shall prevent a carrier or a shipper from entering into any agreement, stipulation, condition, reservation or exemption as to the responsibility and liability of the carrier or the ship for the loss or damage to, or in connection with the custody and care and handling of goods prior to the loading on, and subsequent to, the discharge from the ship on which the goods are carried by sea.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Article 8</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The provisions of this conversion shall not affect the rights and obligations of the carrier under any statute for the time being in force relating to the limitation of the liability of owners of seagoing vessels.</span></p></span></span>', 'FIRST', 'Yes', 'Act 42');
INSERT INTO `actsofghana` (`id`, `title`, `content`, `republic`, `isshow`, `actname`) VALUES
(30, 'BODIES CORPORATE (OFFICIAL LIQUIDATIONS) ACT, 1963 (ACT 180)', '<span class="Apple-style-span" style="border-collapse: separate; color: #000000; font-family: ''Times New Roman''; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; font-size: medium;"><span class="Apple-style-span" style=""><p class="MsoNormal" style="text-align: center;"><b><span style="font-family: Arial;">BODIES CORPORATE (OFFICIAL LIQUIDATIONS) ACT, 1963 (ACT 180)</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;ARRANGEMENT OF SECTIONS</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Section</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">PART I—OFFICIAL LIQUIDATIONS</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Commencement of Proceedings</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">1.&nbsp; Modes of winding up.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">2.&nbsp; Procedure on resolution.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">3. Procedure on petition to Registrar.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">4. Procedure on petition to Court.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">5. Procedure on conversion to official winding up.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">6. Stay of proceedings.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The Liquidator</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">7.&nbsp; Registrar as liquidator.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">8.&nbsp;&nbsp; Status of liquidator.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">9.&nbsp;&nbsp; Powers of liquidator.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">10.&nbsp; Delegation of functions.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">11.&nbsp; Powers of Court.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">12.&nbsp; Liquidation Fund.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Effects of Commencement of Proceedings</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">13.&nbsp; Time of commencement.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">14.&nbsp; Cessation of directors'' functions.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">15.&nbsp; Cessation of company''s business.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">16.&nbsp; Custody of company''s property.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">17.&nbsp;&nbsp; Prohibition on civil proceedings.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">18.&nbsp;&nbsp; Avoidance of transfer of shares, etc.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Investigation into Affairs of Company</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">19.&nbsp;&nbsp; Statement of affairs.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">20.&nbsp;&nbsp; Settlement of list of contributories.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">21.&nbsp;&nbsp; Rectification of register of members.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">22.&nbsp;&nbsp; Proof of debt.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">23.&nbsp;&nbsp; First meeting of creditors.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">24.&nbsp; Private examination by the Court.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">25.&nbsp; Examination of fraudulent or delinquent persons.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">26.&nbsp; Order against fraudulent or delinquent persons.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">27.&nbsp; Consequences of order.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Assets available for Winding Up.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">28.&nbsp;&nbsp; Property in liquidator''s custody or control.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">29.&nbsp;&nbsp; Repayment by preferred creditors.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">30.&nbsp;&nbsp; Restoration of property, etc.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">31.&nbsp;&nbsp; Repayment of gifts.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">32.&nbsp;&nbsp; Payment by money-lenders.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">33.&nbsp; Avoidance of assignment and floating charges.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">34.&nbsp; Call on contributories.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">35.&nbsp; Sums to be credited to company''s official account.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">General Duties of Liquidator in Administration of Company''s Property</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">36.&nbsp;&nbsp; Duty to collect debts.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">37.&nbsp;&nbsp; Duty to vest property in liquidator.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">38.&nbsp;&nbsp; Duty to realise assets.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">39.&nbsp;&nbsp; Duty to verify debts ranking for dividends.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">40.&nbsp;&nbsp; Duty to amend admitted proofs.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">41.&nbsp;&nbsp; Duty to ascertain priority of debt.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">42.&nbsp;&nbsp; Duty to consult creditors and members.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Distribution of Assets</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">43.&nbsp;&nbsp; Disclaimer.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">44.&nbsp;&nbsp; Fees and outgoings.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">45.&nbsp;&nbsp; Dividend to creditors.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">46.&nbsp;&nbsp; Distribution to members.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">47.&nbsp;&nbsp; Disposal of unclaimed assets.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">48.&nbsp;&nbsp; Payment out of companies'' official fund.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Termination of Proceedings</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">49.&nbsp;&nbsp; Order terminating proceedings.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">50.&nbsp;&nbsp; Dissolution of company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">51.&nbsp;&nbsp; Disposal of books and papers of company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Supplementary Provisions</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">52.&nbsp;&nbsp; Power to stay winding up.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">53.&nbsp;&nbsp; Power to arrest absconding persons.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">54.&nbsp;&nbsp; Offences.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">55.&nbsp; Prosecution of fraudulent or delinquent persons.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">56.&nbsp;&nbsp; Inspection of company''s books.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">57.&nbsp;&nbsp; Notification of liquidation.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">58.&nbsp;&nbsp; Exemption from stamp duty.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">59.&nbsp;&nbsp; Rules and fees.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">PART II—OFFICIAL LIQUIDATION OF OTHER BODIES CORPORATE</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">60.&nbsp;&nbsp; Winding up of other bodies corporate.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">61.&nbsp;&nbsp; Exclusion of certain bodies corporate.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">62.&nbsp;&nbsp; Application to foreign bodies corporate.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">63.&nbsp;&nbsp; Winding up by Court only.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">64.&nbsp;&nbsp; &nbsp;Grounds for winding up.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">PART III—MISCELLANEOUS</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">65.&nbsp;&nbsp; Regulations.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">66.&nbsp;&nbsp; Interpretation.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">67.&nbsp; Commencement.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: center;"><span style="font-family: Arial;">THE HUNDRED AND EIGHTIETH</span></p><p class="MsoNormal" style="text-align: center;"><span style="font-family: Arial;">ACT OF THE PARLIAMENT OF THE REPUBLIC OF GHANA</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">ENTITLED</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">THE BODIES CORPORATE (OFFICIAL LIQUIDATIONS) ACT, 1963</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">AN ACT to make provision for the official liquidation of companies and other bodies corporate and other matters connected therewith.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">DATE OF ASSENT: 3rd July, 1963</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">BE IT ENACTED by the President and the National Assembly in this present Parliament assembled as follows:—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">PART I—OFFICIAL LIQUIDATION OF COMPANIES</span></p><p class="MsoNormal" style="text-align: justify;"><i><span style="font-family: Arial;">Commencement of Proceedings</span></i></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 1—Modes of Winding Up.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The official winding up of a company may be commenced by,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) a special resolution of the company;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) a petition addressed to the Registrar;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) a petition to the Court; or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) a conversion from a private liquidation.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The provisions of this Part of this Act, with respect to winding up, unless the contrary intention appears, shall apply to the winding up of a company in any of the modes specified in the preceding subsection.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 2—Procedure on Resolution.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) A special resolution for the official winding up of a company shall state that the company shall be wound up by way of an official winding up.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) When a company has passed a special resolution for the official winding up of the company, a copy of the resolution after the passing thereof shall be sent, immediately thereafter as may be practicable, to the Registrar who shall publish the same in the Gazette.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 3—Procedure on Petition to Registrar.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Any person who is,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) a creditor of a company, or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) a member or contributory of a company,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">may present a petition to the Registrar for the official winding up of the company:</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">Provided that,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 72pt;"><span style="font-family: Arial;">(a) in the case of a company with shares a member shall not be entitled to present a winding up petition unless his shares, or some of them, either were originally allotted to him or have been held by him, and registered in his name for at least six months during the eighteen months preceding the date of the presentation of the petition or have devolved on him by operation of law;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 72pt;"><span style="font-family: Arial;">(b) the Registrar shall not consider a winding up petition presented by a contingent or prospective creditor unless such security for costs has been given as the Registrar thinks reasonable and until a prima facie case for winding up has been established to the satisfaction of the Registrar.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The Registrar may order the official winding up of the company on such petition if satisfied that the company is unable to pay its debts.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) A company shall be deemed to be unable to pay its debts,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) if a creditor, by assignment or otherwise, to whom the company is indebted in a sum exceeding fifty pounds then due, has served on the company a written demand requiring the company to pay the sum so due and the company has for twenty-one days thereafter neglected to pay the sum or to secure or compound for it to the reasonable satisfaction of the creditor;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) if in Ghana execution or other process issued on a judgment, decree or order of any court in favour of a creditor of a company is returned unsatisfied in whole or in part; or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) if it is proved to the satisfaction of the Registrar that the company is unable to pay its debts; and, in determining whether a company is unable to pay its debts the Registrar shall take into account the contingent and prospective liabilities of the company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) A copy of the petition shall be served on the company by the petitioner on or before the day on which it is presented.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) Where two or more petitions are presented in respect of the same company, a winding up order made in respect of any of the petitions shall be deemed to have been made in respect of all the petitions so presented.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(6) No further petition shall be presented before the termination of the official winding up proceedings, in respect of a company regarding which a winding up order has been made.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(7) The Registrar shall place a copy of the winding up order in the file of the company concerned and shall publish the order in the Gazette.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 4—Procedure on Petition to Court.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The Registrar or any person who is,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) a creditor of the company,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) a member or contributory of the company, or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) the Attorney-General, but only on the ground specified in paragraph (c) of subsection (2) of this section,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">may present a petition to the Court for the official winding up of the company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The Court may order the official winding up of a company on such petition where,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) the company does not within a year from its incorporation commence to carry on all the businesses which it is authorised by its Regulations to carry on or suspends any of such businesses for a whole year;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) the company has no members;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) the business or objects of the company are unlawful or the company is operated for an illegal purpose or the business being carried on by the company is not authorised by its Regulations;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) the company is unable to pay its debts; or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(e) the Court is of the opinion that it is just and equitable that the company should be wound up.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) In determining whether the company is unable to pay its debts the provisions of subsection (3) of section 3 of this Act shall apply.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) On the hearing of a winding up petition the Court may dismiss or adjourn the hearing conditionally or unconditionally or make an interim order, or any other order that it thinks fit, but the Court shall not refuse to make a winding up order on the ground only that the assets of the company have been mortgaged to an amount equal to, or in excess of, those assets or that the company has no assets.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) Where the petition is presented by members or contributories of the company on the ground that it is just and equitable that the company should be wound up, the Court, if it is of the opinion,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) that the petitioners are entitled to relief either by winding up the company or by some other means, and</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) that in the absence of any other remedy it will be just and equitable that the company should be wound up,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">shall make a winding up order unless it is of the opinion, both that some other remedy is available to the petitioners and that they acted unreasonably in seeking to have the company wound up instead&nbsp; of pursuing that other remedy.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(6) On the making of a winding up order, a copy of the order shall forthwith be forwarded by the registrar of the Court&nbsp; to the Registrar who shall make a minute thereof in his books relating to the company and publish it in the Gazette.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(7) Subject to the provisions of this section the Court may, at any time between the presentation of a petition and the making of a winding up order, appoint the Registrar to exercise all or any of the powers of a liquidator.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 5—Procedure on Conversion to Official Winding Up.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) On notice being given by the liquidator under a private liquidation in accordance with the provisions of section 258 of the Companies Code, 1963 (Act 179) alleging that the company may not be able to pay its debts in full within the period stated in the declaration of insolvency, the Registrar may make a winding up order converting the private liquidation into an official winding up.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The allegation made under the preceding subsection shall&nbsp; be accompanied by a statement in the prescribed form of the company''s assets and liabilities.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) For the purposes of this section any proceedings taken on a private liquidation shall, unless the Court otherwise directs, be deemed to have been validly taken.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 6—Stay of Proceedings.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) On the commencement of winding up proceedings against a company all civil proceedings against the company shall be stayed and any transfer of shares of the company shall be void.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) During the interval between the presentation of a petition for an official winding up and the commencement of the winding up, the Court may, on application being made by a party thereto or the Registrar stay any proceedings by or against the company or in respect of its property; and accordingly any disposition of the property of the company, including things in action and any transfer of shares shall, unless the Court&nbsp; otherwise directs, be void.</span></p><p class="MsoNormal" style="text-align: justify;"><i><span style="font-family: Arial;">The Liquidator</span></i></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 7—Registrar as Liquidator.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The Registrar shall be the liquidator in any official winding up under this Part of this Act.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 8—Status of Liquidator.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) In an official winding up under this Act the liquidator shall be deemed to stand in a fiduciary relationship to the company as if he were a director thereof; and accordingly the provisions of sections 203 to 216 of the Companies Code, 1963 (Act 179) shall apply to the liquidator in like manner and to the like extent as they apply to a director.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) No liability shall attach to the liquidator in respect of any breach of duty imposed upon him by or under this Act and no liability shall attach to the Republic in respect of any such breach, save for the re-imbursement of any moneys lost to the company through the default of the liquidator.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) Nothing in this section shall affect the institution against a public officer of any criminal proceedings or of disciplinary proceedings under the Civil Service Act, 1960 (CA 5).</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 9—Powers of Liquidator.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The liquidator in an official winding up under this Act shall have power,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) to bring or defend any action or other legal proceedings in the name and on behalf of the company;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) to carry on the business of the company so far as may be necessary for the beneficial winding up thereof;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) to appoint a legal practitioner to assist him in the performance of his duties;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) to pay any classes of creditors in full;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(e) to make any compromise or arrangement, subject to the provisions of section 231 of the Companies Code, 1963, (Act 179) with creditors or persons claiming to be creditors or being or alleging themselves to have any claims, present or future, certain or contingent, ascertained or sounding only in damages against the company or whereby the company may be rendered liable;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(f) to compromise all calls and liabilities to calls, debts and liabilities capable of resulting in debts, and all claims, present or future, certain or contingent, ascertained or sounding only in damages, subsisting or supposed to subsist between the company and a contributory or alleged contributory or other debtor or person apprehending liability to the company, and all questions in any way relating to or affecting the assets or the winding up of the company, on such terms as may be agreed, and take any security for the discharge of any such call, debt, liability or claim and give a complete discharge in respect thereof;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(g) to sell the real and personal property and things in action of the company by public auction or private contract, with power to transfer the whole thereof to any person or company or to sell the same in parcels;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(h) to do all acts and to execute, in the name and on behalf of the company, all deeds, receipts and other documents and for that purpose to use when necessary, the company''s seal;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(i) to prove and rank the claims in the bankruptcy, insolvency or sequestration of any contributory for any balance against his estate, and to receive dividends in the bankruptcy, insolvency or sequestration in respect of that balance, as a separate debt due from the bankrupt or insolvent and rateably with the other separate creditors;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(j) to draw, accept, make and endorse any bill of exchange or promissory note in the name and on behalf of the company, with the same effect with respect to the liability of the company as if the bill or note had been drawn, accepted, made or endorsed by or on behalf of the company in the course of its business;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(k) to raise on the security of the assets of the company any money requisite;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(l) to take out in his official name letters of administration to any deceased contributory and to do in his official name any other act necessary for obtaining payment for any money due from the contributory or his estate which cannot be conveniently done in the name of the company, and in all such cases the money due shall, for the purposes of enabling the liquidator to take out the letters of administration or recover the money, be deemed to be due to the liquidator himself;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(m) to do all such other things as may be necessary for winding up the affairs of the company and the distribution of its assets.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 10—Delegation of Functions.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Any act required or authorised to be done by or in relation to the liquidator appointed under this Act may be done instead by or in relation to any public officer for the time being authorised in that behalf either by the liquidator or under any other enactment; and a public officer acting in that behalf shall be presumed to be authorised unless the contrary is shown.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Any reference to the liquidator in any enactment shall be taken to include any public officer authorised or&nbsp; presumed to be authorised under the provisions of the preceding section.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) Where he considers it necessary for the exercise of his functions the liquidator may avail himself for appropriate payment of the services of persons who are not public officers.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 11—Powers of Court.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Any person aggrieved by an act done by the liquidator in the exercise of his functions under this Act may appeal to the Court which shall make such order as it thinks fit.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Where any person refuses or fails to comply with a requirement made by the liquidator under this Act the liquidator may apply to the Court and the Court may order the requirements to be carried out.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) Where the liquidator is in doubt as to any matter in connection with his functions under this Act he may apply to the Court for directions.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 12—Liquidation Fund.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) There shall be a fund, to be known as the Liquidation Fund, into which shall be paid all moneys received by the liquidator under this Act and to which shall be debited all moneys disbursed by him thereunder.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2)&nbsp; There shall be an account within the Liquidation Fund, to be known as the fees account, to which shall be credited all moneys received by the liquidator by way of fees and other charges.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) All payments required or authorised by this Act to be met out of the Liquidation Fund are hereby charged on that Fund.</span></p><p class="MsoNormal" style="text-align: justify;"><i><span style="font-family: Arial;">Effects of Commencement of Proceedings</span></i></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 13—Time of Commencement.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">An official winding up under this Act shall be deemed to have commenced on the passing of a resolution for the winding up of the company or on the making of a winding up order; and the words "commencement of a winding up" and its cognate expressions shall be construed accordingly.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 14—Cessation of Directors'' Functions.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">On the commencement of a winding up, all the functions of the directors of the company shall vest, without further authority than this section, in the liquidator, save in so far as the liquidator sanctions the continuance thereof.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 15—Cessation of Company''s Business.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">On the commencement of a winding up, the company shall cease to carry on its business, except so far as may be required for the beneficial winding up thereof, so however that the corporate state and the corporate powers of the company shall, notwithstanding anything to the contrary in its Regulations, continue until the company is dissolved.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 16—Custody of Company''s Property.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Save as may otherwise be directed by the liquidator, the property of a company shall, during winding up proceedings, remain vested in the company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Subject to the provisions of the preceding subsection, the liquidator shall take into his custody or under his control all the property and things in action to which the company is or appears to be entitled.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) Any property in the possession of the company at any time within six months before the commencement of a winding up shall be presumed to be vested in the company unless the contrary is shown.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) The liquidator may, at any time after the commencement of a winding up, require any member or contributory and any trustee, receiver, banker, agent or officer of the company to pay, deliver, convey, surrender or transfer forthwith, or within such reasonable time as the liquidator may direct, to the liquidator any money, property or books and papers in his hands to which the company is prima facie entitled.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 17—Prohibition on Civil Proceedings.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">On the commencement of a winding up, no action or civil proceedings against the company, other than proceedings by a secured creditor for the realization of this security, shall be proceeded with or commenced save by leave of the Court and subject to such terms as the Court may impose.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 18—Avoidance of Transfer of Shares, etc.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Any transfer of shares, not being a transfer made to or within the sanction of the liquidator made after the commencement of a winding up, shall be void.</span></p><p class="MsoNormal" style="text-align: justify;"><i><span style="font-family: Arial;">Investigation into Affairs of Company</span></i></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 19—Statement of Affairs.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) There shall, within fourteen days or such other period as the liquidator may in writing allow, be made out and submitted to the liquidator, a statement as to the affairs of the company in a form approved by the liquidator, verified by an affidavit and showing,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) particulars of all the assets of the company;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) the debts and liabilities of the company including particulars of the company''s transactions during such period as the liquidator may in writing specify;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) the names, addresses both residential and postal and the occupations of the creditors of the company and the securities held respectively by them together with the dates when the securities were respectively given;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) a statement of the reasons for the company''s insolvency; and</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(e) such further or other information as the liquidator may require.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The statement shall be submitted and verified by one or more of the persons who were at the commencement of the winding up directors of the company and by the person who was at that date a secretary of the company, or by such of the persons hereinafter in this subsection mentioned as the liquidator may require to submit and verify the statement, that is to say, persons,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) who are or have been officers of the company;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) who have taken part in the formation of the company at any time within one year before the commencement of the winding up;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) who are in the employment of the company, or have been in the employment of the company within one year before the commencement of the winding up, and are in the opinion of the liquidator capable of giving the information required;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) who are or have been within one year from before the commencement of the winding up officers of or in the employment of the company which is or within one year before the commencement of the winding up was an officer of the company to which the statement relates.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) Any person making or concurring in making the statement and affidavit required by this section shall be allowed, and shall be paid by the liquidator out of the assets of the company, such costs and expenses incurred in and about the preparation and making of the statement and affidavit as the liquidator may consider reasonable subject to an appeal to the Court.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) Any person who without reasonable excuse makes default in complying with the requirements of this section commits an offence and shall be liable to a fine not exceeding ten pounds for every day during which the default continues.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) Any person stating himself in writing to be a creditor, member or a contributory of the company shall be entitled by himself or by his agent at all reasonable times on payment of the prescribed fees to inspect the statement submitted in pursuance of this section and to a copy thereof or an extract therefrom.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(6) Any person who untruthfully states himself in writing to be a creditor, member or a contributory of the company commits the offence of contempt of court and shall, on the application of the liquidator, be punishable accordingly.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 20—Settlement of List of Contributories.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) As soon as may be after the making of a winding up order the liquidator shall settle a list of contributories with power to rectify the register of members in all cases where rectification is required in pursuance of this Act, and shall cause the assets of the company to be collected, and applied in the discharge of its liabilities.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Subject to the provisions of the preceding subsection, where it appears to the liquidator that it will not be necessary to make calls on or adjust the rights of contributories the liquidator may dispense with the settlement of a list of contributories.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) In settling the list of contributories, the liquidator shall distinguish between persons who are contributories in their own right and persons who are contributories as being representatives of or liable for the debts of others.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) The liability of a contributory shall create a debt in the nature of a specialty accrued due from him at the time when his liability commenced but payable at the times calls are made for enforcing the liability.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) Where a contributory dies, either before or after the settlement of the list of contributories, his personal representatives shall be liable in due course of administration to contribute to the assets of the company in discharge of his liability and shall be deemed to be contributories accordingly.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(6) Where the personal representatives are placed on the list of contributories and they make default in the payment of any moneys ordered to be paid by them, proceedings may be taken for administering the estate of the deceased contributory and for compelling payment thereout of the moneys due.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(7) If a contributory becomes bankrupt, either before or after the settlement of the list of contributories,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) his trustee in bankruptcy shall represent him for all the purposes of the official winding up, and shall be deemed accordingly to be a contributory, and may be called on to admit to proof against the estate of the bankrupt, or otherwise to allow to be paid out of his assets in due course of law, any moneys due from the bankrupt in respect of his liability to contribute to the assets of the company; and</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) there may be proof against the estate of the bankrupt the estimated value of his liability to future calls as well as calls already made.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(8) Subject to the other provisions of this section, when all the creditors of the company are paid in full, any moneys due on any account whatever to a contributory from the company may be allowed to the contributory by way of set-off against any subsequent call.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(9) Where a company is being wound up, all books and papers of the company and of the liquidator shall, as between the contributories of the company, be prima facie evidence of the truth of all matters purporting to be therein recorded.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 21—Rectification of Register of Members.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Subject to the other provisions of this Act, a person aggrieved, any member of the company, the company or the liquidator may apply to the Court for the rectification of the register of members.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 22—Proof of Debt.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) During the continuance in force of a winding up order any creditor of a company may lodge with the liquidator a statement, to be known as a proof of debt, in accordance with the provisions of this section.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The proof of debt shall be in two parts, the first part containing brief particulars of,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) the values and due dates of provable debts alleged by the creditor to be outstanding in his favour against the company and the nature and value of any securities held by the creditor in respect of such debts;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) the values and due dates of any obligations outstanding in the company''s favour against the creditor on the date on which the winding up order was made against the company;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) the nature and value of securities of any description held by the company in respect of such obligations as are mentioned in the immediately preceding paragraph;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) the total values of the aforesaid debts, obligations and securities;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">and the second part containing details of the transactions from which such debts and obligations arose.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) A copy of the first part of any proof lodged under this section shall be given by the liquidator to the company and to each creditor mentioned in the company''s statement of affairs or who, not being so mentioned, himself lodges a proof; and if the company knows or believes that the proof is false in any material particular, it shall be the duty of the company to inform the liquidator as soon as may be practicable.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) The liquidator shall examine every proof of debt lodged with him and if, after considering any representations made by the company or any other creditor, it appears to him that any item is improperly included or any value incorrectly stated or that the proof is otherwise incorrect he shall give notice of the objection to the creditor who may lodge an amended proof within the period specified in the notice or such period as the liquidator may allow.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) Where the liquidator is satisfied with a proof of debt he shall give notice to the creditor that he admits the proof of debt subject to verifications under section 39 of this Act.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(6) Where a creditor fails to lodge an amended proof of debt or a further amended proof of debt, as the case may be, within the period allowed under the provisions of subsection (4) of this section, and the liquidator is still of opinion that the previous proof of debt is incorrect he shall give notice to the creditor that he rejects the proof of debt.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(7) The liquidator may by notice in the Gazette fix a time within which creditors are to prove their debts or claims or to be excluded from the benefits of any distribution made before those debts are proved.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 23—First Meeting of Creditors.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The liquidator shall call a first meeting of creditors for a date not later than six weeks after the publication of the winding up order, and shall give such notice of the meeting as may be practicable to each creditor who is mentioned in the company''s statement of affairs or who, not being so mentioned, has lodged a proof of debt.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) So far in advance as may be practicable, the liquidator shall give to every creditor of the company a copy of the company''s statement of affairs and of any proposals for an arrangement with creditors lodged by him, together with any observations thereon that the liquidator may wish to make.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) The liquidator shall put to the meeting such questions as he considers appropriate; and where the company has proposed an arrangement with creditors the meeting shall be asked to approve or reject such proposal.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) An arrangement with creditors shall not be taken to be approved unless it has secured at least three-quarters of the votes cast.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) The meeting shall be closed not later than eight weeks after the publication of the winding up order.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(6) At any meeting of creditors of a company the meeting shall not be competent to act for any purpose unless at least three creditors with admitted proofs of debt, or all such creditors if they are less than three, are present either in person or by representatives holding proxies.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(7) Where there is no quorum within half an hour after the time appointed for the meeting of creditors, the liquidator shall adjourn the meeting to such date as he may determine not being less than seven nor more than fourteen days thereafter; and if there is still no quorum within half an hour after the time appointed for the meeting the meeting shall be taken to be cancelled.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(8) The cancellation of a meeting under the immediately preceding subsection shall not prevent the Court from considering and determining any matter as if the meeting had been held and closed on the day on which it was cancelled.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(9) The provisions of the immediately preceding subsection shall not be deemed to authorise the Court to confirm an arrangement with creditors which has not been approved by the first meeting of creditors.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(10) The meeting of creditors shall be presided over by the liquidator and at any such meeting each creditor with an admitted proof shall be entitled to be heard either in person or by a representative holding a proxy.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(11) Save as otherwise provided in this Act, questions at a meeting of creditors shall be decided by a simple majority of votes cast and each creditor with an admitted proof shall be entitled to one vote for each complete pound of the net amount of his debt as shown in his proof of debt at the time when the meeting opens.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(12) For the purposes of voting under this section, the net amount of a debt shall be calculated by deducting the following amounts, if any, from the total value of the debt owned to the creditor, namely,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) the total value of securities held by the creditor;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) the total value of obligations outstanding in the company''s favour against the creditor;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) the amount of every dividend to which the creditor has become entitled.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 24—Private Examination by the Court.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The liquidator may at any time after the making of a winding up order summon before the Court any officer of the company or person known or suspected of having in his possession any property of the company or supposed to be indebted to the company, or any person whom the liquidator deems capable of giving information concerning the promotion, formation, trade, dealings, affairs or property of the company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The Court may examine any such person on oath concerning the matters specified in the preceding subsection either by word of mouth or on written interrogatories and may reduce his answers to writing and require him to sign them.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) The Court may require any such person to produce any books and papers in his custody or power relating to the company, so however that where he claims any lien on books or paper produced by him, the production shall be without prejudice to that lien, and the Court shall have jurisdiction in the official winding up to determine all questions relating to that lien.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) If any person so summoned, after being tendered a reasonable sum for his expenses, refuses to come before the Court at the time appointed, not having a lawful impediment, made known to the Court at the time of its sitting and allowed by the Court, the Court may cause him to be apprehended and brought before the Court for examination.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 25—Examination of Fraudulent or Delinquent Persons.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Whenever it appears to him to be necessary so to do, the liquidator shall apply to the Court for an enquiry into the conduct of any person as regards his activities in relation to the company.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 26—Order Against Fraudulent or Delinquent Persons.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) If in the course of the official winding up of a company it appears that any business of the company has been carried on with intent to defraud the creditors of the company or creditors of any other person or for any fraudulent purpose, the Court may, on the application of the liquidator or of any creditor, member or contributory of the company, if it thinks fit so to do, declare that the persons who were knowingly parties to the carrying on of the business in the manner aforesaid shall be personally responsible, without any limitation of liability, for all or any of the debts or other liabilities of the company as the Court may direct.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) On the hearing of an application under the preceding subsection the liquidator may himself give evidence or call witnesses.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) Where the Court makes a declaration, it may give such other directions as it thinks proper for the purpose of giving effect to that declaration, and in particular may make provision for making the liability of any such person under the declaration a charge on any debt or obligation due from the company to him, or on any mortgage or charge or any interest in any mortgage or charge on any assets of the company held by or vested in him, or any company or any person on his behalf, or any person claiming as an assignee from or through the person liable or any company or person acting on his behalf, and may from time to time make such further order as may be necessary for the purpose of enforcing any charge imposed under this subsection.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) For the purposes of this section, the expression "assignee" includes any person who or in whose favour, by the directions of the person liable, the debt, obligations, mortgage or charge was created, issued or transferred or the interest created but does not include an assignee, for valuable consideration not including consideration by way of marriage, given in good faith and without notice of any matters on the grounds of which the declaration is made.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) Whenever the business of a company is carried on at a time when to the knowledge of the directors of the company, the company had no reasonable prospect of paying its debts as they fall due any such business shall be deemed to have been carried on with intent to defraud the creditors of the company.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 27—Consequences of Order.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Where any business of a company is carried on with such intent and for such purposes as is mentioned in subsection (1) of section 26 of this Act, every person who was knowingly a party to the carrying on of the business in the manner aforesaid, shall be liable on conviction on indictment to imprisonment for a term not exceeding five years or to a fine not exceeding five hundred pounds or to both such imprisonment and fine.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The provisions of this section and of section 26 of this Act shall have effect notwithstanding that the person concerned may be criminally liable in respect of the matters on the grounds of which the declaration is to be made, and where the declaration under subsection (1) of section 26 of this Act is made the declaration shall be deemed to be a final judgment of the Court.</span></p><p class="MsoNormal" style="text-align: justify;"><i><span style="font-family: Arial;">Assets Available for Winding Up</span></i></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 28—Property in Liquidator''s Custody or Control.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Any property of the company in the custody of the liquidator by virtue of the provisions of section 16 of this Act shall be made available by him for the purposes of the official winding up.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 29—Repayment by Preferred Creditors.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Where, at the time between the making of a winding up order and the end of the liquidation of the company it appears to the liquidator that, during the six months ending with the commencement of the winding up and at a time when the company was insolvent the company,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) made any payment or other transfer of property, or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) paid any mortgage or other charge, or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) suffered any judgment or incurred any other obligations,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">with the dominant intent that any of its creditors should benefit at the expense of others, the liquidator shall give notice to the creditor so preferred and require such creditor within the period specified in the notice to restore to the liquidator whether by payment of money, transfer of property or surrender of rights, the benefit which has accrued to the creditor by reason of his being preferred.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 30—Restoration of Property, etc.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) On the commencement of a winding up every person who during the relevant period received a payment of money or other transfer of property in respect of a debt owed to him by the company shall, on receipt of a notice given in that behalf by the liquidator, restore the property or its value to the liquidator.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) For the purposes of the immediately preceding subsection the expression "relevant period" means the period beginning twenty-one days before the presentation of the petition on which the winding up order was made or, if made on two or more petitions before the presentation of the first petition, and ending with the making of the winding up order.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) The provisions of subsection (1) of this section shall not apply to any payment or other transfer of property,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) made by the company to its banker in so far as it has been subsequently disbursed by the bank in meeting cheques drawn by the company;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) made in respect of a debt incurred during the relevant period;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c)&nbsp; made in respect of a secured debt; or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) made on the enforcement against a third party of a guarantee or indemnity, or of a mortgage, charge or lien on that party''s property.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) On the commencement of the winding up all property in the possession of the sheriff at the time of the making of the winding up order, being property of which possession was taken under an execution issued by a creditor of the company or the proceeds of such property shall, after deduction of the sheriff''s and bailiff''s charges in the execution, be transferred to the liquidator.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) Where a person has complied with a notice given under section 29 of this Act or under subsection (1) of this section he may, within one month after the notice was given, lodge a proof of debt or require the liquidator to amend his proof, as the case may be, so as to enable the debt in respect of which the notice was given to rank for dividend at the value which is appropriate in view of his compliance.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 31—Repayment of Gifts.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Where it appears to the liquidator that the company made any disposition of its property otherwise than for full value or in settlement of any due debt or incurred any obligation otherwise than for full value,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a)&nbsp; during the two years ending with the making of the winding up order, or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b)&nbsp; more than two years but less than ten years before the making of the winding up order and at a time when the company was insolvent,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">the liquidator shall give notice to the person to whom the disposition was made or for whose benefit the obligation was incurred requiring that person, within the period specified in the notice, to restore to the liquidator, whether by payment of money, transfer of property or surrender of rights, the excess of the benefit which thereby accrued to him above the value of any consideration provided.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Excess benefit restored under this section shall, save where a director of a company commits a breach of duty under the provisions of sections 203 to 205 of the Companies Code, 1963 (Act 179), be treated as a provable debt in respect of which a proof may be lodged at any time within one month after its restoration.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 32—Payment by Money-Lenders.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Where, at any time between the making of a winding up order and the end of the liquidation, it appears to the liquidator that during the ten years ending with the making of the winding up order, any sum was paid or allowed by the company in respect of a loan in circumstances such that the Court would, if proceedings had been brought under the provisions of section 3 of the Loans Recovery Ordinance (Cap. 175), have ordered the lender to make a repayment to the company, the liquidator may give notice to the lender requiring him, within the period specified in the notice, to make a like payment to the liquidator.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 33—Avoidance of Assignment and Floating Charges.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Any conveyance or assignment by a company of all its property to trustees for the benefit of all its creditors shall be void to all intents.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Any property covered by the preceding subsection or a floating charge invalidated under section 90 of the Companies Code, 1963 (Act 179) shall be dealt with as part of the general assets of the company.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 34—Call on Contributories.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The liquidator may, at any time after the making of a winding up order, and either before or after it has ascertained the sufficiency of the assets of the company, make calls on all or any of the contributories for the time being settled on the list of contributories to the extent of their liability, for payment of any moneys which the liquidator considers necessary to satisfy the debts and liabilities of the company, and the costs, charges and expenses of the winding up, and for the adjustment of the rights of the contributories among themselves, and make an order for payment of any calls so made.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) In making a call the liquidator may take into consideration the probability that some of the contributories may partly or wholly fail to pay the call.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) The liquidator may order any contributory, purchaser or other person from whom money is due to the company to pay the amount due into a bank specified by him or any branch thereof to the account of the liquidator instead of to the liquidator, and any such order may be enforced in the same manner as if it had directed payment to the liquidator.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) An order or call made by the liquidator under the provisions of this section shall, subject to any right of appeal, be conclusive evidence that the money, if any, thereby appearing to be due or ordered to be paid is due.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) Any call made by the liquidator under subsection (1) of this section shall, for the purposes of recovering any sum due, have the same effect as an order of the Court.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 35—Sums to be Credited to Company''s Official Account.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The liquidator shall open an account, to be known as the company''s official account, within the company''s Liquidation Fund for each company in respect of which he is liquidator and shall credit to such an account,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a)&nbsp; all moneys received by him in respect of the company by virtue of the preceding provisions of this Act;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) payments made to him in respect of the company for the purpose of increasing the assets available for dividend;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) repayments in respect of excess dividends made under subsection (2) of section 45 of this Act.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2)&nbsp; If on the application of the company or of any creditors it appears to the liquidator before the termination of the liquidation that assets have been lost to the estate by reason of any default by the liquidator, the Court may order that the company''s official account be credited with such sum as may appear to the Court to be just and that an equivalent sum be debited to the fees account.</span></p><p class="MsoNormal" style="text-align: justify;"><i><span style="font-family: Arial;">General Duties of Liquidator in Administration of Company''s Property</span></i></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 36—Duty to Collect Debts.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">On the commencement of the winding up of a company it&nbsp; shall be the duty of the liquidator to secure the payment to him or other discharge of all debts and other obligations the right to which has passed to him under the provisions of section 16 of this Act.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 37—Duty to Vest Property in Liquidator.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">On the commencement of a winding up the liquidator may by notice in the Gazette direct that all property or any part of the property of whatsoever description belonging to the company or held by trustees on behalf of the company shall vest in him by his official name, and thereupon the property to which the notice relates shall vest accordingly, and the liquidator may bring or defend in his official name any acts or other legal proceedings which relate to that property or which is necessary to bring or defend for the purpose of effectually winding up the company and recovering its property.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 38—Duty to Realise Assets.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">On the commencement of a winding up it shall be the duty of the liquidator to realise as soon as practicable all assets not held as cash by such means and for such return as will produce for distribution to the creditors of the company sums representing the full value of the assets:</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">Provided that this section shall not be taken to require the realization of any assets which cannot be readily or advantageously disposed of.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 39—Duty to Verify Debts Ranking for Dividends.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) At the conclusion of the first meeting of creditors or, if no such meeting were held, as soon as practicable after the admission of the proof of debt under section 22 of this Act, it shall be the duty of the liquidator to take such steps as are practicable to verify the correctness of every admitted proof.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) If, when the winding up order is made, creditors'' obligations such as are mentioned in section 22 of this Act are included in a creditors'' admitted proof,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) where the total value of the obligations as shown in the proof is less than the total value of debts owed to the creditors as so shown, the obligations shall be deemed to be cancelled at the time of the making of the winding up order and the values of the said debt shall be pro rata reduced;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b)&nbsp; in any other case, the obligations shall be deemed to be pro rata reduced at the time of the making of the winding up order by the total value of the said debts, and the proof shall be deemed to be expunged.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) The liquidator may give notice to a creditor holding a security that if the security is not realized within the period specified in the notice, which shall not be less than six months, it shall be treated as surrendered.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4)&nbsp; Subject to the provisions of this Part of this Act, a debt shall rank for dividend at any time if, but only if, it is at that time included in an admitted proof; and the value of the debt shall be taken to be the value shown at that time in the admitted proof.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 40—Duty to Amend Admitted Proofs.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) If the value of a debt or security included in an admitted proof has changed otherwise than in respect of interest accruing after the commencement of the winding up order the proof shall be subject to amendment for the purpose of altering the value shown therein to give effect to the change.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2)&nbsp; If a debt or security is incorrectly included in an admitted proof or the value of a debt or security at the date of the commencement of the winding up order is incorrectly stated, the proof shall be subject to amendment for the purpose of rectifying the incorrectness.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) If a creditor desires to withdraw his claims to the whole or a part of a debt included in an admitted proof, the proof shall be subject to amendment for the purpose of deleting the debt or reducing its value accordingly, as the case may be.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) Where an admitted proof is subject to amendment under the provisions of this section,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) the liquidator may, save in the case of an amendment under the immediately preceding subsection, give notice to the creditor specifying the proposal and inviting him to consent to it within the period specified in the notice; or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b)&nbsp; the creditor may, if the liquidator has not given his notice as aforesaid, give notice to the liquidator specifying the proposed amendment and, except in the case of amendment under the immediately preceding subsection, inviting him to consent to it within the period specified in the notice.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) Where notice of a proposed amendment is given under the immediately preceding subsection, the liquidator shall amend the proof accordingly if,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) the party to whom the notice is given consents to the amendment,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b)&nbsp; consent is not given but, on an appeal by the creditor or on application by the liquidator the Court orders the amendment to be made, or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) the amendment is proposed by the creditor under subsection (3) of this section.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 41—Duty to Ascertain Priority of Debt.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) On the commencement of a winding up it shall be the duty of the liquidator, in relation to each debt which ranks for dividend, to ascertain into which class the whole or any part of the debt falls.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The classes are,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) class A, that it to say, a debt or part of a debt which answers either of the following descriptions, that is to say,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 72pt;"><span style="font-family: Arial;">(i) remuneration not exceeding one hundred and fifty pounds owed to an employee of the company in respect of employment during the whole or any part of the four months preceding the commencement of the winding up;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 72pt;"><span style="font-family: Arial;">(ii) rates, taxes or similar payments owed to the Republic or a local authority which have become due and payable within the year preceding the date of the commencement of the winding up;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) class B, that is to say, a debt or part of a debt which does not fall within any other class;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c)&nbsp; class C, that is to say, a debt or part of a debt which does not fall within class D and is, or was at any time within the year preceding the commencement of the winding up, owed to a director or former director of the company or to a near relative of any such director or former director;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) class D, that is to say, a debt or part of a debt which answers either of the following descriptions, that is to say,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 72pt;"><span style="font-family: Arial;">(i) excess benefit restored to the liquidator under section 31 of this Act;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 72pt;"><span style="font-family: Arial;">(ii) excess interest that is any portion of a debt which whether it is stated to do so or not represents interest at a rate in excess of seven per centum per annum.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) Class A debts shall have priority over the claims of holders of debentures under any floating charge credited by the company and shall be paid accordingly out of any property composed in or subject to such charge.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 42—Duty to Consult Creditors and Members.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Subject to the provisions of this Act, it shall be the duty of the liquidator,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) to report to the creditors at intervals not greater than six months on the progress of the liquidation;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) to consult the creditors on the matters arising in the proceedings which substantially affect their interest;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) to give effect, so far as may be practicable, to any views expressed by the creditors in relation to the realization and distribution of assets.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) For the purpose of complying with the preceeding subsection the liquidator may call a meeting of creditors at any time, and shall call such a meeting if required so to do by a notice in writing signed by the creditors whose votes exceed one-fifth of the total number of votes which would be cast at the meeting.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) The provisions of subsections (6) to (12) of section 23 of this Act shall apply in relation to every meeting of creditors called under this section.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) Subject to the provisions of this section, in event of an official winding up continuing for more than one year, the liquidator shall summon a general meeting of the company and a meeting of the creditors at the end of the first year from the commencement of the winding up, and of each succeeding year, or at the first convenient date within three months from the end of the year or such longer period as the Minister may allow, and shall lay before the meetings an account of his acts and dealings and of the conduct of the official winding up during the preceding year, and of the trading showing such time as the business of the company has been carried on, and within twenty-eight days thereafter shall send a copy of such accounts to the Registrar for registration.</span></p><p class="MsoNormal" style="text-align: justify;"><i><span style="font-family: Arial;">Distribution of Assets</span></i></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 43—Disclaimer.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Within one year from the commencement of the winding up the liquidator may, if he is of the opinion that the property of the company will not be of benefit to the creditors, by notice published in the Gazette disclaim the property, so&nbsp; however that if any person interested in the property so vested&nbsp; in the liquidator has by application in writing required the liquidator to elect whether he disclaims the property or not, this subsection shall not apply if the liquidator fails to disclaim within one month after the making of the application or such longer period as the Court may allow.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The Court may, on the application of any person interested give such relief and make such other provision as it thinks just in consequence of the disclaimer under this section.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) The disclaimer shall operate to determine, as from the date of disclaimer, the rights, interests and liabilities of the company, and the property of the company, in or in respect of the property disclaimed, but shall not, except so far as is necessary for the purpose of releasing the company and the property of the company from liability, affect the rights or liabilities of any other person.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 44—Fees and Outgoings.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The liquidator shall be entitled to withdraw from the property of the company sums sufficient to satisfy fees of the prescribed amount charged in respect of the costs of the liquidation.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) When any fees become due to the liquidator in respect of a company, the liquidator shall cause such fees to be paid by transferring the necessary sums from the company''s official account to the fees account.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) When any rent, rates, charges or other outgoings fail to be met by the liquidator in respect of the company, the liquidator shall cause them to be paid out of the company''s official account.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 45—Dividends to Creditors.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Subject to the provisions of the immediately preceding section, the liquidator shall from time to time, and as early as practicable, declare and distribute dividends to creditors in accordance with following rules, that is to say,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) provision shall be made for the payment in full of all class A debts before any dividend is declared in respect of class B debts and so on throughout the classes;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) all debts within one class shall rank pari passu;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) payment shall be made only in respect of debts which rank for dividends and shall not exceed the values thereof;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) where a security held by a creditor has not yet been reduced or surrendered, the value of the debt against which the security is held shall be treated as reduced by the value of the security;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(e)&nbsp; interest shall not be allowed in respect of any period after the commencement of the winding up.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Where a dividend has been paid under this section in respect of a debt which is subsequently struck out and reduced in value by an amendment of the admitted proof, the creditor shall repay to the liquidator the difference between the amount of the dividend and the amount which, in the light of the amendment, should have been paid.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) Where a dividend has been paid under this section in respect of a debt and is subsequently increased in value by an amendment of the admitted proof, the liquidator shall, so far as may be practicable, without disturbing dividends already declared, pay to the creditor the difference between the amount of the dividend and the amount which, in the light of the amendment, should have been paid.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) Where a creditor has omitted to lodge a proof of debt during the period allowed by this Act, or has omitted a provable debt from his proof, he may at any time during the liquidation apply to the Court for relief, and if the Court is of opinion that the omission was excusable it shall make an order requiring the liquidator, so far as may be practicable without disturbing dividends already declared, to pay to the creditor such sum as would have been payable to him under this section if the omission had not occurred.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) If, at the end of the period of one year following the declaration of a dividend stated by the liquidator to be the final dividend, any payments under that or any previous dividend remain outstanding because the creditors in question cannot be found, the liquidator shall cancel the payments and, unless payment in full has been achieved shall declare a further dividend in favour of the remainder of the creditors.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(6) In the case of a final dividend, or a further dividend declared under the immediately preceding subsection, no payment of less than ten pounds shall be required to be made.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(7) Payment under this section shall be in money drawn from the company''s official account:</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">Provided that property which has not been converted into money may be transferred to a creditor in lieu of the equivalent amount of money if the creditor consents.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 46—Distribution to Members.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Subject to the provisions of this Act, the property of a company shall, on its official winding up, be applied in satisfaction of its liabilities pari passu, and, subject to such application, shall, unless the Regulations of the company otherwise provide, be distributed among the members according to their rights and interests in the company.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 47—Disposal of Unclaimed Assets.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Where, after provision has been made for all payments and transfers of property under the three immediately preceding sections, any balance remains in the company''s official account, the Court may direct that any such balance shall be transferred to the fees account and may give directions for the disposal of any property not converted into money.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 48—Payment Out of Companies Official Fund.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) No person shall be entitled to any payment in respect of anything done by the liquidator in relation to a company except out of any balance in the company''s official account or out of assets otherwise vested in the liquidator in respect of the company under this Part of this Act:</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">Provided that if in any proceedings costs are awarded against the liquidator they shall be met out of the fees account.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) During the continuance of a liquidation under this Act, no person shall be required, under a contract entered into with the company before the commencement of the winding up, to supply goods, render services or otherwise perform an obligation unless he has received an assurance from the liquidator that the company''s assets are sufficient to enable the goods or services to be paid for, or the performance of the obligations otherwise recompensed, in accordance with the terms of the contract.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) Notwithstanding the provisions of subsection (1) of this section, if an assurance given under the immediately preceding subsection proves incorrect, the person to whom the assurance was given shall be entitled to be re-imbursed out of the fees account.</span></p><p class="MsoNormal" style="text-align: justify;"><i><span style="font-family: Arial;">Termination of Proceedings</span></i></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 49—Order Terminating Proceedings.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The liquidator shall, when he has completed the winding up of a company and his final accounts have been drawn up and have been passed by the Auditor-General, apply to the Court for an order terminating the liquidation proceedings.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The liquidator shall give notice of his application to the Court and to every creditor with an admitted proof together with a summary of the final accounts.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) The liquidator shall send a copy of his final accounts to the Registrar for registration and he shall attach thereto a statement showing that,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) application had been made for an order under section 26 of this Act, or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) in his opinion there were no grounds for such an application.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) The Court shall, if satisfied with the application by the liquidator, grant the application and the registrar of the Court shall send a copy of the order made by the Court to the Registrar for registration.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 50—Dissolution of Company.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) When the Registrar is satisfied that the official winding up of a company is complete he shall strike the name of the company off the register and notify the same in the Gazette; and the company shall, thereupon, be deemed to be dissolved as at the date of the publication of the notification in the Gazette.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Where a company has been dissolved, the Court may, at any time within two years after the date of the dissolution, on application being made for the purpose by the Registrar or by any former officer, member or creditor of the company, or any person claiming through or under him, make an order, upon such terms as the Court thinks fit, declaring the dissolution to have been void and ordering the name of the company to be restored to the register.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) An office copy of an order made under subsection (2) of this section, shall be delivered to the Registrar for registration and he shall cause the same to be published in the Gazette; and thereupon the name of the company shall be restored to the register and the company shall be deemed to have continued in existence as if it had not been dissolved, except that for the purpose of any period of limitation, time shall not be deemed to run during the period between the dissolution and the restoration.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) The court may, by order give such directions and make such provisions as seem just for placing the company and all other persons in the same position as nearly as may be as if the name of the company had never been struck off.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 51—Disposal of Books and Papers of Company.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The liquidator shall preserve the books and papers of the company and of the liquidator for a period of five years from the dissolution of the company and thereafter may destroy such books and papers unless the Registrar shall otherwise direct, in which event the liquidator shall not destroy the same until the Registrar shall have consented thereto in writing.</span></p><p class="MsoNormal" style="text-align: justify;"><i><span style="font-family: Arial;">Supplementary Provisions</span></i></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 52—Power to Stay Winding Up.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The Court may at any time after the making of an order for the official winding up of a company, on the application either of the liquidator or any creditor, member or contributory, and on proof to the satisfaction of the Court that all proceedings in relation to the winding up ought to be stayed, make an order staying the proceedings either altogether or for a limited time and on such terms and conditions as the Court thinks fit.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) On any application under this section the Court may, before making an order, require any person to furnish to the Court a report with respect to any facts or matters which are in its opinion relevant to the application.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) A copy of every order made under this section shall forthwith be forwarded by the company, or otherwise as may be prescribed, to the Registrar who shall make a minute of the order in his books relating to the company.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 53—Power to Arrest Absconding Persons.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Where an order for the winding up of a company has been made and before the completion of the liquidation it appears to the Court that the proceedings of the winding up are or may be impeded by reason that a member or contributory, an officer of the company or any other person whom the Court considers likely to help in the successful completion of the liquidation or whose conduct is impeding or may impede the winding up,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a)&nbsp; has absconded or is likely to do so,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) has removed, concealed, destroyed or damaged any property or is likely to do so, or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) is likely to fail to attend as required before the Court, the liquidator or any meeting of creditors,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">then without prejudice to its powers in relation to contempt of court, the Court may issue a warrant for the arrest of any such person or the seizure of the property in question or for both such arrest and seizure.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Where a warrant of arrest is issued under this section the provisions of the Criminal Procedure Code, 1960 (Act 30) relating to arrest shall apply in the same way as they apply to arrest for a criminal offence; and any person arrested under such warrant may, for the purposes of the winding up proceedings, be conveyed in custody to any hearing by the Court or the liquidator or to any meeting of creditors.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) Property seized under this section shall be dealt with as the Court may direct, so however that property which does not belong to any such person and is not likely to be subject to the powers of the liquidator shall be returned to its owners as soon as is practicable.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 54—Offences.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Any person other than the liquidator who does any act in contravention of a duty imposed upon him under this Act commits an offence and shall be liable to a fine not exceeding three hundred pounds or to imprisonment for a term not exceeding three years or to both such fine and imprisonment.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) This section shall be without prejudice to the power of the Court to issue a warrant under section 53 of this Act or to punish any person for contempt of court or for an offence under the Criminal Code, 1960 (Act 29).</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 55—Prosecution of Fraudulent or Delinquent Persons.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) If it appears to the Court in the course of an official winding up, that any past or present officer or member of the company has been guilty of any offence in relation to the company for which he is criminally liable, the Court may, either on the application of any person interested in the official winding up or of its own motion, direct the liquidator to refer the matter to the Attorney-General.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) If it appears to the liquidator in the course of an official winding up that any past or present officer or member of the company has been guilty of any offence in relation to the company for which he is criminally liable he shall forthwith report the matter to the Attorney-General and shall furnish to the Attorney-General, such information and give him such access to and facilities for inspecting and taking copies of any documents, being information or documents in the possession or under the control of the liquidator and relating to the matter in question as he may require.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) Where any report is made under the immediately preceding subsection to the Attorney-General he may, if he thinks fit, refer the matter to the Minister for an enquiry and the Minister shall thereupon investigate the matter and may if he thinks it expedient apply to the Court for an order conferring on the Minister or any person designated by the Minister for the purpose with respect to the company concerned, all such powers of investigating the affairs of the company as are provided by the Companies Code, 1963 (Act 179).</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) If it appears to the Court in the course of an official winding up that any past or present officer or any member of the company has been guilty as aforesaid and that no report with respect thereto has been made by the liquidator to the Attorney-General under subsection (2) of this section, the Court may, on the application of any person interested in the official winding up, or of its own motion, direct the liquidator to make such a report and on a report being made accordingly, the provisions of this section shall have effect as though the report has been made in pursuance of the provisions of subsection (2) of this section.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) Where any matter is reported or referred to the Attorney-General under this section, and he considers that the case is one for which prosecution ought to be instituted, he shall institute proceedings accordingly; and it shall be the duty of the liquidator and of every officer and agent of the company past and present, other than the defendant in the proceedings, to give him all assistance in connection with the prosecution which he is reasonably able to give.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(6) For the purposes of the immediately preceding subsection the expression "agent" in relation to a company shall be deemed to include any banker or solicitor or counsel of the company and any person employed by the company as auditor, whether that person is or is not an officer of the company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(7) If any person fails or neglects to give assistance in the manner required by subsection (5) of this section, the Court may, on the application of the Attorney-General, direct that person to comply with the requirements of the said subsection, and where any such application is made with respect to a liquidator the Court may, unless it appears that the failure or neglect to comply was due to the liquidator not having in his hands sufficient assets of the company to enable him so to do, direct that the costs of the application shall be borne by the liquidator personally.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 56—Inspection of Company''s Books.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The Court may, at any time after the making of a winding up order, make such order for the inspection of the books and papers of the company by creditors, members and contributories as the Court thinks just, and any books and papers in the possession of the company may be inspected by creditors, members or contributories accordingly, but not further or otherwise.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Nothing in this section shall be taken as excluding or restricting any statutory rights of a Government department or any person acting under the authority of a Government department.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 57—Notification of Liquidation.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Where a company is being wound up under this Part of this Act every invoice, order or business letter issued by or on behalf of the company being a document in or on which the name of the company appears, shall contain a statement that the company is being wound up.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Any officer of the company and any liquidator, who fails to comply with the provisions of this section commits an offence and shall be liable to a fine not exceeding twenty pounds.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 58—Exemption from Stamp Duty.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) In the official winding up of a company under this Part of this Act,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) every assurance relating solely to freehold or leasehold property, or to any mortgage, charge or other encumbrance on, or any estate, right or interest in, any real or personal property, which forms part of the assets of the company and which, after the execution of the assurance, either at law or in equity, is or remains part of the assets of the company; and</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) every power of attorney, proxy paper, writ, order, certificate, affidavit, bond or other instrument or writing relating solely to the property of any company which is being so wound up, or to any proceedings under any such winding up,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">shall be exempt from duties chargeable under any enactment relating to stamp duties.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) In this section the expression "assurance" includes deed, conveyance, assignment and surrender.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 59—Rules and Fees.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The Minister may, by legislative instrument, make Rules, other than rules of court, prescribing fees to be paid under this Act and providing for any matter which under this Act is to be provided for by rules or which otherwise relates to procedure under this Act.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">PART II—OFFICIAL LIQUIDATION OF OTHER BODIES CORPORATE</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 60—Winding up of other Bodies Corporate.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Subject to the provisions of this Part of this Act, any body corporate which,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a)&nbsp; has or had an office or place of business in Ghana, or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b)&nbsp; has assets situated in Ghana,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">may be wound up by way of official liquidation under this Act and all the provisions of Part I of this Act shall apply to such body corporate as if it were a company.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 61—Exclusion of certain Bodies Corporate.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Notwithstanding the provisions of the immediately preceding section the following bodies corporate shall not be wound up under this Act, namely,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) a firm incorporated under the Incorporated Private Partnerships Act, 1962, (Act 152);</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b)&nbsp; any body corporate formed by or under any enactment for the time being in force in Ghana which makes specific provision for the winding up of bodies corporate formed by or under it.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 62—Application to Foreign Bodies Corporate.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) A body corporate incorporated outside Ghana may be wound up under this Act notwithstanding that it has been dissolved or otherwise ceased to exist under or by virtue of the laws of the country under which it was incorporated.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Where an order is made for the official winding up of a body corporate incorporated outside Ghana the Court may, if it thinks fit, either in the winding up order or on subsequent application by the liquidator, direct that the branch of such body corporate in Ghana shall be treated as a separate body corporate and that only the assets and liabilities situate in Ghana shall be deemed to be the assets and liabilities thereof, and may further direct that all transactions by or with such branch shall be deemed to be validly done notwithstanding that they occurred after the date when the body corporate was dissolved or otherwise ceased to exist under or by virtue of the laws of the country under which it was incorporated.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 63—Winding Up by Court only.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">A body corporate shall not be wound up except on a petition to the Court in accordance with section 4 of this Act.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 64—Grounds for Winding Up.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">In its application to bodies corporate the following shall be substituted for subsection (2) of section 4 of this Act:</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">"(2) The Court may order the official winding up of a body corporate on such petition if,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) the body corporate is dissolved, or has ceased to carry on business, or is carrying on business only for the purpose of winding up its affairs,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b)&nbsp; the body corporate is unable to pay its debts,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) the Court is of the opinion that the business or objects of the body corporate or any of them are unlawful or that the body corporate is being operated for any illegal purpose or is carrying on a business or operations not authorised by its constitution, or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) the Court is of the opinion that it is just and equitable that the body corporate should be wound up,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">and in determining whether the body corporate is unable to pay its debts the provision of subsection (3) of section 3 of this Act shall apply".</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">PART III—MISCELLANEOUS</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 65—Regulations.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The Minister may, by legislative instrument, make Regulations for any thing or matter to be prescribed under this Act and for the better carrying into effect the provisions of this Act.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 66—Interpretation.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">In this Act unless the context otherwise requires,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"body corporate" means a corporation incorporated in Ghana or elsewhere, not being a company or a corporation sole such as an incorporated office;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"company" has the same meaning as in the Companies Code, 1963 (Act 179);</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"contributory" includes any person liable to contribute to the assets of a company in the event of its being wound up, and any person alleged to be a contributory for the purposes of all proceedings for determining, and all proceedings prior to the final determination of, the persons who are to be deemed to be contributories;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"Court" means the High Court;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"Minister" means the Minister responsible for companies;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"official winding up" means a winding up under Part I of this Act;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"property" means movable or immovable property;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"provable debt" means an obligation, the value of which is capable of assessment in money, being,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) any obligation which, apart from this Act, would have been enforceable by the creditor against the company at the date on which the winding up commenced; or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) any existing or future obligation, other than an obligation unenforceable by virtue of the law relating to limitation of actions, which, by reason of some transaction which took place before the said date, might, apart from this Act, have become enforceable by the creditor against the company after that date,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">and references in this Act to the value of a provable debt shall be references to its value apart from this Act on the said date;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"Registrar" means the Registrar of companies.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 67—Commencement.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">This Act shall come into operation at the same time as the Companies Code, 1963 (Act 179).</span></p></span></span>', 'FIRST', 'Yes', 'ACT 180');
INSERT INTO `actsofghana` (`id`, `title`, `content`, `republic`, `isshow`, `actname`) VALUES
(31, 'BOOK AND NEWSPAPER REGISTRATION ACT, 1961 (ACT 73)', '<span class="Apple-style-span" style="border-collapse: separate; color: #000000; font-family: ''Times New Roman''; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; font-size: medium;"><span class="Apple-style-span" style=""><p class="MsoNormal" style="text-align: center;"><b><span style="font-family: Arial;">BOOK AND NEWSPAPER REGISTRATION ACT, 1961 (ACT 73)</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">As amended by</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">THE BOOK AND NEWSPAPER REGISTRATION (AMENDMENT) ACT, 1963 (ACT 193)1</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;ARRANGEMENT OF SECTIONS</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Section</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">PART I—REGISTRATION OF BOOKS AND NEWSPAPERS</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">1. Three copies of books to be delivered to Government within a month of being printed.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">2. Catalogue to be kept.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">3. Publication of memoranda registered.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">4. Penalty for non-delivery of books by printer.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">5. Penalty for non-supply of books by publisher.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">6. Regulations.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">7. Government publications.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">PART II—REGISTRATION OF NEWSPAPER PROPRIETORS</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">8. Register of newspaper proprietors.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">9. Annual return to be made.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">10. Penalty for omission to make return.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">11. Return of change in proprietorship.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">12. Return of change of editor, publisher or printer.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">13. Penalty for wilful misrepresentation in or omission from return.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">14. Registrar to enter returns in register.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">15. Certified copies in, and extracts from, register to be evidence.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">16. Printers to print name, etc., on every newspaper.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">17. Power to make regulations.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">18. Interpretation.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">19. Repeals and savings.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">SCHEDULES</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">First Schedule</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Second Schedule</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Form A</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Form B</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Form C</span></p><p class="MsoNormal" style="text-align: center;"><span style="font-family: Arial;">&nbsp;</span><span style="font-family: Arial;">SEVENTY-THREE</span></p><p class="MsoNormal" style="text-align: center;"><span style="font-family: Arial;">ACT OF THE PARLIAMENT OF THE REPUBLIC OF GHANA</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">ENTITLED</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">THE BOOK AND NEWSPAPER REGISTRATION ACT, 1961</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">AN ACT to consolidate with amendments enactments providing for the preservation of copies of books printed in Ghana and the registration of books and newspapers.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">DATE OF ASSENT: 10th August, 1961</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">BE IT ENACTED by the President and the National Assembly in this present Parliament assembled as follows:—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">PART I—REGISTRATION OF BOOKS AND NEWSPAPERS</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 1—Three Copies of Books to be Delivered to Government Within a Month of Being Printed.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) For the purposes of this Part "book" includes every volume, part or division of volume, pamphlet, sheet of letterpress, newspaper, sheet of music, map, chart, or plan separately produced, but does not include price lists, trade circulars, trade advertisements, or other legal or business documents.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) A printed copy of every book which is published in Ghana together with all maps, prints or other engravings belonging thereto, and also of any second or subsequent edition which is published shall or shall continue to be, within one month after the day on which such book is first taken out of the press and notwithstanding any agreement between the printer and publisher about the publication of such book, delivered free of charge by the printer to each person or institution specified in the First Schedule to this Act, and the said book shall be delivered with a memorandum containing the particulars mentioned in section 2(2) of this Act.[As substituted by The Book and Newspaper Registration (Amendment) Act, 1963 (Act 193) s. (a)].</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) The President, on the advice of the Cabinet, may, by legislative instrument, amend the said First Schedule to this Act as respects any class or description of book specified in the instrument. [As substituted by The Book and Newspaper Registration (Amendment) Act, 1963 (Act 193) s. (a)].</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) The publisher or other person employing the printer shall supply him—</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) within a reasonable time before the expiration of the time specified in subsection (2), with all maps, prints, and engravings finished and coloured which may be necessary to enable him to comply with the requirements of this section,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) with any information required for the preparation of the memorandum referred to in section 2 (2) of this Act.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) A written receipt shall be given by the officer or person, to whom any copies of books are delivered under this Act.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 2—Catalogue to be Kept.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) There shall continue to be "A Catalogue of Books and Newspapers printed in Ghana", for the registration of books.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Any person registering a book under this section shall submit to the officer in charge of the catalogue referred to in subsection (1) a memorandum on the book containing (so far as may be practicable) the following particulars:</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) the title of the book and the contents of the title page with a translation into English of the title and contents when they are not in the English language;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) the language in which the book is written;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) the name of the author, translator, or editor of the book;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) the subject;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(e) the place of printing and the place of publication;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(f) the name or firm of the printer, and the name or firm of the publisher;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(g) the date of issue from the press or of the publication;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(h) the number of sheets, leaves, or pages;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(i) the size;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(j) the number of the edition;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(k) the number of copies of which the edition consists;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(l) the price at which the book is sold to the public; and</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(m) the name and residence of the proprietor of the copyright or of any portion of such copyright.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 3—Publication of Memoranda Registered.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The memorandum registered during each quarter in the catalogue shall be published in the Gazette, as soon as may be after the end of such quarter.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 4—Penalty for Non-Delivery of Books by Printer.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Every printer who contravenes any provision of section 1 (2) of this Act shall be liable to a fine not exceeding five pounds.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 5—Penalty for Non-Supply of Books by Publisher.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Every publisher or other person employing any printer who neglects to supply him with any matter or information required under section 1 of this Act which may be necessary to enable the printer to comply with the provisions of this Act, shall be liable to a fine not exceeding five pounds.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 6—Regulations.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulations may provide for the exclusion of any class of books from the operation of the whole or any section of this Part.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 7—Government Publications.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">This Part shall not apply to books printed by the Government Printer for or on behalf of the Government, except as directed by the Minister.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">PART II— REGISTRATION OF NEWSPAPER PROPRIETORS</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 8—Register of Newspaper Proprietors.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">There shall continue to be a register of the proprietors of newspapers.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 9—Annual Returns to be Made.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) It shall be the duty of the printers and publishers of every newspaper to make or cause to be made to the registry office within one month after its first publication, and thereafter annually in the month of January in every year, a return of the following particulars in the form set out in Form A in the Second Schedule to this Act, namely—</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) the title of the newspaper;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) the name and place of residence of the editor;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) the name, place of business, and place of residence of the publisher;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) the name, occupation, place of business and place of residence of any proprietor;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(e) the name, place of business, and place of residence of the printer; and</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(f) the total circulation for the year prior to the making of the return, and the average daily, weekly, or other circulation, as the case may be, for that year.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) No return of circulation shall be required during the first year of publication. [As amended by The Book and Newspaper Registration (Amendment) Act, 1963 (Act 193), s(b)]</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 10—Penalty for Omission to Make Return.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">If no return is made as to any newspaper within the period referred to in section 9 of this Act, then each printer and publisher of the newspaper shall be liable to a fine of twenty-five pounds and in addition shall be ordered to make a return within a specified time.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 11—Return of Change in Proprietorship.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Any person who was a party to a transfer of or dealing with any share or interest in any newspaper whereby any person ceases to be a proprietor, or any new proprietor is appointed, may at any time make or cause to be made to the registry office a return according to Form B in the Second Schedule to this Act and containing the particulars therein set forth. [As amended by The Book and Newspaper Registration (Amendment) Act, 1963 (Act 193), s(b)]</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 12—Return of Change of Editor, Publisher or Printer.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">When any person is appointed as a new editor, publisher or printer, as the case may be, of a newspaper, he shall within seven days of his appointment make or cause to be made to the registry office a return according to Form C in the Second Schedule to this Act and containing the particulars therein set forth and any failure so to do shall render the offender liable to a fine not exceeding fifty pounds. [As amended by The Book and Newspaper Registration (Amendment) Act, 1963 (Act 193), s(b)].</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 13—Penalty for Wilful Misrepresentation in or Omission from Return.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">If any person knowingly and wilfully makes or causes to be made any return required or permitted to be made by this Act in which he inserts the name of any person as a proprietor of a newspaper who is not a proprietor thereof, or in which there is any misrepresentation, or from which there is an omission in respect of any of the particulars required to be contained therein whereby such return is misleading; or if any editor, publisher, proprietor or printer of a newspaper knowingly and wilfully permits any such return to be made which is misleading as to any of the particulars with reference to his own name, occupation, or place of business or residence; then and in every such case every such offender shall be liable to a fine not exceeding one hundred pounds.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 14—Registrar to Enter Returns in Register.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">It shall be the duty of the Registrar forthwith to register every return made in conformity with this Part in a book to be called "The Register of Newspaper Proprietors".&nbsp; Any person may search and inspect the book during the hours of business at the registry office; and any person may, on payment of a fee of one shilling, require a copy of any entry in or an extract from the book to be certified by the Registrar.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 15—Certified Copies in, and Extracts from, Register to be Evidence.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Every copy of an entry in and every extract from the register purporting to be certified by the Registrar shall be received as proof of the contents of the register so far as it appears in that copy or extract, without proof of the signature thereto; and every certified copy or extract shall in all proceedings, civil or criminal, be accepted as prima facie evidence of all the matters thereby appearing, unless the contrary is otherwise shown.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) A certificate purporting to be signed by the Registrar that he has received no return, or no return before a certain date, with regard to a particular newspaper shall in all proceedings, civil or criminal, be accepted as prima facie evidence of the fact of such non-receipt.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 16—Printers to Print Name, Etc., on Every Newspaper.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The printer of every newspaper shall print on the first or last page of it his name and occupation and place of residence, and the name of the editor and the name of the publisher.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Any person who prints any newspaper without complying with the requirements of subsection (1) or sells, publishes, disperses or assists in publishing or dispersing any newspaper on which the name and occupation and place of residence of the printer and the names of the editor and the publisher are not printed shall for every copy so printed, sold, published, or dispersed be liable to a fine not exceeding five pounds.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 17—Power to make Regulations.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The Minister by legislative instrument may make regulations for giving effect to the provisions of this Act.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 18—Interpretation.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">In this Act, unless the context otherwise requires—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"book" has the meaning given to it by section 1 (1) of this Act;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"Minister" means the Minister responsible for Information;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"newspaper" means any paper containing public news or occurrences, or any remarks or observations thereon printed for sale and published periodically or in parts or numbers at intervals not exceeding two months between the publication of any two such papers, parts or numbers;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"occupation" when applied to any person means his trade or following, and, if none, then his rank or usual title;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"place of residence" includes the street or quarter or place where the person to whom it refers resides;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"printed" as applied to books, means produced by printing, lithography, or any other like process;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"printer" has a corresponding meaning;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"Registrar" means the Registrar-General;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"registry office" means the principal office for the time being of the Registrar.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 19—Repeals and Saving.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The Book and Newspaper Registration Ordinance (Cap. 124) and the Newspaper Registration Ordinance (Cap. 125) are repealed.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Every statutory instrument made under any of the enactments repealed by this Act and in force immediately before the commencement of this Act shall continue in force as if made under the corresponding provision of this Act.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">FIRST SCHEDULE</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(Bodies to be supplied with books)</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Ghana Library Board</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The Registrar-General</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The Library of the University of Ghana</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The Library of the Kwame Nkrumah University of&nbsp; Science and Technology</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The Library of the University College of Cape Coast</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The Library of the Ghana Academy of Sciences and</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The Library of the Kwame Nkrumah Institute of Economics and Political Science. [As inserted by Book and Newspaper Registration (Amendment) Act, 1963 (Act 193) s.(c).]</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">SECOND SCHEDULE</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">FORM A</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(Section 9)</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">ANNUAL RETURN UNDER THE BOOK AND NEWSPAPER REGISTRATION ACT, 1961</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;PARTICULARS OF NEWSPAPER REQUIRED</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;Name of person making the Return ..............................................................................</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;Office&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Name of Editor&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Editor''s Residence&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Name(s) of Publisher(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Place of Business&nbsp; of Publisher(s)&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Place of Residence of Publisher(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Name(s) of Proprietor(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Place(s) of Business of Proprietor(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Place(s) of Residence of Proprietor(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Name of Printer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Place of Business of Printer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Place of Residence of Printer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Period of publication&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Circulation for previous year</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;(i) Total</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(ii) Average per issue. (Not required on first registration)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; (k)&nbsp;&nbsp;&nbsp; (l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (m) &nbsp;&nbsp;&nbsp;&nbsp; (n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;"><br></span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">This Return was made to me by&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; on the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; day of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Registrar.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">FORM B</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(Section 11)</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">RETURN OF CHANGE IN PROPRIETORSHIP UNDER THE BOOK AND NEWSPAPER REGISTRATION ACT, 1961</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;Title of Newspaper&nbsp;&nbsp;&nbsp; Names of persons who cease to be proprietors &nbsp; Names of persons who become proprietors&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Occupation of new proprietors &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Places of business of new proprietors &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Places of residence of new proprietors&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br></span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">This Return was made to me by&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; on the&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;day of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.........</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Registrar.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">FORM C</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(Section 12)</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">RETURN OF CHANGE OF EDITOR, PRINTER OR PUBLISHER UNDER THE BOOK AND NEWSPAPER REGISTRATION ACT, 1961</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Name of person making the Return .................................................................................</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title of Newspaper</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name(s) of new person(s) appointed</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capacity in which appointed</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Place of business of new person appointed</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Place of residence of new person appointed</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Title of Newspaper</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">This Return was made to me by&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; on the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; day&nbsp; of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Registrar.</span></p></span></span>', 'FIRST', 'Yes', 'ACT 73');
INSERT INTO `actsofghana` (`id`, `title`, `content`, `republic`, `isshow`, `actname`) VALUES
(32, 'CHARTERED ACCOUNTANTS ACT, 1963 (ACT 170)', '<span class="Apple-style-span" style="border-collapse: separate; color: #000000; font-family: ''Times New Roman''; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; font-size: medium;"><span class="Apple-style-span" style=""><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;ARRANGEMENT OF SECTIONS</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Section</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">PART I—THE INSTITUTE</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Establishment and Membership</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">1. Establishment of Institute.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">2. Incorporation of Institute.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">3. Meetings of Institute.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">4. Membership of Institute.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">5. Fees for membership.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">6. Style of members.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Council of the Institute</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">7. Constitution of Council.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">8. Term of office of members of the Council.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">9. Functions of Council.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">10. Officers of the Council.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">11. Financial provisions.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">12. Meetings of the Council.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">PART II—PRACTISING ACCOUNTANTS</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">13.&nbsp; Practising Accountants.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">PART III—QUALIFICATIONS AND RESTRICTIONS</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Enrolment and Registration</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">14. General disqualifications.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">15. Striking off and cancellation of registration.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">16. Inquiries by disciplinary committees.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">17. Suspension.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">18. Appeals to the High Court.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">19. Meaning of "professional misconduct".</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Restrictions</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">20. Restriction on practising as accountant.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">21. Restrictions as to use of titles conferred under this Act.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">PART IV—MISCELLANEOUS PROVISIONS</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">22.&nbsp; Offences and penalties.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">23.&nbsp; Meaning of "practice".</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">24.&nbsp; Regulations.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">25.&nbsp; Amendment of Schedules.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">26.&nbsp; Transitional Provisions.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">27.&nbsp; Interpretation.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">SCHEDULES</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">First Schedule—Meetings of the Institute</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Second Schedule</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Third Schedule</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Fourth Schedule</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: center;"><span style="font-family: Arial;">THE HUNDRED AND SEVENTIETH</span></p><p class="MsoNormal" style="text-align: center;"><img src="coatofarms_small.jpg" border="0" width="108" height="89"></p><p class="MsoNormal" style="text-align: center;"><span style="font-family: Arial;">ACT OF THE PARLIAMENT OF THE REPUBLIC OF GHANA</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">ENTITLED</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">THE CHARTERED ACCOUNTANTS ACT, 1963</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">AN ACT to establish an Institute of Chartered Accountants and to make provision for the conduct of examinations by the Institute and other matters connected with the accountancy profession.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">DATE OF ASSENT: 19th April, 1963</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">BE IT ENACTED by the President and the National Assembly in this present Parliament assembled as follows:—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">PART I—THE INSTITUTE</span></p><p class="MsoNormal" style="text-align: justify;"><i><span style="font-family: Arial;">Establishment and Membership</span></i></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 1—Establishment of Institute.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">There shall be established an Institute to be known as the Institute of Chartered Accountants (Ghana).</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 2—Incorporation of Institute.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The Institute shall be a body corporate having perpetual succession and may sue and be sued in its corporate name.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The Institute shall have a common seal and may hold, acquire and dispose of any property, movable or immovable.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) The common seal of the Institute shall be kept in such custody as the Council may from time to time determine, and shall not be affixed to any document or instrument except by order of the Council, and in the presence of two members of the Council who shall sign any such document or instrument independently of the signature of any person who may have signed the document or instrument as a witness.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 3—Meetings of Institute.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">First Sch.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Meetings of members of the Institute shall be held in accordance with the provisions of the First Schedule to this Act.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 4—Membership of Institute.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Subject to the provisions of section 14 of this Act,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) a person who passes the qualifying examinations for membership of the Institute to be conducted by the Council under this Act, and completes practical training of such description and for such period as may be prescribed by the Council;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) a person who is a member of any society or institute of accountants by whatever name called and approved by Regulations made by the Council as being in the opinion of the Council an association of equivalent status to the Institute,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">shall be eligible for membership of the Institute:</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">Provided that a person admitted to membership of the Institute under paragraph (b) of this subsection shall not be entitled to use the title referred to in section 6 of this Act unless he has passed the qualifying examinations for membership of the Institute; but any such person may use any title to which he is entitled by virtue of any qualification he possesses.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Notwithstanding the approval of any society or institute mentioned in paragraph (b) of the preceding subsection, the Council may declare that any specified class or description of members of any such society or institute shall not be eligible for membership of the Institute.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) Regulations made by the Council prescribing practical training&nbsp; for the purposes of paragraph (a) of subsection (1) of this section, may contain such special provision as the Council may deem expedient declaring that a person,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) who had commenced, prior to the commencement of this Act, and completed or completes, whether prior to or after that date, training of such description and duration as may be specified in the Regulations; or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) who has service in a post and who completes training of such description and duration as may be specified in the Regulations,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">shall be deemed to have completed the training prescribed for the purposes of the said paragraph (a).</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) Regulations made by the Council by which any society or institute is approved for the purposes of paragraph (b) of subsection (1)&nbsp; of this section may provide, as a condition of such approval, that a member of any such society or institute shall not be eligible for membership of the Institute unless he has undergone such training or has acquired such practical experience in the subject of accountancy, as may be specified or described in the Regulations.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 5—Fees for Membership.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Subject to the provisions of section 14 of this Act, a person who is eligible for membership of the Institute shall be enrolled as a member upon the payment to the Council of an entrance fee and an annual subscription the amounts of which shall be prescribed by the Council from time to time.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Fees shall be paid to the secretary of the Council.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) All annual subscriptions payable under this section shall be due and payable on the first day of January in each year or, in the case of members admitted after that date, on the date of admission.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 6—Style of Members.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Save as otherwise provided in subsection (1) of section 4 of this Act, every member of the Institute not being a practising accountant shall be entitled to take and use the title "Chartered Accountant" and shall have the right to use the expression "C.A." after his name to indicate that he is such a member.</span></p><p class="MsoNormal" style="text-align: justify;"><i><span style="font-family: Arial;">Council of the Institute</span></i></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 7—Constitution of Council</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The governing body of the Institute shall be the Council which shall consist of eleven members all of whom shall be members of the Institute.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Four members of the Council shall be appointed by the Minister and seven members, of whom not more than four shall be accountants in active practice, shall be elected by members of the Institute at a general meeting.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) The Council shall from among its members elect a President and a Vice-President.</span></p><p class="MsoNormal" style="text-align: justify;"><i><span style="font-family: Arial;">Second Sch</span></i><span style="font-family: Arial;">.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) The Council shall not perform any function imposed or conferred upon it by this Act unless the President of the Republic has, by Instrument in the form set out in the Second Schedule to this Act, appointed the day on which the Council shall commence to perform its functions.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 8—Term of Office of Members of the Council.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Every member of the Council shall, unless he earlier vacates his office, hold office for a period of two years from the date of his appointment or election.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) A member of the Council shall vacate office by writing under his hand addressed to the Minister or, as the case may be, to the President of the Institute or if he ceases to be a member of the Institute.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) In the event of the death of, or vacation of office by, a member of the Council,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) where such member was appointed by the Minister, the Minister shall appoint another person; and</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) where such member was elected, the Council shall co-opt another person till the holding of the next annual general meeting.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) Any member of the Council who vacates office by effluxion of time shall be eligible for re-appointment or re-election as a member.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 9—Functions of Council.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The Council shall be charged with the administration and management of the Institute and shall be responsible for carrying out the provisions of this Act and the functions conferred upon the Council by this Act.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) It shall be the duty of the Council,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) to conduct or provide for the conduct of the qualifying examinations for membership of the Institute or for registration as a registered accountant under this Act and to prescribe or approve courses of study for such examinations;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) to supervise and regulate the engagement, training and transfer of articled clerks;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) to specify the class of persons who shall have the right to train articled clerks and to specify the circumstances in which any person of that class may be deprived of that right;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) to maintain and publish a register of chartered accountants and of practising accountants;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(e) to secure the maintenance of professional standards among persons who are members of the Institute and to take such steps as may be necessary to acquaint such persons with the methods and practices necessary to maintain such standards;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(f) to maintain a library of books and periodicals relating to accountancy and to encourage the publication of such books; and</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(g) to encourage research in the subject of accountancy and generally to secure the well being and advancement of the profession of accountants.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 10—Officers of the Council.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The Council may appoint a secretary and such other officers and employees as it may deem necessary.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 11—Financial Provisions.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The Council shall establish and maintain a fund under its management and control into which shall be paid all moneys received by the Council by way of grants-in-aid from the Government or otherwise and out of which shall be met all expenses and liabilities incurred by the Council in carrying out its functions under this Act.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The Council may invest moneys in the fund in any securities of the Government or in any other securities approved by the Council.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) The Council may from time to time borrow money for the purposes of the Institute and may pay interest thereon out of the funds of the Institute.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) The annual accounts of the Council shall be subject to audit by a member of the Institute, not being a member of the Council, in practice as a chartered accountant who shall be appointed for the purpose each year by&nbsp; the members at the annual general meeting.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) The accounts for the preceding year as audited shall be approved by the members at the annual general meeting.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 12—Meetings of the Council.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The Council shall meet at least once in each month, at such time and place as it may determine.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) A meeting of the Council may at any time be called by the President or Vice-President, or at the request in writing, addressed to the secretary, of five members of the Council.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) Notice in writing of a meeting of the Council shall be delivered or sent to each member of the Council at least seven clear days before such meeting, excluding the day on which the notice is delivered or sent and the day on which the meeting is to be held.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) The notice shall contain, as far as is practicable, a statement of the business to be transacted at the meeting and the same shall be deemed to have been duly delivered or sent unless the contrary is shown; and accordingly, subject to the provisions of this section the non-receipt of any notice by any member shall not affect the validity of the proceedings of any such meeting:</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">Provided that whenever the President or Vice-President certifies in writing that an emergency exists, the notice calling for the emergency meeting may be delivered or sent only one clear day before such meeting, excluding the day on which the notice is delivered or sent and the day on which the meeting is to be held; and in any such case the non-existence in fact of the supposed emergency shall not affect the validity of the proceedings of the meeting.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) The President, or in his absence the Vice-President, shall preside at all meetings of the Council and in the absence of both the President and the Vice-President the members present at the meeting shall elect one of their number to preside.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(6) Subject to the provisions of this Act, the person presiding at any meeting of the Council may, with the consent of the meeting, adjourn the meeting from time to time and from place to place; but no business shall be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(7) No notice need be given of any adjourned meeting unless it be so directed in the resolution for the adjournment.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(8) Five members of the Council shall form a quorum at any meeting of the Council.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(9) Proper minutes shall be recorded of all resolutions and proceedings of meetings of the Council and of any committees thereof; and every minute signed by the person presiding at the meeting to which it relates, or at a subsequent meeting, shall be sufficient evidence of the facts therein stated.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">PART II—PRACTISING ACCOUNTANTS</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 13—Practising Accountants.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Subject to the provisions of section 16 of this Act, any person, not being a chartered accountant, who holds any of the qualifications prescribed by the Council for the purposes of this section shall be eligible to be registered as an accountant.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) A person who is eligible to be registered as an accountant under this section shall be so registered upon payment of the prescribed fees.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) Every person who is registered under this section as an accountant shall be known as a practising accountant and shall be entitled to use the expression "P.A." after his name to indicate that he is registered as such.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">PART III—QUALIFICATIONS AND RESTRICTIONS</span></p><p class="MsoNormal" style="text-align: justify;"><i><span style="font-family: Arial;">Enrolment and Registration</span></i></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 14—General Disqualifications.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">No person shall be enrolled as a member of the Institute as a chartered accountant or be registered under section 13 of this Act as a practising accountant,</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">(a) unless he has,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 72pt;"><span style="font-family: Arial;">(i) attained the age of twenty-one years,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 72pt;"><span style="font-family: Arial;">(ii) paid the prescribed fees;</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">(b) if he has been,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 72pt;"><span style="font-family: Arial;">(i) adjudged by a court of competent jurisdiction to be of unsound mind;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 72pt;"><span style="font-family: Arial;">(ii) convicted by a court of competent jurisdiction whether in Ghana or elsewhere of any offence involving fraud or dishonesty;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) if, having been adjudged an insolvent or bankrupt, he has not been granted by a court of competent jurisdiction a certificate to the effect that his insolvency or bankruptcy has arisen wholly or partly from unavoidable losses or misfortunes;</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 15—Striking off and Cancellation of Registration.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Subject to the provisions of the next succeeding section, the Council may strike off the register of the Institute the name of a chartered accountant, or cancel the registration of a practising accountant, if satisfied that he is unfit to practise the profession of an accountant by reason that he has been guilty of professional misconduct or has become subject to any disqualification mentioned in paragraphs (b) and (c) of section 14 of this Act.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The Council may strike off the register of the Institute the name of a chartered accountant or cancel the registration of a practising accountant, if the prescribed fees remain unpaid for a period exceeding four months.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) A person whose name has been struck off the register of the Institute or whose registration has been cancelled under subsection (1) of this section may have his name or registration restored if the Council is satisfied that he has become subsequently a fit and proper person to practise the profession of an accountant.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 16—Inquiries by Disciplinary Committees.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The name of any person shall not be struck off the register of the Institute nor shall a registration be cancelled unless a disciplinary committee has, after due inquiry, made a report to the Council that the person concerned has been guilty of professional misconduct.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Where the Council has reasonable cause to believe, whether upon complaint made to it or otherwise, that any person who is a chartered accountant or a practising accountant has been guilty of professional misconduct, the Council may appoint a disciplinary committee for the purpose of holding an inquiry into the conduct of that person.</span></p><p class="MsoNormal" style="text-align: justify;"><i><span style="font-family: Arial;">Third Sch</span></i><span style="font-family: Arial;">.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) The provisions of the Third Schedule to this Act shall apply in relation to the constitution of, and the procedure to be followed by, disciplinary committees appointed under this section, the proceedings at inquiries held by such committees and the powers exercisable by such committees.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 17—Suspension.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The Council may, in lieu of exercising its powers under section 15 of this Act, suspend the person concerned from membership of the Institute or withhold his registration under section 13 of this Act, for such period as the Council may deem fit.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 18—Appeals to the High Court.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Any person aggrieved by a decision of the Council under section 15 or section 17 of this Act, may appeal against that decision to the High Court.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Every appeal under subsection (1) of this section against a decision shall be,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) made by petition in writing bearing a stamp of one guinea;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) lodged within three months after the date of that decision; and</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) heard and decided by a Judge of the High Court after such summary inquiry as that Judge may deem requisite.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 19—Meaning of "Professional Misconduct".</span></b></p><p class="MsoNormal" style="text-align: justify;"><i><span style="font-family: Arial;">Fourth Sch</span></i><span style="font-family: Arial;">.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">For the purposes of this Act, "professional misconduct" means any act or omission which is for the time being specified in the Fourth Schedule to this Act.</span></p><p class="MsoNormal" style="text-align: justify;"><i><span style="font-family: Arial;">Restrictions</span></i></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 20—Restrictions on Practising as Accountant.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) No person who is not a chartered accountant or is not a practising accountant shall carry on practice as defined in section 23 of this Act.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) No person who is a chartered accountant or is a practising accountant shall practise as an accountant unless he is the holder of a certificate to practise which is for the time being in force.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) Every certificate to practise shall be issued by the Council upon payment of the prescribed annual subscription.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) Every certificate to practise shall be in force until the thirty-first day of December of the year of issue of that certificate, and may from time to time be renewed upon payment of the prescribed annual subscription.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) The preceding provisions of this section shall come into operation six months after the coming into force of this Act.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 21—Restrictions as to Use of Titles Conferred under this Act.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) No person, not being a chartered accountant, shall take or use the title "Chartered Accountant".</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Notwithstanding anything contained in the preceding subsection, any firm of accountants, each of the partners of which is a member of the Institute not being a practising accountant, may take and use the title "Chartered Accountants".</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) No person, not being a person for the time being registered under section 13 of this Act shall take or use the title "Practising Accountant".</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) Notwithstanding anything contained in the immediately preceding subsection, any firm of accountants, each of the partners of which is a practising accountant may take and use the title "Practising Accountants".</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">PART IV—MISCELLANEOUS PROVISIONS</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 22—Offences and Penalties.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Any person who contravenes any provision of this Act commits an offence and shall be liable to imprisonment for a term not exceeding one year or to a fine not exceeding one hundred pounds or to both such imprisonment and fine.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 23—Meaning of "practice".</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) For the purposes of this Act, a person shall be deemed to practise as an accountant if, in consideration of remuneration received or to be received, and whether by himself or in partnership with any other person, he,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) engages himself in the practice of accountancy or holds himself out to the public as an accountant;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) offers to perform or performs service involving the auditing or verification of financial transactions, books, accounts or records or the preparation, verification,&nbsp; or certification of financial accounting and related statements;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) renders professional service or assistance in or about matters of principle or detail relating to accounting procedure or certification of financial facts or data; or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) renders any other service which may be prescribed by the Institute by Regulations to be service constituting practice as an accountant.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) A person who is a salaried employee of the Government or of any other employer shall not, by reason only that he does any act referred to in the preceding subsection in his capacity as such employee, be deemed to practise as an accountant.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 24—Regulations.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The Council may, by legislative instrument and with the prior approval of the Minister, make Regulations for or in respect of any matter required or authorised by this Act to be prescribed or of any matter relating to, or connected with, its functions under this Act or the proper exercise, discharge or performance thereof.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 25—Amendment of Schedules.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The Minister may, upon the recommendation of the Council, by legislative instrument, amend, alter or add to or revoke any or all of the provisions of the Schedules to this Act.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 26—Transitional Provisions.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Notwithstanding anything contained in the preceding sections of this Act, the following provisions shall apply in relation to the first enrolment of members of the Institute and the constitution of the first Council to hold office under this Act, that is to say,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) all persons who are members of the Association of Accountants in Ghana on the date of the coming into operation of this Act shall be members of the institute as chartered accountants;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) the members of the Society of Ghanaian Practising Accountants shall, on the coming into operation of this Act, become members of the Institute as practising accountants;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) any other person practising as an accountant may, within three months of the coming into operation of this Act, submit an application for membership of the Institute to a committee of the first Council of the Institute and on approval for membership shall be registered as a practising accountant;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) the Council of the Association of Accountants in Ghana on the date of the coming into operation of this Act, enlarged by the addition of three members of the Council of the Society of Ghanaian Practising Accountants, shall be the first Council of the Institute and shall within three months of the coming into operation of this ACT convene a general meeting of members of the Institute for the purpose of electing a new Council.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) On the coming into operation of this Act the Association of Accountants in Ghana and the Society of Ghanaian Practising Accountants, being companies registered under the Companies Ordinance (Cap. 193), shall be deemed to have ceased to operate under that Ordinance and accordingly their names shall be struck off the register of companies in accordance with the provisions of the Companies Ordinance (Cap. 193).</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) All the assets and liabilities of, and any property vested in, the Association of Accountants in Ghana and the Society of Ghanaian Practising Accountants immediately before the coming into operation of this Act shall, without further authority than this subsection, vest in the Council established under section 7 of this Act.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) All employees of the Association of Accountants in Ghana and of the Society of Ghanaian Practising Accountants on the coming into operation of this Act shall, so far as may be practicable and subject to any direction by the Council, continue as employees of the Council in posts comparable to those which they held with the Association or the Society.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) Every contract in respect of any matter subsisting between the Association of Accountants in Ghana or the Society of Practising Accountants and any other person and in force immediately before the coming into operation of this Act shall, subject to any directions by the Council, be deemed to subsist between the Council and such other person.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 27—Interpretation.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">In this Act unless the context otherwise requires,—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"Council" means the Council established under section 7 of this Act;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"Institute" means the Institute established under section 1 of this Act;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"Minister" means the Minister responsible for higher education;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"President" means the President of the Institute, and</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"Vice-President" shall be construed accordingly.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">FIRST SCHEDULE</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(Section 3)</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">MEETINGS OF THE INSTITUTE</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">1. Annual Meeting.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The annual meeting of the Institute for the transaction of the ordinary annual business of the Institute namely,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) the election of members of the Council;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) the appointment of auditors; and</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) the reception and consideration of the annual report of the Council and accounts of the Institute with the auditors'' report thereon,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">shall be held in Accra or elsewhere in Ghana on the 30th day of April in every year or on such other day as the Council may from time to time appoint:</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">Provided that a meeting shall be held in every calendar year and that not more than fifteen months shall have elapsed since the date of the previous annual meeting.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">2. Special Meeting.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The Council may, whenever it thinks fit, convene a special meeting of the Institute and shall do so within twenty-one days from the receipt by the secretary of a requisition in writing signed by not less than twenty members and stating the object of the proposed meeting.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">3. Notice of Motion to be given.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">A member wishing to bring before the annual meeting any motion not related to the ordinary annual business of the Institute may do so provided that,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) notice in writing of the proposed motion is sent or given to the secretary and received by him not later than five weeks before the date of the annual meeting;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) not less than ten members entitled to vote at the annual meeting shall have sent or given notice in writing to the secretary and received by him not later than four weeks before the date of the annual meeting expressing their desire that the proposed motion should be brought before the annual meeting; and</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) the proposed motion relates to matters affecting the Institute or the accountancy profession.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">4. Notice of Meetings to be given.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The secretary shall, not less than fourteen days or more than twenty-one days before any annual or special meeting of the Institute, send to each member a notice giving the day, hour and place of the meeting and the business to be transacted thereat.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) In the case of the annual meeting the secretary shall send to each member with such notice a copy of the annual report of the Council and a copy of the accounts of the Institute with the auditors'' report thereon, a list of persons nominated or deemed to be nominated for membership of the Council or as auditors, and particulars of all motions to be brought before the meeting under the immediately preceding paragraph of this Schedule.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) The non-receipt by any member of such notice or of any of the aforesaid documents shall not invalidate the proceedings of the meeting to which they relate.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">5. Practising accountants shall be entitled to receive notices of meetings of the Institute and shall be entitled to speak and vote at such meetings.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">6. Chairman of Meeting</span></b><span style="font-family: Arial;">.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) At all meetings of the Institute the President or in his absence the Vice-President shall be chairman.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) In the absence of both the President and the Vice-President a chairman shall be elected from among the members of the Council present or in the absence of all of them, from among the members present.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">7. Quorum at Meeting.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Unless ten members be present at the annual meeting within fifteen minutes after the time appointed for the meeting, the meeting shall stand adjourned for a fortnight to be held at the same hour and place or, if such place shall not then be available, at such other place as the Council may determine.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) On the date to which the meeting was adjourned the meeting shall proceed to business notwithstanding that there may be less than ten members present.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) At a special meeting, unless fifteen members be present within fifteen minutes of the time appointed for the meeting, the meeting shall be dissolved.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">8. Adjournment of Meeting</span></b><span style="font-family: Arial;">.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Subject to the provisions of this Schedule, the chairman of any meeting of the Institute may, with the consent of the meeting, adjourn the meeting from time to time and from place to place.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) No business shall be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) No notice need be given of an adjourned meeting unless it be so directed in the resolution for adjournment.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">9. Voting at Meeting and Demand for Poll</span></b><span style="font-family: Arial;">.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Every resolution and amendment proposed and seconded at a meeting of the Institute shall be put to the meeting by the chairman and decided by a show of hands; and in the event of an equality of votes the chairman shall have a casting vote.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The declaration of the chairman as to the decision of the meeting shall be final.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) On such a declaration being made a poll of all members may be demanded in writing by at least twenty-five members present and entitled to vote at the meeting; but a poll shall not be taken on any resolution or amendment relating to the election of a chairman, the appointment&nbsp; of scrutineers or the adjournment of a meeting.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">10. Procedure when Poll Demanded</span></b><span style="font-family: Arial;">.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) On a poll being demanded at a meeting of the Institute, the chairman shall forthwith, or as soon as is reasonably practicable after the conclusion of the meeting at which the poll is demanded, state the resolution or amendment in the form of propositions which in his opinion will be most suitable to ascertain the sense of the members upon the substance of the resolution or amendment; and upon the manner of so stating the resolution or amendment the chairman''s decision shall be final.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Voting papers setting out the propositions so stated, together with any necessary notes and directions shall, within fourteen days after the meeting be issued by the Council to all members entitled to vote at the meeting at which the poll was demanded.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) All members wishing to vote on the propositions or any of them shall do so by sending the said voting papers to the Institute addressed to the scrutineers so as to be received by them not later than twenty-one days after the meeting.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">11. Appointment of Scrutineers</span></b><span style="font-family: Arial;">.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">At every meeting of the Institute at which a poll is demanded the meeting shall appoint five of their number as scrutineers, any three of whom shall be competent to act.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">12. Meeting of Scrutineers and Result of Poll</span></b><span style="font-family: Arial;">.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Where a poll has been demanded, the scrutineers shall meet not less than twenty-two days nor more than twenty-nine days after the meeting at which the poll was demanded and shall examine the voting papers.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Envelopes containing the voting papers may be opened either before or at such meeting of the scrutineers but may only be opened in the presence of at least one of the scrutineers.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) The scrutineers shall reject the vote of any member who, at the date of such meeting, was in arrears with any subscription or other sum payable by him under this ACT or Regulations made thereunder and may in their discretion reject any vote in which a member has failed to observe the notes and directions relating thereto or any other vote which in their view ought properly to be rejected.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) The scrutineers shall, as soon as practicable, report the result of the voting to the chairman of the meeting and shall include in the report a statement of the number of votes rejected by them and the reasons for such rejection.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) The chairman shall send a copy of the report to each member as soon as practicable and, where there is an equality of votes, the chairman shall have a casting vote; and in such a case shall declare when so sending the report to members the manner in which his casting vote is given and the result of the voting.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(6) The report of the scrutineers as to the result of the voting, or where given such declaration of the chairman, shall be conclusive.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(7) The voting shall take effect from the date of the report of the scrutineers save that where a meeting was adjourned to receive the report of the scrutineers the voting shall take effect from the date when the report was presented to the adjourned meeting.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(8) Where for any reason a chairman is unable to exercise any powers granted to him by this Schedule the power shall be exercised by any member of the Council who was present at the meeting and who is deputed by the Council to exercise such powers.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">13. Demand for Poll not to Prevent other Business.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The demand for a poll at a meeting shall not prevent the transaction of any business other than that on which the poll has been demanded.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">14. Minutes of Meeting</span></b><span style="font-family: Arial;">.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Proper minutes shall be recorded of all resolutions and proceedings of meetings of the Institute and every minute signed by the chairman of the meeting to which it relates or by the chairman of a subsequent meeting shall be sufficient evidence of the facts therein stated.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">SECOND SCHEDULE</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(Section 7 (4))</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(Coat of Arms)</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt; margin-left: 216pt;"><span style="font-family: Arial;">IN exercise of the powers conferred upon the President of the Republic by subsection (4) of section 7 of the Chartered Accountants Act, 1963 (Act 170) the ............. day of ............................, 1963 is hereby appointed the day on which the Council established under the said Act shall commence to perform the functions thereunto conferred upon it.</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt; margin-left: 216pt;"><span style="font-family: Arial;">By Command of the President. Minister</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp; <br></span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">THIRD SCHEDULE</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(Section 16 (3))</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) For the purposes of any inquiry to be held under section 16 of the Act, the Council shall appoint five persons, of whom at least three shall be from among its members, to constitute a disciplinary committee and shall appoint one of them to be chairman of the committee</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">(2) Where the person whose conduct is the subject of the investigation is a practising accountant membership of the disciplinary committee shall include a practising accountant.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) The Council shall cause a statement to be prepared setting out the charges to be investigated by the disciplinary committee, and the secretary of the Council shall transmit a copy of the statement to each member of the committee and to the person whose conduct is the subject of the investigation.</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">(2) Where the inquiry is to be held in consequence of a petition or complaint alleging misconduct by any person, the secretary of the Council shall, in addition, transmit a copy of that petition or complaint to that person and to each of the members of the disciplinary committee.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) The secretary of the Council shall give notice of the first date fixed for the inquiry to the person whose conduct is the subject of the investigation.</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">(2) Every such notice shall, at least fourteen days before the date fixed for the inquiry, be delivered by hand at, or sent through the post by registered letter addressed to, the last known address of that person.</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">(3) Where any person to whom a notice has been given under sub-paragraph (1) of this paragraph fails to appear in person or is not represented by counsel, the inquiry may be held by the disciplinary committee in his absence.</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">(4) Notice of any date to which the inquiry may be adjourned shall be given by the committee personally to the person whose conduct is the subject of inquiry or be given in manner provided in sub-paragraph (2) of this paragraph.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) If the Council is of the opinion that the evidence of any person, or the production by any person of any document is necessary to enable any matter to be investigated by a disciplinary committee, the Council shall direct the secretary of the Council to require the attendance of that person, or the production by that person of such document, at such time and place as may be specified in a notice which shall be delivered by hand at, or sent through the post by registered letter addressed to, the last known place of residence of that person.</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">(2) Any person who having been served with a notice under sub-paragraph (1) of this paragraph fails, without reasonable cause, to attend or to produce any document, as the case may be, at the time and place specified in the notice, commits an offence under this Act</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">(3) The secretary of the Council shall be the secretary of every disciplinary committee and every notice issued under this Schedule shall be signed by him.</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">(4) A disciplinary committee shall have power to administer oaths or affirmations to all persons who are required to give evidence before such committee, and any person who refuses to be sworn or affirmed, or to answer such questions as may be put to him concerning any matter in respect of which the inquiry is held, commits an offence under this Act.</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">(5) Any person who upon examination upon oath or affirmation before a disciplinary committee wilfully gives false evidence commits an offence under this Act.</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">(6) Any person whose conduct is the subject of investigation at an inquiry or who is in any way concerned or implicated in such inquiry may be represented by counsel at the inquiry.</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">(7) The Council may authorize any legal practitioner to assist the disciplinary committee as to the leading and taking of evidence.</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">(8) Every inquiry held by a disciplinary committee shall, unless the Council otherwise determines in any case be held in camera.</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">(9) Any question before a disciplinary committee shall be determined by the decision of the majority of the members of that committee.</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">(10) Upon the conclusion of an inquiry, the disciplinary committee shall prepare and transmit to the Council a report embodying the findings on the matters in respect of which the inquiry was held.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;<br></span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">FOURTH SCHEDULE</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(Section 19)</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;1. Each of the following acts on the part of a chartered accountant shall constitute professional misconduct, namely,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) allowing any other person to practise in his name as a chartered accountant unless such person is also a chartered accountant and is in partnership with or employed by himself;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) entering into partnership with any person other than a chartered accountant or securing, either through the services of a person not qualified to be a chartered accountant or by means which are not open to a chartered accountant, any professional business.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">2. Each of the following acts on the part of a practising accountant shall constitute professional misconduct, namely,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) allowing any other person to practice in his name as a practising accountant unless such person is also a practising accountant and is in partnership with or employed by himself;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) entering into partnership with any person other than a member of the Institute or securing, either through the services of a person not qualified to be a practising accountant or by means which are not open to a practising accountant, any professional business.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">3. Each of the following acts of omissions on the part of a chartered accountant or a practising accountant shall constitute professional misconduct, namely,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) paying or allowing or agreeing to pay or allow, directly or indirectly, to any person, other than a chartered accountant or a practising accountant or a retired partner or a nominee or the legal representative of such partner, any share, commission or brokerage out of the fee or profits for his professional services;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) accepting or agreeing to accept any part of the profits of the professional work of a legal practitioner, auctioneer, broker or other agent who is not a chartered accountant or a practising accountant;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) soliciting clients or professional work either directly or indirectly, by circular, advertisement, personal communication or interview or by any other means;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) advertising professional attainments or services;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(e) disclosing information acquired in the course of professional engagement to any person other than a client, without the consent of the client, or otherwise than as required by any law for the time being in force;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(f) accepting a position as auditor previously held by another chartered accountant or practising accountant without first communicating with him in writing;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(g) accepting an appointment as auditor of a company without first ascertaining from it whether the requirements of the law relating to the appointment of auditors have been duly complied with;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(h) certifying or submitting in his name or in the name of his firm a report of an examination of financial statements unless the examination of such statements and the related records have been made by him or by a partner or an employee in his firm;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(i) permitting his name or the name of his firm to be used in connection with an estimate of earning contingent upon future transactions in a manner which may lead to the belief that he&nbsp; vouches for the accuracy of the forecast;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(j) expressing his opinion on financial statements of any business or any enterprise in which he, his firm or partner in his firm has a substantial interest, unless he disclosed the interest also in his report;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(k) charging in respect of any professional employment, other than insolvency or receiverships, fees which are based on a percentage of profits or which are contingent on results;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(l) failing to disclose a material fact known to him which is not disclosed in a financial statement, but disclosure of which is necessary to make the financial statement not misleading;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(m) failing to report a material mis-statement known to him to appear in a financial statement with which he is concerned in a professional capacity;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(n) gross negligence in the conduct of professional duties;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(o) failing to obtain sufficient information to warrant the expression of an opinion;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(p) failing to keep moneys of a client in a separate banking account or to use such moneys for purposes for which they are intended; and</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(q) including in any statement, return or form to be submitted to the Council any particulars knowing them to be false.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">4. Notwithstanding anything to the contrary contained in paragraphs 1, 2, or 3 of this Schedule, a chartered accountant or a practising accountant, as the case may be, shall not be guilty of professional misconduct by reason only of any of the following acts, namely,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) entering into or being in partnership with any person outside Ghana who is a member of a society or institute of accountants of the description specified in paragraph (b) of subsection (1) of section 4 of this Act;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) securing professional business by reason of such partnership;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) allowing such partnership to be carried on in his name;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) paying or allowing or agreeing to pay or allow to any such partner any share out of the fees or profits.</span></p></span></span>', 'FIRST', 'Yes', 'ACT 170');
INSERT INTO `actsofghana` (`id`, `title`, `content`, `republic`, `isshow`, `actname`) VALUES
(33, 'CINEMATOGRAPH ACT, 1961 (ACT 76)', '\r\nAs amended by\r\n\r\nARRANGEMENT OF SECTIONS\r\n\r\nSection\r\n\r\nPART I— SAFETY REGULATIONS\r\n\r\n1. Exhibition of films.\r\n\r\n2. Duty of occupier of premises in which it is proposed to give an exhibition.\r\n\r\n3. Safety precautions.\r\n\r\n4. Conditions of licence.\r\n\r\n4A. No Child to be allowed on cinema premises.\r\n\r\nPART II—CENSORSHIP OF FILMS\r\n\r\n5. Board of Control.\r\n\r\n6. Censorship of films.\r\n\r\n7. Examination of films and posters.\r\n\r\n8. Certification of films.\r\n\r\n9. Educational film.\r\n\r\n9A. Payment of fees for examination of films,etc.\r\n\r\nPART III—MISCELLANEOUS\r\n\r\n10. Obligation to show Ghana films.\r\n\r\n11. Storage of film and materials.\r\n\r\n12. Inflammable film.\r\n\r\n13. Power of entry.\r\n\r\n14. Penalties.\r\n\r\n15. Revocation of licence.\r\n\r\n16. Regulations.\r\n\r\n17. Interpretation.\r\n\r\n18. Repeals and saving.\r\n\r\n \r\n\r\nTHE SEVENTY-SIXTH\r\n\r\n\r\n\r\nACT OF THE PARLIAMENT OF THE REPUBLIC OF GHANA\r\n\r\nENTITLED\r\n\r\nCINEMATOGRAPH ACT, 1961\r\n\r\nAN ACT to make provision for the regulation and control of cinematograph exhibitions and for purposes connected therewith.\r\n\r\nDATE OF ASSENT: 17th August, 1961\r\n\r\nBE IT ENACTED by the President and the National Assembly in this present Parliament assembled as follows:—\r\n\r\nPART I—SAFETY REGULATIONS\r\n\r\nSection 1—Exhibition of Films.\r\n\r\n(1) No person shall conduct, present or give, or allow to be conducted, presented or given, a film exhibition in any premises other than premises licensed under this Part by the Commissioner of Police.\r\n\r\n(2) This Part does not apply to a private residence.\r\n\r\nSection 2—Duty of Occupier of Premises in which it is Proposed to give an Exhibition.\r\n\r\n(1) The occupier of any premises at which it is proposed to give an exhibition shall ascertain whether the premises have been licensed, and, if so, also the provisions contained in the licence.\r\n\r\n(2) The occupier shall notify the Commissioner of Police if and so soon as he has reason to believe that there is an intention to proceed with the exhibition either without a licence, or with a licence, but without complying with any provision of the licence.\r\n\r\nSection 3—Safety Precautions.\r\n\r\nRegulations may prescribe the safety precautions to be observed in licensed premises.\r\n\r\nSection 4—Conditions of Licence.\r\n\r\n(1) The Commissioner of Police shall not grant a licence for the purposes of this Part, unless he is satisfied that the regulations, in respect of safety of premises in which film exhibitions are given, have been substantially complied with.\r\n\r\n(2) Subject to subsection (1) the Commissioner of Police may grant licences for the use of premises for film exhibitions to such persons as he thinks fit and on such terms and conditions and subject to such restrictions as he may determine.\r\n\r\n(3) A licence shall, unless revoked, be in force until the 31st day of December, in the year in which it is granted.\r\n\r\nSection 4A—No Child to be Allowed on Cinema Premises.\r\n\r\nNo person exhibiting a film to the public shall allow any child below the apparent age of 18 years to enter or remain on the premises where the film is being exhibited unless the child is lawfully on the premises by virtue of subsection (1)(a) or (b) of section 7 of this Act. [As inserted by the Cinematography (Amendment) decree, 1975 (NRCD. 350) s. 1(a)].\r\n\r\nPART II—CENSORSHIP OF FILMS\r\n\r\nSection 5—Board of Control.Board of Control\r\n\r\nThe Minister may appoint a Board of Control for the purposes of this Part.\r\n\r\nSection 6—Censorship of Films.\r\n\r\n(1) No person shall exhibit or present an exhibition of, or allow to be presented or exhibited, any film unless the film has been passed for exhibition under section 7 of this Act.\r\n\r\n(2) No person shall display or cause or allow to be displayed any poster intended to advertise the exhibition unless the poster has first been passed by the Board.\r\n\r\n(3) This section does not apply to an exhibition given in private premises to which the public are not admitted on payment or otherwise.\r\n\r\nSection 7—Examination to Films and Posters.\r\n\r\n(1) Any person desiring to exhibit any film shall first submit it to the Board for examination and the Board may, having viewed and examined the film—\r\n\r\n(a) pass and issue a "U" Certificate for a film which is suitable for showing to all audiences;\r\n\r\n(b) pass and issue an "A" Certificate for a film which is suitable for showing but restricted to adults and children under the age of 18 years if accompanied by adults;\r\n\r\n(c) pass and issue an "X" Certificate for a film which is suitable for showing to adults only;\r\n\r\n(d) direct the applicant to carry out such excision or modifications in the film as it thinks necessary before passing the film as it thinks necessary before passing the film under any of the foregoing paragraphs;\r\n\r\n(e) refuse to pass the film for exhibition. [As substituted by the Cinematography (Amendment) Decree, 1975 (NRCD 350) s. 1(b) ].\r\n\r\n(2) Where the Board has refused to pass any film or part thereof, it may retain that film or excise and retain the part until its exportation or until it is otherwise disposed of in accordance with the direction of the Board.\r\n\r\n(3) The Board may, as it thinks fit, approve or refuse to approve a poster intended to advertise a film exhibition or approve part of a poster while refusing to approve another part.\r\n\r\n(4) The Board shall signify its decision in the prescribed form and shall also affix to the film itself an identification mark recording its decision.\r\n\r\n(5) Where the Board has passed and issued a Certificate for a film the exhibitor shall show a film let depicting the certificate of the Board granted under this section before showing the main credit title of the film. [As inserted by the Cinematography (Amendment) Decree, 1975 (NRCD 350) s. 1 (c)].\r\n\r\nSection 8—Certification of Films.\r\n\r\nThe Minister may make rules setting out the principles which shall guide the Board in the exercise of their functions.\r\n\r\nSection 9—Educational Film.\r\n\r\nThe Board shall, on the written application of any person desiring to import any film which the applicant claims to be of an educational character or to export any film produced in Ghana which the applicant claims to be of an educational character, and on payment of the prescribed fee by the applicant, examine the film and, if satisfied that it is of an educational character, certify it as such.\r\n\r\nSection 9A—Payment of Fees for Examination of Films, etc.\r\n\r\nThere shall be paid to the Board for the examination of films fees at the following rates:—\r\n\r\n(a) one cedi for a reel of feature film;\r\n\r\n(b) fifty pesewas for a filmlet or trailer. [As inserted by the Cinematography (Amendment) Decree, 1975 (NRCD 350) s. 1(d)].\r\n\r\nPART III— MISCELLANEOUS\r\n\r\nSection 10—Obligation to Show Ghana Films.\r\n\r\n(1) A person who exhibits films to the public may be required by regulations to include in the exhibition, at such times and on such conditions as may be prescribed, films produced or sponsored by the Ghana Film Production Corporation.\r\n\r\n(2) Regulations may require the exhibitor to include a notice of any such film in any newspaper advertisement or printed notice advertising an exhibition which is to include that film.\r\n\r\nSection 11—Storage of Film and Materials.\r\n\r\nRegulations may prescribe the conditions under which film and materials used in connection with film may be kept or stored and the obligations of persons to whom the regulations apply.\r\n\r\nSection 12—Inflammable Film.\r\n\r\n(1) No person shall use, or cause or allow to be used, any inflammable film for a film exhibition in any premises other than licensed premises in which the use of such film is authorised by the terms of the licence.\r\n\r\n(2) Regulations may define "inflammable film" for the purpose of this section and, in the absence of such regulations, the question whether a film is inflammable is a question of fact for the court.\r\n\r\nSection 13—Power of Entry.\r\n\r\n(1) Any police officer or an authorised officer may at all reasonable times enter any premises, whether licensed or not, other than a private residence, in which he has reason to believe that an exhibition is being or is about to be given to ascertain whether the provisions of this Act or any regulations made under it, and the conditions of any licence or certificate granted under this Act, have been complied with.\r\n\r\n(2) An authorised officer shall, if so required, produce to the occupier of the premises a certificate of his authorisation.\r\n\r\nSection 14—Penalties.\r\n\r\nAny person who contravenes any provision of this Act, or regulations made under it, or any condition of a licence or certificate under this Act shall be liable on conviction to a fine not exceeding five hundred pounds, and in the case of a continuing offence to a further penalty of one hundred pounds for each day during which the offence continues.\r\n\r\nSection 15—Revocation of Licence.\r\n\r\nWhere three or more convictions in respect of offences under this Act are recorded, within a period of three years, in relation to any particular premises licensed under this Act, the court recording the third or any subsequent conviction, as the case may be, may order the revocation of the licence.\r\n\r\nSection 16—Regulations.\r\n\r\nThe Minister may by legislative instrument make regulations for carrying into effect the provisions of this Act.\r\n\r\nSection 17—Interpretation.\r\n\r\nIn this Act, unless the context otherwise requires—\r\n\r\n"''adult'' means a person of the age of 18 years or more. [As inserted by the Cinematography (Amendment) Decree, 1975 (NRCD 350) s. 1 (e)].\r\n\r\n"authorised officer" means a person authorised by the Minister, or otherwise in accordance with regulations, to exercise functions under this Act;\r\n\r\n"the Board" means the Board of Control appointed under section 5 of this Act;\r\n\r\n"cinematograph" means the presentation of moving pictures, whether with or without any form of sound reproduction;\r\n\r\n"exhibit", in relation to a film, does not include television broadcast of the film;\r\n\r\n"film" means cinematograph film;\r\n\r\n"film of an educational character" means a film which falls within one or more of the following categories—\r\n\r\n(a) films intended for use in education of all grades;\r\n\r\n(b) films intended for vocational training and guidance, including technical films relating to industry and films relating to scientific management;\r\n\r\n(c) films dealing with scientific or technical research or designed to spread scientific knowledge;\r\n\r\n(d) films dealing with health questions, physical training, social welfare or relief;\r\n\r\n(e) films designed to promote and increase throughout the world knowledge and understanding of the several countries and peoples;\r\n\r\n(f) films designed to supply information with regard to the work and aims of the United Nations and other international organisations which are recognised by the Government for facilitating the international circulation of films of an educational character;\r\n\r\n"licensed" means licensed under Part I of this Act;\r\n\r\n"Minister" means the Minister responsible for Information;\r\n\r\n"occupier" includes the person managing or receiving rent from the premises concerned;\r\n\r\n"prescribed" means prescribed by regulations made under section 16 of this Act;\r\n\r\n"premises" includes buildings and lands.\r\n\r\nSection 18—Repeals and Saving.\r\n\r\n(1) The following enactments are repealed—\r\n\r\nThe Cinematograph Exhibitions Ordinance (Cap.47);\r\n\r\nThe Celluloid and Cinematograph Film Ordinance (Cap. 257);\r\n\r\nThe Cinematograph Exhibitions (Amendment) Ordinance (No. 45 of 1952);\r\n\r\nThe Cinematograph Exhibitions (Amendment) Ordinance, 1955 (No. 17).\r\n\r\n(2) All regulations scheduled to, or made, and every licence and certificate granted, under an enactment repealed by this Act and in force immediately before the commencement of this Act shall continue in force as if made or granted under the corresponding provision of this Act.\r\n\r\n \r\n\r\n amended by\r\n\r\nCINEMATOGRAPH (AMENDMENT) DECREE, 1975 (NRCD 350)1.', 'FIRST', 'Yes', 'ACT 76');
INSERT INTO `actsofghana` (`id`, `title`, `content`, `republic`, `isshow`, `actname`) VALUES
(34, 'CIVIL LIABILITY ACT, 1963 (ACT 176)', '<span class="Apple-style-span" style="border-collapse: separate; color: #000000; font-family: ''Times New Roman''; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; font-size: medium;"><span class="Apple-style-span" style=""><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;ARRANGEMENT OF SECTIONS</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Section</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">PART I—THE INSTITUTE</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Establishment and Membership</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">1. Establishment of Institute.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">2. Incorporation of Institute.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">3. Meetings of Institute.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">4. Membership of Institute.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">5. Fees for membership.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">6. Style of members.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Council of the Institute</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">7. Constitution of Council.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">8. Term of office of members of the Council.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">9. Functions of Council.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">10. Officers of the Council.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">11. Financial provisions.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">12. Meetings of the Council.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">PART II—PRACTISING ACCOUNTANTS</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">13.&nbsp; Practising Accountants.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">PART III—QUALIFICATIONS AND RESTRICTIONS</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Enrolment and Registration</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">14. General disqualifications.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">15. Striking off and cancellation of registration.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">16. Inquiries by disciplinary committees.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">17. Suspension.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">18. Appeals to the High Court.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">19. Meaning of "professional misconduct".</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Restrictions</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">20. Restriction on practising as accountant.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">21. Restrictions as to use of titles conferred under this Act.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">PART IV—MISCELLANEOUS PROVISIONS</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">22.&nbsp; Offences and penalties.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">23.&nbsp; Meaning of "practice".</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">24.&nbsp; Regulations.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">25.&nbsp; Amendment of Schedules.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">26.&nbsp; Transitional Provisions.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">27.&nbsp; Interpretation.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">SCHEDULES</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">First Schedule—Meetings of the Institute</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Second Schedule</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Third Schedule</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Fourth Schedule</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: center;"><span style="font-family: Arial;">THE HUNDRED AND SEVENTIETH</span></p><p class="MsoNormal" style="text-align: center;"><span style="font-family: Arial;">ACT OF THE PARLIAMENT OF THE REPUBLIC OF GHANA</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">ENTITLED</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">THE CHARTERED ACCOUNTANTS ACT, 1963</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">AN ACT to establish an Institute of Chartered Accountants and to make provision for the conduct of examinations by the Institute and other matters connected with the accountancy profession.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">DATE OF ASSENT: 19th April, 1963</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">BE IT ENACTED by the President and the National Assembly in this present Parliament assembled as follows:—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">PART I—THE INSTITUTE</span></p><p class="MsoNormal" style="text-align: justify;"><i><span style="font-family: Arial;">Establishment and Membership</span></i></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 1—Establishment of Institute.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">There shall be established an Institute to be known as the Institute of Chartered Accountants (Ghana).</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 2—Incorporation of Institute.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The Institute shall be a body corporate having perpetual succession and may sue and be sued in its corporate name.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The Institute shall have a common seal and may hold, acquire and dispose of any property, movable or immovable.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) The common seal of the Institute shall be kept in such custody as the Council may from time to time determine, and shall not be affixed to any document or instrument except by order of the Council, and in the presence of two members of the Council who shall sign any such document or instrument independently of the signature of any person who may have signed the document or instrument as a witness.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 3—Meetings of Institute.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">First Sch.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Meetings of members of the Institute shall be held in accordance with the provisions of the First Schedule to this Act.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 4—Membership of Institute.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Subject to the provisions of section 14 of this Act,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) a person who passes the qualifying examinations for membership of the Institute to be conducted by the Council under this Act, and completes practical training of such description and for such period as may be prescribed by the Council;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) a person who is a member of any society or institute of accountants by whatever name called and approved by Regulations made by the Council as being in the opinion of the Council an association of equivalent status to the Institute,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">shall be eligible for membership of the Institute:</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">Provided that a person admitted to membership of the Institute under paragraph (b) of this subsection shall not be entitled to use the title referred to in section 6 of this Act unless he has passed the qualifying examinations for membership of the Institute; but any such person may use any title to which he is entitled by virtue of any qualification he possesses.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Notwithstanding the approval of any society or institute mentioned in paragraph (b) of the preceding subsection, the Council may declare that any specified class or description of members of any such society or institute shall not be eligible for membership of the Institute.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) Regulations made by the Council prescribing practical training&nbsp; for the purposes of paragraph (a) of subsection (1) of this section, may contain such special provision as the Council may deem expedient declaring that a person,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) who had commenced, prior to the commencement of this Act, and completed or completes, whether prior to or after that date, training of such description and duration as may be specified in the Regulations; or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) who has service in a post and who completes training of such description and duration as may be specified in the Regulations,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">shall be deemed to have completed the training prescribed for the purposes of the said paragraph (a).</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) Regulations made by the Council by which any society or institute is approved for the purposes of paragraph (b) of subsection (1)&nbsp; of this section may provide, as a condition of such approval, that a member of any such society or institute shall not be eligible for membership of the Institute unless he has undergone such training or has acquired such practical experience in the subject of accountancy, as may be specified or described in the Regulations.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 5—Fees for Membership.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Subject to the provisions of section 14 of this Act, a person who is eligible for membership of the Institute shall be enrolled as a member upon the payment to the Council of an entrance fee and an annual subscription the amounts of which shall be prescribed by the Council from time to time.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Fees shall be paid to the secretary of the Council.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) All annual subscriptions payable under this section shall be due and payable on the first day of January in each year or, in the case of members admitted after that date, on the date of admission.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 6—Style of Members.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Save as otherwise provided in subsection (1) of section 4 of this Act, every member of the Institute not being a practising accountant shall be entitled to take and use the title "Chartered Accountant" and shall have the right to use the expression "C.A." after his name to indicate that he is such a member.</span></p><p class="MsoNormal" style="text-align: justify;"><i><span style="font-family: Arial;">Council of the Institute</span></i></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 7—Constitution of Council</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The governing body of the Institute shall be the Council which shall consist of eleven members all of whom shall be members of the Institute.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Four members of the Council shall be appointed by the Minister and seven members, of whom not more than four shall be accountants in active practice, shall be elected by members of the Institute at a general meeting.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) The Council shall from among its members elect a President and a Vice-President.</span></p><p class="MsoNormal" style="text-align: justify;"><i><span style="font-family: Arial;">Second Sch</span></i><span style="font-family: Arial;">.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) The Council shall not perform any function imposed or conferred upon it by this Act unless the President of the Republic has, by Instrument in the form set out in the Second Schedule to this Act, appointed the day on which the Council shall commence to perform its functions.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 8—Term of Office of Members of the Council.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Every member of the Council shall, unless he earlier vacates his office, hold office for a period of two years from the date of his appointment or election.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) A member of the Council shall vacate office by writing under his hand addressed to the Minister or, as the case may be, to the President of the Institute or if he ceases to be a member of the Institute.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) In the event of the death of, or vacation of office by, a member of the Council,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) where such member was appointed by the Minister, the Minister shall appoint another person; and</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) where such member was elected, the Council shall co-opt another person till the holding of the next annual general meeting.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) Any member of the Council who vacates office by effluxion of time shall be eligible for re-appointment or re-election as a member.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 9—Functions of Council.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The Council shall be charged with the administration and management of the Institute and shall be responsible for carrying out the provisions of this Act and the functions conferred upon the Council by this Act.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) It shall be the duty of the Council,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) to conduct or provide for the conduct of the qualifying examinations for membership of the Institute or for registration as a registered accountant under this Act and to prescribe or approve courses of study for such examinations;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) to supervise and regulate the engagement, training and transfer of articled clerks;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) to specify the class of persons who shall have the right to train articled clerks and to specify the circumstances in which any person of that class may be deprived of that right;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) to maintain and publish a register of chartered accountants and of practising accountants;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(e) to secure the maintenance of professional standards among persons who are members of the Institute and to take such steps as may be necessary to acquaint such persons with the methods and practices necessary to maintain such standards;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(f) to maintain a library of books and periodicals relating to accountancy and to encourage the publication of such books; and</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(g) to encourage research in the subject of accountancy and generally to secure the well being and advancement of the profession of accountants.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 10—Officers of the Council.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The Council may appoint a secretary and such other officers and employees as it may deem necessary.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 11—Financial Provisions.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The Council shall establish and maintain a fund under its management and control into which shall be paid all moneys received by the Council by way of grants-in-aid from the Government or otherwise and out of which shall be met all expenses and liabilities incurred by the Council in carrying out its functions under this Act.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The Council may invest moneys in the fund in any securities of the Government or in any other securities approved by the Council.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) The Council may from time to time borrow money for the purposes of the Institute and may pay interest thereon out of the funds of the Institute.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) The annual accounts of the Council shall be subject to audit by a member of the Institute, not being a member of the Council, in practice as a chartered accountant who shall be appointed for the purpose each year by&nbsp; the members at the annual general meeting.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) The accounts for the preceding year as audited shall be approved by the members at the annual general meeting.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 12—Meetings of the Council.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The Council shall meet at least once in each month, at such time and place as it may determine.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) A meeting of the Council may at any time be called by the President or Vice-President, or at the request in writing, addressed to the secretary, of five members of the Council.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) Notice in writing of a meeting of the Council shall be delivered or sent to each member of the Council at least seven clear days before such meeting, excluding the day on which the notice is delivered or sent and the day on which the meeting is to be held.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) The notice shall contain, as far as is practicable, a statement of the business to be transacted at the meeting and the same shall be deemed to have been duly delivered or sent unless the contrary is shown; and accordingly, subject to the provisions of this section the non-receipt of any notice by any member shall not affect the validity of the proceedings of any such meeting:</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">Provided that whenever the President or Vice-President certifies in writing that an emergency exists, the notice calling for the emergency meeting may be delivered or sent only one clear day before such meeting, excluding the day on which the notice is delivered or sent and the day on which the meeting is to be held; and in any such case the non-existence in fact of the supposed emergency shall not affect the validity of the proceedings of the meeting.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) The President, or in his absence the Vice-President, shall preside at all meetings of the Council and in the absence of both the President and the Vice-President the members present at the meeting shall elect one of their number to preside.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(6) Subject to the provisions of this Act, the person presiding at any meeting of the Council may, with the consent of the meeting, adjourn the meeting from time to time and from place to place; but no business shall be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(7) No notice need be given of any adjourned meeting unless it be so directed in the resolution for the adjournment.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(8) Five members of the Council shall form a quorum at any meeting of the Council.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(9) Proper minutes shall be recorded of all resolutions and proceedings of meetings of the Council and of any committees thereof; and every minute signed by the person presiding at the meeting to which it relates, or at a subsequent meeting, shall be sufficient evidence of the facts therein stated.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">PART II—PRACTISING ACCOUNTANTS</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 13—Practising Accountants.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Subject to the provisions of section 16 of this Act, any person, not being a chartered accountant, who holds any of the qualifications prescribed by the Council for the purposes of this section shall be eligible to be registered as an accountant.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) A person who is eligible to be registered as an accountant under this section shall be so registered upon payment of the prescribed fees.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) Every person who is registered under this section as an accountant shall be known as a practising accountant and shall be entitled to use the expression "P.A." after his name to indicate that he is registered as such.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">PART III—QUALIFICATIONS AND RESTRICTIONS</span></p><p class="MsoNormal" style="text-align: justify;"><i><span style="font-family: Arial;">Enrolment and Registration</span></i></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 14—General Disqualifications.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">No person shall be enrolled as a member of the Institute as a chartered accountant or be registered under section 13 of this Act as a practising accountant,</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">(a) unless he has,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 72pt;"><span style="font-family: Arial;">(i) attained the age of twenty-one years,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 72pt;"><span style="font-family: Arial;">(ii) paid the prescribed fees;</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">(b) if he has been,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 72pt;"><span style="font-family: Arial;">(i) adjudged by a court of competent jurisdiction to be of unsound mind;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 72pt;"><span style="font-family: Arial;">(ii) convicted by a court of competent jurisdiction whether in Ghana or elsewhere of any offence involving fraud or dishonesty;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) if, having been adjudged an insolvent or bankrupt, he has not been granted by a court of competent jurisdiction a certificate to the effect that his insolvency or bankruptcy has arisen wholly or partly from unavoidable losses or misfortunes;</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 15—Striking off and Cancellation of Registration.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Subject to the provisions of the next succeeding section, the Council may strike off the register of the Institute the name of a chartered accountant, or cancel the registration of a practising accountant, if satisfied that he is unfit to practise the profession of an accountant by reason that he has been guilty of professional misconduct or has become subject to any disqualification mentioned in paragraphs (b) and (c) of section 14 of this Act.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The Council may strike off the register of the Institute the name of a chartered accountant or cancel the registration of a practising accountant, if the prescribed fees remain unpaid for a period exceeding four months.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) A person whose name has been struck off the register of the Institute or whose registration has been cancelled under subsection (1) of this section may have his name or registration restored if the Council is satisfied that he has become subsequently a fit and proper person to practise the profession of an accountant.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 16—Inquiries by Disciplinary Committees.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The name of any person shall not be struck off the register of the Institute nor shall a registration be cancelled unless a disciplinary committee has, after due inquiry, made a report to the Council that the person concerned has been guilty of professional misconduct.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Where the Council has reasonable cause to believe, whether upon complaint made to it or otherwise, that any person who is a chartered accountant or a practising accountant has been guilty of professional misconduct, the Council may appoint a disciplinary committee for the purpose of holding an inquiry into the conduct of that person.</span></p><p class="MsoNormal" style="text-align: justify;"><i><span style="font-family: Arial;">Third Sch</span></i><span style="font-family: Arial;">.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) The provisions of the Third Schedule to this Act shall apply in relation to the constitution of, and the procedure to be followed by, disciplinary committees appointed under this section, the proceedings at inquiries held by such committees and the powers exercisable by such committees.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 17—Suspension.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The Council may, in lieu of exercising its powers under section 15 of this Act, suspend the person concerned from membership of the Institute or withhold his registration under section 13 of this Act, for such period as the Council may deem fit.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 18—Appeals to the High Court.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Any person aggrieved by a decision of the Council under section 15 or section 17 of this Act, may appeal against that decision to the High Court.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Every appeal under subsection (1) of this section against a decision shall be,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) made by petition in writing bearing a stamp of one guinea;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) lodged within three months after the date of that decision; and</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) heard and decided by a Judge of the High Court after such summary inquiry as that Judge may deem requisite.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 19—Meaning of "Professional Misconduct".</span></b></p><p class="MsoNormal" style="text-align: justify;"><i><span style="font-family: Arial;">Fourth Sch</span></i><span style="font-family: Arial;">.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">For the purposes of this Act, "professional misconduct" means any act or omission which is for the time being specified in the Fourth Schedule to this Act.</span></p><p class="MsoNormal" style="text-align: justify;"><i><span style="font-family: Arial;">Restrictions</span></i></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 20—Restrictions on Practising as Accountant.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) No person who is not a chartered accountant or is not a practising accountant shall carry on practice as defined in section 23 of this Act.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) No person who is a chartered accountant or is a practising accountant shall practise as an accountant unless he is the holder of a certificate to practise which is for the time being in force.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) Every certificate to practise shall be issued by the Council upon payment of the prescribed annual subscription.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) Every certificate to practise shall be in force until the thirty-first day of December of the year of issue of that certificate, and may from time to time be renewed upon payment of the prescribed annual subscription.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) The preceding provisions of this section shall come into operation six months after the coming into force of this Act.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 21—Restrictions as to Use of Titles Conferred under this Act.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) No person, not being a chartered accountant, shall take or use the title "Chartered Accountant".</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Notwithstanding anything contained in the preceding subsection, any firm of accountants, each of the partners of which is a member of the Institute not being a practising accountant, may take and use the title "Chartered Accountants".</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) No person, not being a person for the time being registered under section 13 of this Act shall take or use the title "Practising Accountant".</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) Notwithstanding anything contained in the immediately preceding subsection, any firm of accountants, each of the partners of which is a practising accountant may take and use the title "Practising Accountants".</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">PART IV—MISCELLANEOUS PROVISIONS</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 22—Offences and Penalties.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Any person who contravenes any provision of this Act commits an offence and shall be liable to imprisonment for a term not exceeding one year or to a fine not exceeding one hundred pounds or to both such imprisonment and fine.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 23—Meaning of "practice".</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) For the purposes of this Act, a person shall be deemed to practise as an accountant if, in consideration of remuneration received or to be received, and whether by himself or in partnership with any other person, he,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) engages himself in the practice of accountancy or holds himself out to the public as an accountant;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) offers to perform or performs service involving the auditing or verification of financial transactions, books, accounts or records or the preparation, verification,&nbsp; or certification of financial accounting and related statements;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) renders professional service or assistance in or about matters of principle or detail relating to accounting procedure or certification of financial facts or data; or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) renders any other service which may be prescribed by the Institute by Regulations to be service constituting practice as an accountant.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) A person who is a salaried employee of the Government or of any other employer shall not, by reason only that he does any act referred to in the preceding subsection in his capacity as such employee, be deemed to practise as an accountant.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 24—Regulations.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The Council may, by legislative instrument and with the prior approval of the Minister, make Regulations for or in respect of any matter required or authorised by this Act to be prescribed or of any matter relating to, or connected with, its functions under this Act or the proper exercise, discharge or performance thereof.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 25—Amendment of Schedules.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The Minister may, upon the recommendation of the Council, by legislative instrument, amend, alter or add to or revoke any or all of the provisions of the Schedules to this Act.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 26—Transitional Provisions.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Notwithstanding anything contained in the preceding sections of this Act, the following provisions shall apply in relation to the first enrolment of members of the Institute and the constitution of the first Council to hold office under this Act, that is to say,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) all persons who are members of the Association of Accountants in Ghana on the date of the coming into operation of this Act shall be members of the institute as chartered accountants;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) the members of the Society of Ghanaian Practising Accountants shall, on the coming into operation of this Act, become members of the Institute as practising accountants;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) any other person practising as an accountant may, within three months of the coming into operation of this Act, submit an application for membership of the Institute to a committee of the first Council of the Institute and on approval for membership shall be registered as a practising accountant;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) the Council of the Association of Accountants in Ghana on the date of the coming into operation of this Act, enlarged by the addition of three members of the Council of the Society of Ghanaian Practising Accountants, shall be the first Council of the Institute and shall within three months of the coming into operation of this ACT convene a general meeting of members of the Institute for the purpose of electing a new Council.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) On the coming into operation of this Act the Association of Accountants in Ghana and the Society of Ghanaian Practising Accountants, being companies registered under the Companies Ordinance (Cap. 193), shall be deemed to have ceased to operate under that Ordinance and accordingly their names shall be struck off the register of companies in accordance with the provisions of the Companies Ordinance (Cap. 193).</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) All the assets and liabilities of, and any property vested in, the Association of Accountants in Ghana and the Society of Ghanaian Practising Accountants immediately before the coming into operation of this Act shall, without further authority than this subsection, vest in the Council established under section 7 of this Act.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) All employees of the Association of Accountants in Ghana and of the Society of Ghanaian Practising Accountants on the coming into operation of this Act shall, so far as may be practicable and subject to any direction by the Council, continue as employees of the Council in posts comparable to those which they held with the Association or the Society.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) Every contract in respect of any matter subsisting between the Association of Accountants in Ghana or the Society of Practising Accountants and any other person and in force immediately before the coming into operation of this Act shall, subject to any directions by the Council, be deemed to subsist between the Council and such other person.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 27—Interpretation.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">In this Act unless the context otherwise requires,—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"Council" means the Council established under section 7 of this Act;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"Institute" means the Institute established under section 1 of this Act;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"Minister" means the Minister responsible for higher education;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"President" means the President of the Institute, and</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"Vice-President" shall be construed accordingly.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">FIRST SCHEDULE</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(Section 3)</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">MEETINGS OF THE INSTITUTE</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">1. Annual Meeting.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The annual meeting of the Institute for the transaction of the ordinary annual business of the Institute namely,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) the election of members of the Council;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) the appointment of auditors; and</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) the reception and consideration of the annual report of the Council and accounts of the Institute with the auditors'' report thereon,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">shall be held in Accra or elsewhere in Ghana on the 30th day of April in every year or on such other day as the Council may from time to time appoint:</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">Provided that a meeting shall be held in every calendar year and that not more than fifteen months shall have elapsed since the date of the previous annual meeting.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">2. Special Meeting.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The Council may, whenever it thinks fit, convene a special meeting of the Institute and shall do so within twenty-one days from the receipt by the secretary of a requisition in writing signed by not less than twenty members and stating the object of the proposed meeting.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">3. Notice of Motion to be given.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">A member wishing to bring before the annual meeting any motion not related to the ordinary annual business of the Institute may do so provided that,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) notice in writing of the proposed motion is sent or given to the secretary and received by him not later than five weeks before the date of the annual meeting;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) not less than ten members entitled to vote at the annual meeting shall have sent or given notice in writing to the secretary and received by him not later than four weeks before the date of the annual meeting expressing their desire that the proposed motion should be brought before the annual meeting; and</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) the proposed motion relates to matters affecting the Institute or the accountancy profession.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">4. Notice of Meetings to be given.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The secretary shall, not less than fourteen days or more than twenty-one days before any annual or special meeting of the Institute, send to each member a notice giving the day, hour and place of the meeting and the business to be transacted thereat.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) In the case of the annual meeting the secretary shall send to each member with such notice a copy of the annual report of the Council and a copy of the accounts of the Institute with the auditors'' report thereon, a list of persons nominated or deemed to be nominated for membership of the Council or as auditors, and particulars of all motions to be brought before the meeting under the immediately preceding paragraph of this Schedule.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) The non-receipt by any member of such notice or of any of the aforesaid documents shall not invalidate the proceedings of the meeting to which they relate.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">5. Practising accountants shall be entitled to receive notices of meetings of the Institute and shall be entitled to speak and vote at such meetings.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">6. Chairman of Meeting</span></b><span style="font-family: Arial;">.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) At all meetings of the Institute the President or in his absence the Vice-President shall be chairman.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) In the absence of both the President and the Vice-President a chairman shall be elected from among the members of the Council present or in the absence of all of them, from among the members present.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">7. Quorum at Meeting.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Unless ten members be present at the annual meeting within fifteen minutes after the time appointed for the meeting, the meeting shall stand adjourned for a fortnight to be held at the same hour and place or, if such place shall not then be available, at such other place as the Council may determine.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) On the date to which the meeting was adjourned the meeting shall proceed to business notwithstanding that there may be less than ten members present.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) At a special meeting, unless fifteen members be present within fifteen minutes of the time appointed for the meeting, the meeting shall be dissolved.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">8. Adjournment of Meeting</span></b><span style="font-family: Arial;">.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Subject to the provisions of this Schedule, the chairman of any meeting of the Institute may, with the consent of the meeting, adjourn the meeting from time to time and from place to place.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) No business shall be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) No notice need be given of an adjourned meeting unless it be so directed in the resolution for adjournment.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">9. Voting at Meeting and Demand for Poll</span></b><span style="font-family: Arial;">.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Every resolution and amendment proposed and seconded at a meeting of the Institute shall be put to the meeting by the chairman and decided by a show of hands; and in the event of an equality of votes the chairman shall have a casting vote.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The declaration of the chairman as to the decision of the meeting shall be final.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) On such a declaration being made a poll of all members may be demanded in writing by at least twenty-five members present and entitled to vote at the meeting; but a poll shall not be taken on any resolution or amendment relating to the election of a chairman, the appointment&nbsp; of scrutineers or the adjournment of a meeting.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">10. Procedure when Poll Demanded</span></b><span style="font-family: Arial;">.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) On a poll being demanded at a meeting of the Institute, the chairman shall forthwith, or as soon as is reasonably practicable after the conclusion of the meeting at which the poll is demanded, state the resolution or amendment in the form of propositions which in his opinion will be most suitable to ascertain the sense of the members upon the substance of the resolution or amendment; and upon the manner of so stating the resolution or amendment the chairman''s decision shall be final.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Voting papers setting out the propositions so stated, together with any necessary notes and directions shall, within fourteen days after the meeting be issued by the Council to all members entitled to vote at the meeting at which the poll was demanded.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) All members wishing to vote on the propositions or any of them shall do so by sending the said voting papers to the Institute addressed to the scrutineers so as to be received by them not later than twenty-one days after the meeting.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">11. Appointment of Scrutineers</span></b><span style="font-family: Arial;">.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">At every meeting of the Institute at which a poll is demanded the meeting shall appoint five of their number as scrutineers, any three of whom shall be competent to act.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">12. Meeting of Scrutineers and Result of Poll</span></b><span style="font-family: Arial;">.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Where a poll has been demanded, the scrutineers shall meet not less than twenty-two days nor more than twenty-nine days after the meeting at which the poll was demanded and shall examine the voting papers.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Envelopes containing the voting papers may be opened either before or at such meeting of the scrutineers but may only be opened in the presence of at least one of the scrutineers.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) The scrutineers shall reject the vote of any member who, at the date of such meeting, was in arrears with any subscription or other sum payable by him under this ACT or Regulations made thereunder and may in their discretion reject any vote in which a member has failed to observe the notes and directions relating thereto or any other vote which in their view ought properly to be rejected.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) The scrutineers shall, as soon as practicable, report the result of the voting to the chairman of the meeting and shall include in the report a statement of the number of votes rejected by them and the reasons for such rejection.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) The chairman shall send a copy of the report to each member as soon as practicable and, where there is an equality of votes, the chairman shall have a casting vote; and in such a case shall declare when so sending the report to members the manner in which his casting vote is given and the result of the voting.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(6) The report of the scrutineers as to the result of the voting, or where given such declaration of the chairman, shall be conclusive.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(7) The voting shall take effect from the date of the report of the scrutineers save that where a meeting was adjourned to receive the report of the scrutineers the voting shall take effect from the date when the report was presented to the adjourned meeting.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(8) Where for any reason a chairman is unable to exercise any powers granted to him by this Schedule the power shall be exercised by any member of the Council who was present at the meeting and who is deputed by the Council to exercise such powers.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">13. Demand for Poll not to Prevent other Business.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The demand for a poll at a meeting shall not prevent the transaction of any business other than that on which the poll has been demanded.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">14. Minutes of Meeting</span></b><span style="font-family: Arial;">.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Proper minutes shall be recorded of all resolutions and proceedings of meetings of the Institute and every minute signed by the chairman of the meeting to which it relates or by the chairman of a subsequent meeting shall be sufficient evidence of the facts therein stated.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">SECOND SCHEDULE</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(Section 7 (4))</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(Coat of Arms)</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt; margin-left: 216pt;"><span style="font-family: Arial;">IN exercise of the powers conferred upon the President of the Republic by subsection (4) of section 7 of the Chartered Accountants Act, 1963 (Act 170) the ............. day of ............................, 1963 is hereby appointed the day on which the Council established under the said Act shall commence to perform the functions thereunto conferred upon it.</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt; margin-left: 216pt;"><span style="font-family: Arial;">By Command of the President. Minister</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp; <br></span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">THIRD SCHEDULE</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(Section 16 (3))</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) For the purposes of any inquiry to be held under section 16 of the Act, the Council shall appoint five persons, of whom at least three shall be from among its members, to constitute a disciplinary committee and shall appoint one of them to be chairman of the committee</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">(2) Where the person whose conduct is the subject of the investigation is a practising accountant membership of the disciplinary committee shall include a practising accountant.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) The Council shall cause a statement to be prepared setting out the charges to be investigated by the disciplinary committee, and the secretary of the Council shall transmit a copy of the statement to each member of the committee and to the person whose conduct is the subject of the investigation.</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">(2) Where the inquiry is to be held in consequence of a petition or complaint alleging misconduct by any person, the secretary of the Council shall, in addition, transmit a copy of that petition or complaint to that person and to each of the members of the disciplinary committee.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) The secretary of the Council shall give notice of the first date fixed for the inquiry to the person whose conduct is the subject of the investigation.</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">(2) Every such notice shall, at least fourteen days before the date fixed for the inquiry, be delivered by hand at, or sent through the post by registered letter addressed to, the last known address of that person.</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">(3) Where any person to whom a notice has been given under sub-paragraph (1) of this paragraph fails to appear in person or is not represented by counsel, the inquiry may be held by the disciplinary committee in his absence.</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">(4) Notice of any date to which the inquiry may be adjourned shall be given by the committee personally to the person whose conduct is the subject of inquiry or be given in manner provided in sub-paragraph (2) of this paragraph.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) If the Council is of the opinion that the evidence of any person, or the production by any person of any document is necessary to enable any matter to be investigated by a disciplinary committee, the Council shall direct the secretary of the Council to require the attendance of that person, or the production by that person of such document, at such time and place as may be specified in a notice which shall be delivered by hand at, or sent through the post by registered letter addressed to, the last known place of residence of that person.</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">(2) Any person who having been served with a notice under sub-paragraph (1) of this paragraph fails, without reasonable cause, to attend or to produce any document, as the case may be, at the time and place specified in the notice, commits an offence under this Act</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">(3) The secretary of the Council shall be the secretary of every disciplinary committee and every notice issued under this Schedule shall be signed by him.</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">(4) A disciplinary committee shall have power to administer oaths or affirmations to all persons who are required to give evidence before such committee, and any person who refuses to be sworn or affirmed, or to answer such questions as may be put to him concerning any matter in respect of which the inquiry is held, commits an offence under this Act.</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">(5) Any person who upon examination upon oath or affirmation before a disciplinary committee wilfully gives false evidence commits an offence under this Act.</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">(6) Any person whose conduct is the subject of investigation at an inquiry or who is in any way concerned or implicated in such inquiry may be represented by counsel at the inquiry.</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">(7) The Council may authorize any legal practitioner to assist the disciplinary committee as to the leading and taking of evidence.</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">(8) Every inquiry held by a disciplinary committee shall, unless the Council otherwise determines in any case be held in camera.</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">(9) Any question before a disciplinary committee shall be determined by the decision of the majority of the members of that committee.</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">(10) Upon the conclusion of an inquiry, the disciplinary committee shall prepare and transmit to the Council a report embodying the findings on the matters in respect of which the inquiry was held.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;<br></span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">FOURTH SCHEDULE</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(Section 19)</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;1. Each of the following acts on the part of a chartered accountant shall constitute professional misconduct, namely,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) allowing any other person to practise in his name as a chartered accountant unless such person is also a chartered accountant and is in partnership with or employed by himself;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) entering into partnership with any person other than a chartered accountant or securing, either through the services of a person not qualified to be a chartered accountant or by means which are not open to a chartered accountant, any professional business.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">2. Each of the following acts on the part of a practising accountant shall constitute professional misconduct, namely,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) allowing any other person to practice in his name as a practising accountant unless such person is also a practising accountant and is in partnership with or employed by himself;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) entering into partnership with any person other than a member of the Institute or securing, either through the services of a person not qualified to be a practising accountant or by means which are not open to a practising accountant, any professional business.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">3. Each of the following acts of omissions on the part of a chartered accountant or a practising accountant shall constitute professional misconduct, namely,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) paying or allowing or agreeing to pay or allow, directly or indirectly, to any person, other than a chartered accountant or a practising accountant or a retired partner or a nominee or the legal representative of such partner, any share, commission or brokerage out of the fee or profits for his professional services;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) accepting or agreeing to accept any part of the profits of the professional work of a legal practitioner, auctioneer, broker or other agent who is not a chartered accountant or a practising accountant;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) soliciting clients or professional work either directly or indirectly, by circular, advertisement, personal communication or interview or by any other means;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) advertising professional attainments or services;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(e) disclosing information acquired in the course of professional engagement to any person other than a client, without the consent of the client, or otherwise than as required by any law for the time being in force;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(f) accepting a position as auditor previously held by another chartered accountant or practising accountant without first communicating with him in writing;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(g) accepting an appointment as auditor of a company without first ascertaining from it whether the requirements of the law relating to the appointment of auditors have been duly complied with;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(h) certifying or submitting in his name or in the name of his firm a report of an examination of financial statements unless the examination of such statements and the related records have been made by him or by a partner or an employee in his firm;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(i) permitting his name or the name of his firm to be used in connection with an estimate of earning contingent upon future transactions in a manner which may lead to the belief that he&nbsp; vouches for the accuracy of the forecast;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(j) expressing his opinion on financial statements of any business or any enterprise in which he, his firm or partner in his firm has a substantial interest, unless he disclosed the interest also in his report;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(k) charging in respect of any professional employment, other than insolvency or receiverships, fees which are based on a percentage of profits or which are contingent on results;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(l) failing to disclose a material fact known to him which is not disclosed in a financial statement, but disclosure of which is necessary to make the financial statement not misleading;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(m) failing to report a material mis-statement known to him to appear in a financial statement with which he is concerned in a professional capacity;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(n) gross negligence in the conduct of professional duties;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(o) failing to obtain sufficient information to warrant the expression of an opinion;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(p) failing to keep moneys of a client in a separate banking account or to use such moneys for purposes for which they are intended; and</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(q) including in any statement, return or form to be submitted to the Council any particulars knowing them to be false.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">4. Notwithstanding anything to the contrary contained in paragraphs 1, 2, or 3 of this Schedule, a chartered accountant or a practising accountant, as the case may be, shall not be guilty of professional misconduct by reason only of any of the following acts, namely,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) entering into or being in partnership with any person outside Ghana who is a member of a society or institute of accountants of the description specified in paragraph (b) of subsection (1) of section 4 of this Act;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) securing professional business by reason of such partnership;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) allowing such partnership to be carried on in his name;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) paying or allowing or agreeing to pay or allow to any such partner any share out of the fees or profits.</span></p></span></span>', 'FIRST', 'Yes', 'ACT 176');
INSERT INTO `actsofghana` (`id`, `title`, `content`, `republic`, `isshow`, `actname`) VALUES
(36, 'CONTRACTS ACT, 1960 (ACT 25)', '<span style="font-family: Arial;">ARRANGEMENT OF SECTIONS</span><p></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Section</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">CHAPTER I—PRELIMINARY</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">1. Commencement.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">2. Interpretation.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">3. Application of Act.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">4. Application of particular chapters of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">5. Prohibition of partnerships exceeding 20 members.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">6. Companies formed for special purposes.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">7. Saving of equity and common law.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">CHAPTER II—PROVISIONS APPLICABLE TO ALL COMPANIES</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part A—Formation and Matters Incidental Thereto</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">8.&nbsp; Right to form a company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">9. Types of company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">10. Companies limited by guarantee.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">11. Conversion of company limited by shares to company limited by guarantee.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">12. Duties of promoters.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">13. Pre-incorporation contracts.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">14. Formation of companies.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">15. Names of companies.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part B—The Company''s Regulations</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">16. Contents of Regulations.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">17. Form of Regulations.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">18. Subscribing to Regulations.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">19. Regulations of existing companies.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">20. Prints of Tables A and B.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">21. Effect of Regulations.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">22. Alteration of Regulations.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">23. Copies of Regulations.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part C—Capacity of Companies</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">24. Powers of companies.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">25. Ultra Vires.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">26. Alteration of authorised businesses.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part D—Commencement of Business</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">27. Filing of particulars.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">28. Minimum capital.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">29. Penalties for breach of section 27 or 28.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part E—Membership of Companies</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">30. Constitution of membership.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">31. Right of member to attend and vote.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">32. Register of members.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">33. Inspection of register.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">34. Power to close register.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">35. Rectification of register.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">36. Register to be evidence.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">37. Liability of members.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">38. Companies ceasing to have members.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part F—Shares</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">39. Nature of shares.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">40. No par shares.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">41. Issue of shares.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">42. Payment of shares.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">43. Return of issues.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">44. Penalties for non-compliance with section 42 or 43.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">45. Meaning of payment in cash.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">46. Classification of shares.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">47. Variation of class rights.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">48. Preference and equity shares.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">49. Suspension of voting rights of preference&nbsp; shares.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">50. Votes of equity shares.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">51. Canons of construction of class rights.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">52. Numbering of shares.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">53. Issue of share certificates.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">54. Effect of share certificates.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">55. Reserve liability.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">56. Prohibited transactions in shares.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">57. Alteration of number of shares.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">58. Financial assistance for acquisition of shares.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">59. Acquisition by company of its own shares.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">60. Redemption of redeemable preference shares.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">61. Purchase by a company of its own shares.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">62. Limit on number of shares acquired.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">63. Share deals account.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">64. Modification of sections 59 to 63 in relation to authorised mutual funds.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">65. Acquisition of shares of holding company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part G—Stated Capital and Dividends</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">66. Meaning of stated capital.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">67. Reduction of stated capital.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">68. Modification of sections 66 and 67 in relation to authorised mutual funds.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">69. Meaning of "surplus".</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">70. Meaning of "income surplus".</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">71. Legality of dividend payments.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">72. Prohibition of payment of dividends by companies limited by guarantee.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">73. Declaration of dividends.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">74. Capitalisation issues and non-cash dividends.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part H—Resolutions Reducing Capital, Shares or Liability</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">75. Resolutions requiring confirmation of Court.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">76. Application for confirming order.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">77. Order confirming the resolution.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">78. Order and minute to be registered.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">79. Protection of creditors.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part I—Debentures and Debenture Stock</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">80. Issue of debentures or debenture stock.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">81. Specific performance of contracts to subscribe for debentures.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">82. Documents of title to debentures.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">83. Effect of statements in debentures.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">84. Perpetual debentures.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">85. Convertible debentures.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">86. Secured or naked debentures.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">87. Meaning of "floating charge".</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">88. Powers of the Court.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">89. Payment of preferential creditors out of assets subject to a floating charge.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">90.&nbsp; Limitation of efficacy of floating charges in liquidations.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">91.&nbsp; Application of sections 236 to 245.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">92. Trustees for debentureholders.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">93. Meetings of debentureholders.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">94. Re-issue of redeemed debentures.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part J—Transfer of Shares and Debentures</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">95. Restrictions on transferability of shares.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">96. Register of debentures.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">97. Restriction on transferability of debentures.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">98. Registration of transfers.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">99. Transmission of shares or debentures by operation of law.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">100. Protection of beneficiaries.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">101. Certification of transfers.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">102. Company''s lien on shares.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part K—Branch Registers</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">103. Power for company to keep branch registers.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">104. Regulations as to branch registers.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">105. Stamp duties in case of securities registered in branch registers.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">106.&nbsp; Provisions as to branch registers kept in Ghana.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part L—Registration of Particulars of Charges</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">107. Registration of particulars of charges created by companies.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">108. Charges to secure fluctuating amounts.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">109. Charges on property acquired.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">110.&nbsp; Existing charges.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">111.&nbsp; Duty of company to deliver particulars for registration.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">112.&nbsp; Register of particulars of charges.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">113.&nbsp; Endorsement of registration on debentures of a series.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">114.&nbsp; Entry of satisfaction on discharge.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">115.&nbsp; Rectification of register of particulars of charges.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">116.&nbsp; Registration of enforcement of security.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">117.&nbsp; Copies of charges to be kept by company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">118.&nbsp; Registration constituting notice.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part M—Registered Office, Publication of Name, and Annual Return</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">119. Registered office.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">120. Notice of situation of registered office.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">121. Publication of name of company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">122. Annual return.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part N—Accounts and Audit</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">123. Keeping of books of account.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">124. Circulation of profit and loss account, balance sheet, and reports.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">125.&nbsp; Profit and loss account.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">126.&nbsp; Balance sheet.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">127.&nbsp; Group accounts.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">128.&nbsp; Particulars of directors'' emoluments and pensions.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">129.&nbsp; Particulars of amounts due from officers.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">130.&nbsp; Provisions supplemental to sections 123 to 129.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">131.&nbsp; Signing and publication of accounts.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">132.&nbsp; Directors'' report.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">133.&nbsp; Auditors'' report.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">134.&nbsp; Appointment and remuneration of auditors.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">135.&nbsp; Removal of auditors.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">136.&nbsp; Duties and powers of auditors.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part O—Acts by or on behalf of the Company</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">137. Division of powers between general meeting and board of directors.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">138.&nbsp; Delegation to committees and managing directors.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">139.&nbsp; Acts of the company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">140.&nbsp; Acts of officers or agents.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">141.&nbsp; No constructive notice of registered documents.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">142.&nbsp; Presumption of regularity.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">143. Liability of company not affected by officer''s fraud or forgery.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">144.&nbsp; Form of contracts.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">145.&nbsp; Bills of exchange and promissory notes.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">146.&nbsp; Authentication of documents.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">147.&nbsp; Execution of deeds abroad.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">148.&nbsp; Official seal for use abroad.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part P—General Meetings and Resolutions</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">149.&nbsp; Annual general meetings.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">150.&nbsp; Extraordinary general meetings.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">151.&nbsp; Place of meetings.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">152.&nbsp; Length of notice of meetings.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">153.&nbsp; Contents of notice.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">154.&nbsp; Persons entitled to notice.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">155.&nbsp; Service of notice.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">156.&nbsp; Accidental failure to give notice.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">157. Circulation of members'' resolutions and supporting circulars.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">158.&nbsp; Circulation of members'' circulars.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">159.&nbsp; General provisions affecting sections 157 and 158.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">160.&nbsp; Attendance at meetings.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">161.&nbsp; Quorums.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">162.&nbsp; Power of Court to order meeting.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">163.&nbsp; Proxies.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">164.&nbsp; Obtaining proxies by misrepresentation.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">165.&nbsp; Representation of corporation at meetings.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">166.&nbsp; Chairman of meetings.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">167.&nbsp; Adjournments.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">168.&nbsp; Types of resolution.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">169.&nbsp; Amendments.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">170.&nbsp; Procedure on voting.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">171.&nbsp; Voting of joint holders.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">172&nbsp;&nbsp; Votes by persons of unsound mind.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">173.&nbsp; Date of passing of resolutions.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">174.&nbsp; Written resolutions.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">175.&nbsp; Application of sections 152 to 174 to class meetings.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">176.&nbsp; Registration of certain resolutions.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">177.&nbsp; Minutes of general meetings.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">178.&nbsp; Inspection of minute book.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part Q—Directors and Secretary</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">179. Meaning of directors.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">180. Number of directors.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">181. Appointment of directors.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">182. Competence of directors.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">183. Directors'' share qualification.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">184. Vacation of office of director.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">185. Removal of directors.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">186. Restraining fraudulent persons from managing companies.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">187. Substitute directors.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">188. Alternate directors.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">189. Presence of directors in Ghana.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">190. Secretary.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">191. Avoidance of acts in dual capacity as director and &nbsp;secretary.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">192. Executive directors.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">193. Managing directors.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">194. Remuneration of directors.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">195. Prohibition of tax-free payments.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">196. Register of directors and secretary.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">197. Registration of particulars of directors and secretaries.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">198. Publication of names of directors.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">199. Prohibition of assignment of offices.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">200. Proceedings of directors.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">201. Minutes of directors'' meetings.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">202. Limitations on the powers of directors.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">203. Duties of directors.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">204. Exercise of directors'' powers.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">205. Conflicts of duty and interest.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">206. Consent of company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">207. Contracts in which directors are interested.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">208. Directors acting professionally.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">209. Civil liabilities for breach of duty.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">210. Legal proceedings to enforce liabilities.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">211. Payments to directors for loss of office or on transfer of the company''s undertaking.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">212. Payments to directors in connection with take-over bids.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">213. Provisions supplemental to sections 211 and 212.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">214. Duties of directors in connection with sales or purchases of the company''s securities.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">215. Register of directors'' holdings.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">216. General saving of existing law relating to officers.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part R—Protection Against Illegal or Oppressive Action</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">217. Injunction or declaration in the event of illegal or irregular activity.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">218.&nbsp; Remedy against oppression.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">219.&nbsp; Enquiries by the Registrar.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">220. Appointment of inspector under order of the Court.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">221. Appointment of inspector on special resolution of the company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">222. Power to carry investigation into the affairs of associated companies.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">223.&nbsp; Production of documents and evidence.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">224.&nbsp; Inspectors'' report.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">225.&nbsp; Proceedings after investigation.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">226.&nbsp; Expenses of investigations.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">227. Power to require information as to persons interested in&nbsp; shares or debentures.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">228.&nbsp; Saving for legal practitioners and bankers.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part S—Arrangements and Amalgamations</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">229.&nbsp; Meaning of arrangement and amalgamation.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">230. Arrangement or amalgamation by sale of undertaking for securities to be distributed.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">231.&nbsp; Arrangement or amalgamation with Court approval.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">232. Powers of the Court for facilitating arrangements or amalgamations.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">233.&nbsp; Information as to arrangements and amalgamations.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">234. Power to acquire shares of minority on acquisition of subsidiary company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">235. Rights of minority on acquisition of subsidiary company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part T—Receivers and Managers</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">236.&nbsp; Disqualification for appointment as receiver.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">237.&nbsp; Power to appoint Official Trustee.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">238.&nbsp; Powers of receivers and managers.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">239.&nbsp; Receivers and managers appointed by the Court.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">240.&nbsp; Receivers and managers appointed out of Court.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">241.&nbsp; Liabilities of receivers and managers on contracts.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">242.&nbsp; Notification that receiver or manager has been appointed.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">243. Accounts where manager appointed to enforce a floating charge.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">244. Delivery to Registrar of accounts of receivers.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">245. Enforcement of receivers'' duties.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part U—Winding up</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">246. Modes of winding up.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">247. Declaration of solvency.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">248. Procedure on resolution for liquidation.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">249. Statements and accounts of final financial year.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">250. Resolution for appointment and removal of liquidator.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">251. Remuneration of liquidator.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">252. Disqualification of liquidator.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">253. Status of liquidator.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">254. Cessation of directors'' powers.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">255. Powers of liquidator.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">256. Books and accounts during private liquidation.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">257. Liquidation account.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">258. Duty of liquidator in case of insolvency.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">259. Stay of proceedings.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">260. Dissolution of companies.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">261. Dissolution without full winding up.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part V—Documents</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">262. Service of documents by company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">263. Service of documents on company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">264. Books and registers.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part W—Invitations to the Public</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">265. Control of public invitations.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">266. Meaning of "invitations to the public."</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">267. Offers for sale deemed to be made by the company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">CHAPTER III—ADDITIONAL PROVISIONS APPLICABLE TO PRIVATE COMPANIES ONLY</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">268.&nbsp; Default in complying with conditions constituting a private&nbsp; company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">269.&nbsp; Documents to be annexed to the annual return of a private company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">270.&nbsp; Qualification of auditors of private companies.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">271. Requisitioning extraordinary general meetings of a private company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">272. Appointment and removal of directors of private companies.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">273.&nbsp; Conversion of private company to public company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">CHAPTER IV—ADDITIONAL PROVISIONS APPLICABLE TO PUBLIC COMPANIES ONLY</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part A—Prospectuses and Statements in Lieu of Prospectus</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">274.&nbsp; Statement in lieu of prospectus.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">275. Prospectus on invitation to the public to acquire or dispose of securities.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">276.&nbsp; General and restricted invitations to the public.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">277.&nbsp; Certificates of exemption.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">278.&nbsp; Expert''s consent.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">279.&nbsp; Registration of prospectuses.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">280. Meaning of "approved stock exchange" and "exempted dealer".</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">281.&nbsp; Waiting period.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">282.&nbsp; Withdrawal of applications after the waiting period.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">283. Invitations in respect of securities to be dealt in on a stock exchange.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">284.&nbsp; Minimum subscription.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">285. Application of sections 275 to 279 and 281 to 284 to authorised mutual funds.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">286. Civil remedy for mis-statements or omissions in a prospectus.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">287.&nbsp; Rescission for mis-statements in a prospectus.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">288.&nbsp; Voting rights of shares offered to the public.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">289.&nbsp; Public invitations to deposit money with public companies.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">290. &nbsp;Prohibition of waiver and notice clauses.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">291.&nbsp; Criminal liability for mis-statements.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">291A. Discretion of Registrar to Waive or Modify the Application of Part A of Chapter IV.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part B—Dividends and Transfers</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">292. Limitation of liability of shareholders in public companies to restore illegal dividends.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">293.&nbsp; Interim dividends.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">294. Restrictions on the transferability of securities of public companies.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part C—Annual Returns and Auditors</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">295. Documents to be annexed to the annual return of a public company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">296. Qualification of auditors of public company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part D—General Meetings</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">297. Extraordinary general meetings of public companies.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part E—Directors</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">298. Rotation of directors of a public company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">299. Voting for directors of a public company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">300. Cumulative voting for directors of a public company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">301. Prohibition of loans by a public company to directors.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">CHAPTER V—PROVISIONS APPLICABLE TO NON-GHANAIAN COMPANIES</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">302. Meaning of external company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">303. Documents to be delivered to Registrar by external company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">304.&nbsp; Returns required on alteration of registered particulars.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">305.&nbsp; Local managers.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">306.&nbsp; Service on external company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">307.&nbsp; Accounts of external company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">308.&nbsp; Obligation to state name etc. of external company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">309.&nbsp; Publication of names of local managers.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">310.&nbsp; Registration of particulars of charges.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">311.&nbsp; Notification of winding up of external company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">312.&nbsp; Cessation of business of external company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">313.&nbsp; Penalties and disabilities.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">314.&nbsp; Control of public invitations relating to external companies.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">315.&nbsp; Control of public invitations relating to other non-Ghanaian companies.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">316. Application of sections 266 and 267 to external and non-Ghanaian companies.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">317. Interpretation.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">CHAPTER VI— SUPPLEMENTARY</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part A—Unit Trusts and Mutual Funds</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">318. Unit trusts.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">319. Mutual funds.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part B—Miscellaneous Offences</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">320.&nbsp; Inducing persons to invest.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">321.&nbsp; Penalty for false statements.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">322.&nbsp; Penalty for improper use of "Incorporated" or " Limited".</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">323. Publication of misleading statements regarding shares or capital.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part C—Legal Proceedings</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">324. Representative actions.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">325. Costs in actions by limited companies.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">326. Contribution between joint wrongdoers.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">327. Power to grant relief.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part D—Administration</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">328. Registrar of companies.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">329. Fees.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">330. Documents to be translated.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">331. Registration of documents.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">332. Prescribed forms.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">333. Inspection, copies and evidence of registered documents.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">334. Authentication of documents issued by Registrar or Minister.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">335.&nbsp; Enforcement of duty to make returns.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">336.&nbsp; Regulations.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">337.&nbsp; Registrar''s power to obtain directions of the Court.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">338.&nbsp; Periodical reports by Registrar.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">339.&nbsp; Extension to unregistered companies.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">340.&nbsp; Repeals.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">SCHEDULES</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">First Schedule—Definitions</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Second Schedule—Tables A and B</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Third Schedule—Form of Annual Return</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Fourth Schedule—Accounts</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Fifth Schedule—Auditors'' Report</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Sixth Schedule—Statement in Lieu of Prospectus</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Seventh Schedule—Prospectus</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Eighth Schedule—Fees</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Ninth Schedule—Transitional Provisions affecting Existing Companies</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Tenth Schedule—Repeals</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: center;"><span style="font-family: Arial;">THE HUNDRED AND SEVENTY-NINTH</span></p><p class="MsoNormal" style="text-align: center;"><img src="coatofarms_small.jpg" border="0" width="108" height="89"></p><p class="MsoNormal" style="text-align: center;"><span style="font-family: Arial;">ACT OF THE PARLIAMENT OF THE REPUBLIC OF GHANA</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">ENTITLED</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">THE COMPANIES CODE, 1963</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">AN ACT to codify and amend the law relating to companies.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">DATE OF ASSENT: 28TH MAY, 1963</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">BE IT ENACTED&nbsp; by the President and the National Assembly in this present Parliament assembled, as follows:—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">CHAPTER I—PRELIMINARY</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 1—Commencement.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">This Code shall come into operation on the first day of July, 1963.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 2—Interpretation.</span></b></p><p class="MsoNormal" style="text-align: justify;"><i><span style="font-family: Arial;">First Sch.</span></i></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">In this Code, unless the context otherwise requires, the expressions defined in the First Schedule hereto shall have the meanings assigned to them in that Schedule.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 3—Application of Act.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Except where otherwise provided, the provisions of this Code shall apply to all companies formed in Ghana, whether before&nbsp; or after the commencement of this Code, under the provisions of the Companies Ordinance, (Cap. 193) or this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Nothing in this Code contained shall affect the validity of anything done before the date when the Code comes into operation.</span></p><p class="MsoNormal" style="text-align: justify;"><i><span style="font-family: Arial;">Ninth Sch.</span></i></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) The provisions of this Code which require or may require immediate action by existing companies when this Code comes into operation are referred to in the Ninth Schedule to this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 4—Application of Particular Chapters of the Code.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The provisions of Chapter III of this Code shall apply to private companies but not to public companies.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The provisions of Chapter IV of this Code shall apply to public companies but not to private companies.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) The provisions of Chapter V of this Code shall not apply to companies formed in Ghana.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 5—Prohibition of Partnerships Exceeding 20 Members.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">No company, association or partnership consisting of more than twenty persons shall be formed for the purpose of carrying on any business that has for its object the acquisition of gain by the company, association or partnership, or by the individual members thereof, unless it is registered as a company under this Code or is formed in pursuance of some other enactment for the time being in force.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 6—Companies formed for Special Purposes.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Nothing in this Code shall abrogate or affect any special legislation relating to companies carrying on the business of banking, insurance or any other business from time to time subject to special regulation.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 7—Saving of Equity and Common Law.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The rules of equity and of common law applicable to companies shall continue in force except so far as they are inconsistent with the provisions of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">CHAPTER II—PROVISIONS APPLICABLE TO ALL COMPANIES</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part A—Formation and Matters Incidental thereto</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 8—Right to form a Company.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Any one or more persons may form an incorporated company by complying with the provisions of this Code in respect of registration.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 9—Types of Company.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) An incorporated company may be either,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) a company having the liability of its members limited to the amount, if any, unpaid on the shares respectively held by them, in this Code referred to as a company limited by shares; or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) a company having the liability of its members limited to such amount as the members may respectively undertake to contribute to the assets of the company in the event of its being wound up, in this Code referred to as a company limited by guarantee; or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) a company not having any limit on the liability of its members, in this Code referred to as an unlimited company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) A company of any of the foregoing types may either be a private company or a public company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) A private company shall be a company which by its Regulations,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) restricts the right to transfer its shares, if any;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) limits the total number of its members and debentureholders to fifty, not including persons who are bona fide in the employment of the company and persons who, having been formerly bona fide in the employment of the company, were while in that employment, and have continued after the determination of that employment to be, members or debentureholders of the company;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) prohibits the company from making any invitation to the public to acquire any shares or debentures of the company; and</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) prohibits the company from making any invitation to the public to deposit money for fixed periods or payable at call, whether bearing or not bearing interest:</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">Provided that where two or more persons hold one or more shares or debentures jointly, they shall, for the purposes of this subsection, be treated as a single member or debentureholder.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) Any other company shall be a public company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) A company limited by shares and an unlimited company shall be registered with shares.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(6) A company limited by guarantee shall not be registered with shares and shall not create or issue shares.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 10—Companies Limited by Guarantee.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) A company limited by guarantee may not lawfully be incorporated with the object of carrying on business for the purpose of making profits.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) If any company limited by guarantee shall carry on business for the purpose of making profits, all officers and members thereof who shall be cognisant of the fact that it is so carrying on business shall be jointly and severally liable for the payment and discharge of all the debts and liabilities of the company incurred in carrying on such business, and the company and every such officer and member shall be liable to a fine not exceeding five pounds for every day during which it shall carry on such business.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) The total liability of the members of a company limited by guarantee to contribute to the assets of the company in the event of its being wound up shall not at any time be less than one hundred pounds.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) Subject to compliance with subsection (3) of this section, the Regulations of a company limited by guarantee may provide that members can retire or be excluded from membership thereof.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) If in breach of subsection (3) of this section the total liability of the members of any company limited by guarantee shall at any time be less than one hundred pounds, every director and member of the company who is cognisant of the breach shall be liable to a fine not exceeding one hundred pounds.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 11—Conversion of Company Limited by Shares to Company Limited by Guarantee.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) A company limited by shares may be converted into a company limited by guarantee if,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) there is no unpaid liability on any of its shares;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) all its members agree in writing to such conversion and to the voluntary surrender to the company for cancellation of all the shares held by them immediately prior to the conversion;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) new Regulations, appropriate to a company limited by guarantee, are adopted by the company pursuant to section 22 of this Code;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) a member or members agree in writing to contribute to the assets of the company, in the event of its being wound up, to an extent not less than that prescribed by subsection (3) of section 10 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2)&nbsp; Upon delivery to the Registrar for registration of,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) a copy of the said new Regulations and of the special resolution adopting the same, and</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) a statutory declaration by a director and the secretary of the company confirming that the conditions of the immediately preceding subsection have been complied with,&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">the Registrar shall issue a new certificate of incorporation altered to meet the circumstances of the case; and as from the date mentioned in such certificate the company shall be converted into a company limited by guarantee, the shares therein shall be validly surrendered and cancelled notwithstanding the provisions of section 56 of this Code, and any members of the company who have not agreed to contribute to the assets of the company in the event of its being wound up shall cease to be members thereof:</span></p><p class="MsoNormal" style="text-align: justify;">&nbsp;</p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Provided that,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) except in accordance with subsection (3) of section 15 of this Code, the company may not change the name under which it was registered prior to the conversion; but the omission of the word "Limited" as the last word of the name of the company after conversion shall not be regarded as a change of name;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) if the Registrar is of the opinion that the name under which the company is registered will be misleading or undesirable on its conversion to a company limited by guarantee he shall, in accordance with subsection (5) of section 15 of this Code, direct the company to change its name and shall not issue a new certificate of incorporation until the direction has been complied with or cancelled in accordance with the provisions of that subsection;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) until a new certificate of incorporation is issued the former Regulations shall continue to apply and neither the surrender of the shares of the company nor the agreement to contribute to the assets of the company in the event of its being wound up shall take effect.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) The conversion of a company pursuant to the provisions of this section shall not affect any rights or obligations of the company except as mentioned in this section or render defective any legal proceedings by or against the company.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 12—Duties of Promoters.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Any person who is or has been engaged or interested in the formation of a company shall be deemed to be a promoter of that company:</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">Provided that a person acting in a professional capacity for persons engaged in procuring the formation of the company shall not thereby be deemed to be a promoter.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Until the formation of a company is complete and its working capital has been raised, the promoter shall,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) stand in a fiduciary relationship to the company;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) observe the utmost good faith towards the company in any transaction with it or on its behalf; and</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) compensate the company for any loss suffered by it by reason of his failure so to do.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) A promoter who acquires any property or information in circumstances in which it was his duty as a fiduciary to acquire it on behalf of the company shall account to the company for such property and for any profit which he may have made from the use of such property or information.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) Any transaction between a promoter and the company may be rescinded by the company unless, after full disclosure of all material facts known to the promoter, the transaction shall have been entered into or ratified on behalf of the company,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) if all the company''s directors are independent of the promoter, by the company''s board of directors; or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) by all the members of the company; or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) by the company at a general meeting at which neither the promoter nor the holders of any shares in which he is beneficially interested shall have voted on the resolution to enter into or ratify that transaction.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) No period of limitation shall apply to any proceedings brought by a company to enforce any of its rights under this section; but in any such proceedings the Court may relieve a promoter in whole or in part and on such terms as it thinks fit from liability hereunder if in all the circumstances, including lapse of time, the Court thinks it equitable so to do.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 13—Pre-incorporation Contracts.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Any contract or other transaction purporting to be entered into by a company prior to its formation or by any person on behalf of the company prior to its formation may be ratified by the company after its formation; and thereupon the company shall become bound by and entitled to the benefit thereof as if it had been in existence at the date of such contract or other transaction and had been a party thereto.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Prior to ratification by a company the person or persons who purported to act in the name or on behalf of the company shall, in the absence of express agreement to the contrary, be personally bound by the contract or other transaction and shall be entitled to the benefit thereof.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 14—Formation of Companies.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">After the commencement of this Code a company shall be formed in manner following, that is to say,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) there shall be delivered to the Registrar for registration a copy of the proposed Regulations of the company complying with sections 16 to 18 of this Code;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b)&nbsp; unless, in the opinion of the Registrar,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 72pt;"><span style="font-family: Arial;">(i) the Regulations do not comply with this Code;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 72pt;"><span style="font-family: Arial;">(ii) the objects for which the company is being formed or the business which it is to carry on, or any of them are unlawful;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 72pt;"><span style="font-family: Arial;">(iii) any of the subscribers to the Regulations is an infant or of unsound mind; or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 72pt;"><span style="font-family: Arial;">(iv) any of the directors named in the Regulations is under section 182 of this Code, incompetent to be appointed a director,</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">the Registrar shall register the said Regulations;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) upon registration of the Regulations, the Registrar shall certify under his seal that the company is incorporated and, in the case of a limited company, that the liability of its members is limited;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) from the date of registration mentioned in the certificate of incorporation, the company shall be a body corporate by the name contained in the Regulations and, subject as provided in sections 27 and 28 of this Code, be capable forthwith of exercising all the functions of an incorporated company;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(e) the Registrar shall insert a notice in the Gazette stating the issue of such certificate and the terms thereof;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(f) the certificate of incorporation, or a copy thereof, certified as correct under the hand of the Registrar, or the Gazette containing the notice referred to in paragraph (e) of this section, shall be conclusive evidence that the company has been duly registered and incorporated under this Code and no proceedings shall be brought in any Court to cancel or annul such registration:</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">Provided that nothing in this paragraph contained shall prejudice the institution of proceedings to wind up the company in accordance with section 247 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 15—Names of Companies.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The last word of the name of a company limited by shares shall be "Limited":</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">Provided that an existing company limited by shares which has been licensed under section 15 of the Companies Ordinance (Cap. 193), to dispense with the word "Limited" shall retain the right to such dispensation until the expiration of six months after the commencement of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) No company shall be registered by a name which, in the opinion of the Registrar, is misleading or undesirable.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) A company may, by special resolution and with the approval of the Registrar signified in writing, change its name.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) If, through inadvertence or otherwise, a company on its first registration or on its registration by a new name is registered by a name which, in the opinion of the Registrar, is misleading or undesirable, the company may change its name with the sanction of the Registrar, and if the Registrar shall so direct within six months of its being registered by that name, shall change it within a period of six weeks from the date of the direction or such longer period as the Registrar may think fit to allow.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) If the Registrar is of the opinion that by reason of any change in the objects of, or the nature of the business carried on by a company the name under which it is registered is misleading or undesirable, the Registrar may direct such company to change its name and the company shall change its name within six weeks of such direction, unless within that time it shall have lodged an appeal to the Court against such direction.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(6) The Court shall, thereupon, either cancel or confirm such direction and its decision shall be final and conclusive; and if the direction shall be confirmed, the company shall change its name within six weeks of such confirmation.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(7) If a company makes default in complying with a direction under either of the three immediately preceding subsections it and any director of the company who is cognisant of the default shall be liable to a fine not exceeding five pounds for every day during which the default continues.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(8) Where a company changes its name under this section the Registrar shall enter the new name on the register in place of the former name, and shall issue a certificate of incorporation altered to meet the circumstances of the case.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(9) Any alteration so made shall be advertised by the Registrar in the Gazette and in one newspaper published in Ghana and circulating in the district in which the registered office of the company is situated.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(10) A certificate or an advertisement in the Gazette under this section shall be conclusive evidence of the alteration to which it relates.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(11) A change of name by a company shall not affect any rights or obligations of the company or render defective any legal proceedings by or against the company, and any legal proceedings that might have been continued or commenced against it by its former name may be continued or commenced against it by its new name.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(12) The Registrar may, on written application and on payment of the prescribed fee, reserve a name pending registration of a company or a change of name by a company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(13) Any such reservation shall be for such period as the Registrar shall think fit not exceeding two months and during the period of reservation no other company shall be registered under the reserved name or under any other name which in the opinion of the Registrar is too like the reserved name.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part B—The Company''s Regulations</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 16—Contents of Regulations.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) This section shall apply to any company registered after the commencement of this Code and to an existing company which, pursuant to section 19 of this Code, adopts Regulations in lieu of its memorandum and articles of association.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The Regulations of a company shall state,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) the name of the company, with "Limited" as the last word of the name in the case of a company limited by shares;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) the nature of the business or businesses which the company is authorised to carry on, or if the company is not formed for the purpose of carrying on a business, the nature of the object or objects for which it is established;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) that the company has, for the furtherance of its authorised businesses or objects, all the powers of a natural person of full capacity except in so far as such powers are expressly excluded by the Regulations;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) the names of the first directors of the company;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(e) that the powers of the directors are limited in accordance with section 202 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) The Regulations of a company limited by shares or by guarantee shall also state that the liability of its members is limited.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) In the case of a company having shares the Regulations shall also state the number of shares with which the company is to be registered.</span></p><p class="MsoNormal" style="text-align: justify;"><i><span style="font-family: Arial;">Second Sch.</span></i></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) In the case of a company limited by guarantee the Regulations shall also,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) contain a regulation in the terms of regulation 3 of Table B in the Second Schedule to this Code, with such modifications as the Registrar shall allow, stating that the income and property of the company shall be applied solely towards the promotion of its objects, and that no portion thereof shall be paid or transferred directly or indirectly to the members of the company except as therein permitted;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) state that each member undertakes to contribute to the assets of the company in the event of its being wound up while he is a member or within one year after he ceases to be a member,&nbsp; for payment of the debts and liabilities of the company, and of the costs of winding up, such amount as may be required not exceeding a specified amount; and</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) state that if, upon the winding up of the company, there remains after the discharge of all its debts and liabilities any property of the company the same shall not be distributed among the members but shall be transferred to some other company limited by guarantee having objects similar to the objects of the company or applied to some charitable object, such other company or charity to be determined by the members prior to the dissolution of the company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(6) The Regulations may contain any other lawful provisions relating to the constitution and administration of the company.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 17—Form of Regulations.</span></b></p><p class="MsoNormal" style="text-align: justify;"><i><span style="font-family: Arial;">Second Sch.</span></i></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) In the case of a company registered after the commencement of this Code, or an existing company which, pursuant to section 19 of this Code, adopts Regulations in lieu of its memorandum and articles of association, the form of the Regulations of,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) a private company limited by shares,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) a public company limited by shares,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) a company limited by guarantee,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">shall be respectively in accordance with the forms set out in Table A Part I, Table A Part II, or Table B, in the Second Schedule to this Code or as near thereto as circumstances may admit; and the form of the Regulations of an unlimited company shall be in accordance with the form set out in Table A Part I, if a private company, or Table A Part II, if a public company, or as near thereto as circumstances may admit, but with such modifications as are necessary having regard to the fact that the liability of the members is unlimited.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The Regulations may adopt such of the provisions of the appropriate Table as are not required, by section 16 of this Code, to be stated in the Regulations, and, in so far as the Regulations do not exclude or modify those provisions, they shall, so far as applicable, be part of the Regulations of the company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) The Regulations shall be printed, typewritten, or in some other legible form acceptable to the Registrar.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 18—Subscribing to Regulations.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The Regulations of any company registered after the commencement of this Code shall be signed by one, or more subscribers in the presence of, and shall be attested by, one witness at the least.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) In the case of Regulations of a company with shares the subscribers, or each subscriber if more than one, shall write opposite to his name the number of shares he takes and the cash price payable therefor, and shall take at least one share.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) The Regulations shall not be chargeable to any stamp duty.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 19—Regulations of Existing Companies.</span></b></p><p class="MsoNormal" style="text-align: justify;"><i><span style="font-family: Arial;">Second Sch.</span></i></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) An existing company may, by special resolution, adopt Regulations in the form required by this Code in lieu of its memorandum and articles of association and may adopt such of the provisions of the appropriate Table in the Second Schedule hereto as are not required, by section 16 of this Code, to be stated in the Regulations.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Any reference in this Code to the Regulations of a company shall, in the case of an existing company which has not adopted Regulations in lieu of its memorandum and articles, be deemed to be a reference to its memorandum and articles of association.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) Nothing in subsection (1) of this section shall be deemed to authorise any company to alter the substance, as opposed to the form, of its Regulations except as mentioned in section 22 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 20—Prints of Tables A and B.</span></b></p><p class="MsoNormal" style="text-align: justify;"><i><span style="font-family: Arial;">Second Sch.</span></i></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Where the Regulations of a company include without express repetition all or any of the provisions of Table A or B, a printed copy of the appropriate Table or, in the case of Table A, of the appropriate Part thereof shall be attached to every copy of such Regulations.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 21—Effect of Regulations.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Subject to the provisions of this Code, the Regulations, when registered, shall have the effect of a contract under seal between the company and its members and officers and between the members and officers themselves whereby they agree to observe and perform the provisions of the Regulations, as altered from time to time, in so far as they relate to the company, members, or officers as such.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Where the Regulations empower any person to appoint or remove any director or other officer of the company such power shall be enforceable by that person notwithstanding that he is not a member or officer of the company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) In any action by any member or officer to enforce any obligation owed under the Regulations to him and any other member or officer, such member or officer shall, if any other member or officer is affected by the alleged breach of such obligation, sue in a representative capacity on behalf of himself and all other members or officers who may be affected other than any who are defendants and the provisions of section 324 of this Code shall apply.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 22—Alteration of Regulations.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">A company may, by special resolution, alter or add to its Regulations or adopt new Regulations:</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Provided that,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) the name of the company shall not be altered except with the consent of the Registrar in accordance with section 15 of this Code;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) the number of the company''s shares may be altered in accordance with the provisions of sections 11, 57 to 63, 75 to 79, 218, or 231 of this Code but not otherwise;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) the businesses which the company is authorised to carry on or, if the company is not formed for the purpose of carrying on a business, the objects for which it is established may be altered or added to in accordance with the provisions of section 26 or 231 of this Code but not otherwise;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) no alteration or addition shall be made which shall conflict with any order of the Court made under section 218 of this Code;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(e) if at any time the shares of the company are divided into different classes the rights attached to any class may be altered in accordance with section 47 or 231 of this Code but not otherwise;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(f) the Regulations may restrict or exclude the company''s power to alter all or any of its Regulations or to add thereto or may impose conditions for the alteration or addition thereto, in which event the Regulations may not be altered or added to except in accordance with the provisions thereof or of section 231 of this Code;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(g) the Regulations as altered or added to shall be in accordance with the provisions of this Code and shall contain the statements and regulations required by section 16 of this Code;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(h) except in accordance with section 231 of this Code no member of the company shall be bound by an alteration made in the Regulations after the date on which he became a member, if and in so far as the alteration requires him to take more shares than the number held by him on the date on which the alteration is made or in any way increase his liability as at that date to pay money to the company, or which increases or imposes restrictions on the right to transfer the shares held by him at the date of the alteration, unless he agrees in writing, either before or after the alteration is made, to be bound thereby;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(i) no alteration shall be made which would have the effect of converting an unlimited company into a limited company or a company limited by guarantee into a company limited by shares;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(j) an alteration may be restrained or cancelled by the Court in accordance with section 217 or 218 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 23—Copies of Regulations.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) A company shall, on being so required by any member, send to him a copy of its Regulations on payment of the sum of two shillings and sixpence or such less sum as the company may prescribe.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Where an alteration is made to the Regulations every copy thereof issued after the date of the alteration and whether to a member or otherwise shall be in accordance with the alteration.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) If a company makes default in complying with this section the company and every officer of the company who is in default shall be liable for each offence to a fine not exceeding ten pounds.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part B—The Company''s Regulations</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 24—Powers of Companies.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Except to the extent that a company''s Regulations otherwise provide, every company registered after the commencement of this Code and every existing company which, pursuant to section 19 of this Code, adopts Regulations in lieu of its memorandum and articles of association shall have, for the furtherance of its objects and of any business carried on by it and authorised in its Regulations, all the powers of a natural person of full capacity.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 25—Ultra Vires.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) A company shall not carry on any business not authorised by its Regulations and shall not exceed the powers conferred upon it by its Regulations or this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) A breach of subsection (1) of this section may be asserted in any proceedings under section 210, 218 or 247 of this Code or under subsection (4) of this section.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) Notwithstanding subsection (1) of this section, no act of a company and no conveyance or transfer of property to or by a company shall be invalid by reason of the fact that such act, conveyance or transfer was not done or made for the furtherance of any of the authorised businesses of the company or that the company was otherwise exceeding its objects or powers.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) On the application of,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) any member of the company, or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) the holder of any debenture secured by a floating charge over all or any of the company''s property or by the trustee for the holders of any such debentures,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">the Court may prohibit, by injunction, the doing of any act or the conveyance or transfer of any property in breach of subsection (1) of this section.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) If the transactions sought to be prohibited in any proceedings under the immediately preceding subsection are being, or are to be, performed or made pursuant to any contract to which the company is a party, the Court may, if it deems the same to be equitable and if all the parties to the contract are parties to the proceedings, set aside and prohibit the performance of such contract, and may allow to the company or to the other parties to the contract compensation for any loss or damage sustained by them by reason of the setting aside or prohibition of the performance of such contract but not compensation for loss of anticipated profits to be derived from the performance of such contract.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 26—Alteration of Authorised Businesses.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) A company may, by special resolution, alter its Regulations with respect to the businesses which it is authorised to carry on or, in the case of a company not formed for the purpose of carrying on a business, with respect to the objects for which it is established:</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">Provided that if an application is made to the Court in accordance with this section for the alteration to be annulled, it shall not have effect except in so far as it is confirmed by the Court.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Within twenty-eight days of the passing of any such resolution notice thereof shall be given in the prescribed form to the holders of all debentures secured by a floating charge over any of the company''s property and to the trustees, if any, for such debenture holders.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) An application to the Court under this section shall be made within sixty days after the passing of the resolution.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) An application for the Court under this section may be made,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) by the Registrar; or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) in the case of a private company, by any member or by any one to whom notice has to be given under subsection (2) of this section; or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) in the case of a public company,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 72pt;"><span style="font-family: Arial;">(i) by the holders of not less than fifteen per centum in the aggregate of the company''s issued shares or any class thereof or, if the company has no shares, by not less than fifteen per centum of the company''s members;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 72pt;"><span style="font-family: Arial;">(ii) by the trustees for the holders of any debentures secured by a floating charge over any of the company''s property; or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 72pt;"><span style="font-family: Arial;">(iii) by the holders of not less than fifteen per centum of the company''s debentures secured by a floating charge over any of the company''s property.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) If an application to the Court is made under this section the company shall forthwith deliver to the Registrar for registration notice in the prescribed form of that fact.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(6) On an application under this section being made the Court may,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) make an order confirming the alteration in whole or in part and on such terms and conditions&nbsp; as it thinks fit;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) adjourn the proceedings in order that an arrangement may be made to the satisfaction of the Court for the purchase of the interests of dissentients; and may give such directions and make such orders as it may think expedient for facilitating and carrying into effect any such arrangement;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">and if the Court shall refuse to confirm the alteration it shall make an order annulling the alteration.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(7) The company shall within twenty-eight days of the making by the Court of any order under this section deliver an office copy thereof to the Registrar for registration.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(8) If a company makes default in giving or publishing any notice or delivering any document as required by this section, the company and every officer of the company who is in default shall be liable to a fine not exceeding ten pounds.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part D—Commencement of Business</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 27—Filing of Particulars.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) A company registered after the commencement of this Code shall not transact any business, exercise any borrowing powers, or incur any indebtedness, except such as shall be incidental to its incorporation or to obtaining subscriptions to or payment for its shares, until it has delivered to the Registrar a return in duplicate in the prescribed form giving particulars, as at the date of the return, of,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) its name;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) its authorised business, or, if the company is not formed for the purpose of carrying on a business, the nature of its objects;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) the names and any former names, addresses and business occupations of its directors and secretary, and particulars of any other directorships held by them, as provided by section 196 of this Code;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) the name and address of its auditor;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(e) the addresses of its registered office and principal place of business in Ghana and the number of the post office Box of its registered office;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(f) if its register of members is kept and maintained elsewhere than at the registered office of the company, the address at which it is kept;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(g) if the company has shares,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 72pt;"><span style="font-family: Arial;">(i) the amount of its stated capital, as defined in section 66 of this Code;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 72pt;"><span style="font-family: Arial;">(ii) the number of its authorised shares of each class;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 72pt;"><span style="font-family: Arial;">(iii) the number of its issued shares of each class and the amount paid thereon distinguishing between the amount paid in cash and the amount paid otherwise than in cash and, in the case of a company limited by shares, the amount, if any, remaining payable thereon distinguishing between the amount presently due for payment and the amount not yet due for payment.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) If the company is limited by shares the return shall further state that the declaration referred to in subsection (1) of section 28 of this Code has been delivered to the Registrar for registration.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3)&nbsp; The return shall be signed by two directors and by the secretary of the company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) The Registrar shall register the said return and cause a copy thereof to be published in the Gazette.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 28—Minimum Capital.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) A company limited by shares shall not transact any business, exercise any borrowing powers or incur any debt except such as shall be incidental to its incorporation or to obtaining subscriptions to or payment for its shares until—</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) there has been paid to it for the issue of its shares consideration to the value of at least—</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 72pt;"><span style="font-family: Arial;">(i) twenty million cedis of which at least five million cedis shall be paid in cash within section 45 of this Code in respect of a public company; or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 72pt;"><span style="font-family: Arial;">(ii) five million cedis of which at least one million cedis shall be paid in cash within the meaning of section 45 of this Code in respect of a private company”. [As substituted by the Companies Code (Amendment) Act, 1997 (Act 531) s.1].</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) the company has delivered to the Registrar for registration a declaration in the prescribed form verifying that such payments have been received.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) An existing company limited by shares shall not continue after the expiration of six months from the commencement of this Code to transact any business, exercise any borrowing powers, or incur any indebtedness unless,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) prior to the expiration of the six months and whether before or after the commencement of this Code, there shall have been paid to it for the issue of its shares consideration to the value of at least five hundred pounds of which at least one hundred pounds shall have been paid in cash within the meaning of section 45 of this Code; and</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) the company has delivered to the Registrar for registration a declaration in the prescribed form verifying that such payments have been received.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) For the purposes of this section any value attributed to the goodwill of a business or to services rendered or to be rendered to the company shall not be regarded as valuable consideration for the issue of shares.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) The declarations referred to in subsections (1) and (2) of this section shall be signed by all the directors and by the secretary of the company.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 29—Penalties for Breach of Section 27 or 28.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) In the event of default in complying with either of the two immediately preceding sections,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) the company and every officer of the company who is in default shall be liable to a fine not exceeding five pounds for each day during which the default continues; and</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) the rights of the company concerned under or arising out of any contract made during such time as the default continues, except such contracts as shall be incidental to obtaining subscriptions to or payments for its shares, shall not be enforceable by action or other legal proceedings:</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">Provided that,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) the company may apply to the Court for relief against the disability imposed by this paragraph of this subsection and the Court, on being satisfied that it is just and equitable to grant relief, may grant such relief either generally or as respects any particular contract and on such conditions as the Court may impose;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) nothing herein contained shall prejudice the rights of any other parties as against the company, or any other person, in respect of such contract;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) if any action or proceeding shall be commenced by any other party against the company to enforce the rights of such party in respect of such contract, nothing herein shall preclude the company from enforcing in that action or proceeding by way of counterclaim, set off, or otherwise, such rights as it may have against that party in respect of that contract.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) In the event of any default in complying with subsection (1) of section 28 of this Code then, without prejudice to the provisions of subsection (1) of this section, the subscribers to the company''s Regulations, the first directors named in such Regulations and any person who was a director at any time thereafter until paragraphs (a) and (b) of the said subsection have been complied with, shall be jointly and severally liable for the whole of the debts and liabilities of the company incurred while the company was in default, unless he proves,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) in the case of a person named as one of the first directors, that he was named without his consent; or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) that he took all reasonable and practicable steps to prevent the default; or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) that he honestly believed on reasonable grounds that the provisions in paragraphs (a) and (b) of the said subsection had been complied with prior to the incurring of the debt or liability.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) If there shall be any error or omission in any return or declaration delivered to the Registrar under either of the immediately preceding sections, then, without prejudice to the provisions of section 321 of this Code, the company and every signatory of the return or declaration shall be liable to a fine not exceeding fifty pounds.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part E—Membership of Companies</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 30—Constitution of Membership.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The subscribers to the Regulations shall be deemed to be members of the company and on its registration shall be entered as members in the register of members referred to in section 32 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Every other person who agrees with the company to become a member of the company and whose name is entered in the register of members shall be a member of the company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) Every member shall have such rights, duties and liabilities as are by this Code and the Regulations of the company conferred and imposed upon members.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) In the case of a company with shares each member shall be a shareholder of the company and shall hold at least one share, and every holder of a share shall be a member of the company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) Membership of a company with shares shall continue until a valid transfer of all the shares held by the member is registered by the company, or until all such shares are transmitted by operation of law to another person or forfeited for non-payment of calls under a provision in the Regulations, or until the member dies.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(6) Membership of a company limited by guarantee shall continue until the member dies, or validly retires or is excluded from membership in accordance with a provision to that effect in the Regulations.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 31—Right of Member to Attend and Vote.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Subject to section 49 of this Code, every member shall, notwithstanding any provision in the Regulations, have a right to attend any general meeting of the company and to speak and vote on any resolution before the meeting:</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">Provided that the company''s Regulations may provide that a member shall not be entitled to attend and vote unless all calls or other sums presently payable by him in respect of shares in the company have been paid.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 32—Register of Members.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Every company shall keep in Ghana a register of its members and enter therein the following particulars, that is to say,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) the names and addresses of the members and, in the case of a company having shares a statement of the shares held by each member distinguishing each share by a number so long as the share has a number, and of the amount paid or agreed to be considered as paid on the shares of each member and of the amount, if any, remaining payable on such shares;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) the date at which each person was entered in the register as a member;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) the date at which any person ceased to be a member.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The entry required under paragraph (a) or (b) of subsection (1) of this section shall be made within twenty-eight days of the conclusion of the agreement with the company to become a member or, in the case of a subscriber to the Regulations, within twenty-eight days of the registration of the company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) The entry required under paragraph (c) of subsection (1) of this section shall be made within twenty-eight days of the date when the person concerned ceased to be a member, or , if he ceased to be a member otherwise than as a result of action by the company, within twenty-eight days of production to the company of evidence satisfactory to the company of the occurrence of the event whereby he ceased to be a member, and all entries relating to such person may be deleted from the register after the expiration of six years from the date when such person ceased to be a member.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) Where a company has more than fifty members the register shall contain an index of the names of the members in such a form as to enable the account of each member to be readily found.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) Every existing company shall, within twenty-eight days of the coming into operation of this Code send to the Registrar for registration, notice in the prescribed form, of the place where its register of members is kept and every company shall within twenty-eight days of any change in the place at which its register of members is kept send notice thereof to the Registrar:</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">Provided that a company shall not be bound to send notice under this subsection where the register has, at all times since it came into existence, or in the case of a register in existence at the commencement of this Code, at all times since then, been kept at the registered office of the company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(6) Where a company makes default in complying with this section, the company and every officer of the company who is in default shall be liable to a fine not exceeding five pounds for every day during which such default continues.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(7) The company may arrange with some other person, in this Code referred to as the registration officer, for the making up of the register to be undertaken on behalf of the company by the registration officer at his office; and if by reason of any default of the registration officer the company makes default in complying with this section or with section 33 of this Code, the registration officer shall be liable to the same penalties as if he were an officer of the company and the power of the Court under subsection (4) of section 33 of this Code shall extend to the making of orders against the registration officer and his officers and employees.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 33—Inspection of Register.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Except when the register of members is closed in accordance with the provisions of section 34 of this Code, the register and index of the names of the members of the company shall, during business hours, subject to such reasonable restrictions as the company may impose but so that not less than two hours in each day, other than Saturdays, Sundays and public holidays, shall be allowed for inspection, be open to the inspection of any member without charge and of any other person on payment of one shilling, or such less sum as the company may prescribe, for each inspection.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Any member or other person may require a copy of the register or any part thereof, on payment of two shillings and sixpence, or such less sum as the company may prescribe, for every hundred words or part thereof required to be copied; and the company shall cause any copy so required by any person to be sent to that person within a period of ten days commencing on the day next after the day on which the requirement is received by the company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) If any inspection required under this section is refused, or if any copy required under this section is not sent within the proper period, the company and every officer of the company who is in default shall be liable in respect of each offence to a fine not exceeding five pounds for every day during which the default continues.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) In the case of any such refusal or default the Court may by order compel an immediate production of the register for inspection or direct that the copies required be sent to the person requiring them.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 34—Power to Close Register.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">A company may, on giving notice by advertisement in some daily newspaper circulating in the district in which the registered office of the company is situated, close the register of members or that part thereof relating to any class of members for any time or times not exceeding in the whole thirty days in each year.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 35—Rectification of Register.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) If,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) the name of any person is, without sufficient cause, entered in or omitted from the register of members of a company, or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) default is made in entering on the register any of the particulars which, under section 32 of this Code, are required to be entered thereon,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">the person aggrieved, or any member of the company, or the company, may apply to the Court for rectification of the register.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Where an application is made under this section, the Court may either refuse the application or may order rectification of the register and payment by the company of compensation for any loss sustained by any party aggrieved.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) On an application under this section being made, the Court may decide any question relating to the title of any person who is a party to the application to have his name entered in or omitted from the register, whether the question arises between members or alleged members, or between members or alleged members on the one hand and the company on the other hand, and generally may decide any question necessary or expedient to be decided for rectification of the register.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) A company may, without application to the Court, at any time rectify any error or omission in the register of members but such a rectification shall not adversely affect any person unless he agrees to the rectification made.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 36—Register to be Evidence.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The register of members shall be prima facie evidence of any matters by this Code directed or authorised to be inserted therein.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 37—Liability of Members.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Prior to the winding up of the company, a member of a company with shares shall be liable to contribute the balance, if any, of the amount payable in respect of the shares held by him in accordance with the terms of the agreement under which the shares were issued or in accordance with a call validly made by the company pursuant to the company''s Regulations.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Where any contribution has become due and payable in accordance with subsection (1) of this section or where, under the terms of any agreement with the company, a member has undertaken personal liability to make future payments in respect of shares issued to him, the liability of the member shall continue notwithstanding that the shares held by him are subsequently transferred, or forfeited under a provision to that effect in the company''s Regulations, but his liability shall cease if and when the company shall have received payment in full of all such moneys in respect of the shares.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) Subject as aforesaid no member or past member shall be liable to contribute to the assets of the company except in the event of its being wound up.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) In the event of a company being wound up every present or past member shall be liable to contribute to the assets of the company to an amount sufficient for payment of its debts and liabilities and for the costs, charges and expenses of the winding up and for the adjustment of the rights of the members and past members among themselves but subject to the following qualifications, that is to say,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) a past member shall not be liable to contribute if he has ceased to be a member for a period of one year or upwards before the commencement of the winding up;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) a past member shall not be liable to contribute unless it appears to the Court that the existing members are unable to satisfy the contributions required to be made by them in pursuance of this section;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) in the case of a company limited by shares, no contribution shall be required from any member or past member exceeding the amount, if any, unpaid on the shares in respect of which he is liable as a present or past member;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) in the case of a company limited by guarantee, no contribution shall be required from any member or past member exceeding the amount undertaken to be contributed by him to the assets of the company in the event of its being wound up;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(e) any sum due from the company to a member or past member, in his character of member, by way of dividends or otherwise shall not be set-off against the amount for which he is liable to contribute in accordance with this section but any such sum shall be taken into account for the purposes of final adjustment of the rights of the members and former members amongst themselves.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) For the purposes of this section the expression "past member" includes the estate of a deceased member and where any person dies after becoming liable as a member or past member such liability shall be enforceable against his estate.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(6) Except as aforesaid a member or past member of a company shall not be liable as a member or past member for any of the debts and liabilities of the company.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 38—Companies Ceasing to have Members.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">If at any time a company ceases to have any member and it carries on business for more than six months without at least one member, every person who is a director of the company during the time that it so carries on business after those six months shall be jointly and severally liable for the payment of all the debts and liabilities of the company incurred during that period.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part F—Shares</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 39—Nature of Shares.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The shares of any member in a company shall be personal estate and shall not be in the nature of real estate or immovable property.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The number of shares in a company and the rights and liabilities attaching thereto shall be dependent on the terms of issue, and of the company''s Regulations as amended from time to time, so far as they are consistent with this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 40—No par shares.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) All shares created or issued after the commencement of this Code shall be shares of no par value.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) All shares issued prior to the commencement of this Code shall be deemed to be converted into shares of no par value but such conversion shall not affect the rights and liabilities attached to such shares and in particular, but without prejudice to the generality of this provision, such conversion shall not affect,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) any unpaid liability on such shares;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) the rights of the holders thereof in respect of dividends, voting or repayment on winding up or a reduction of capital.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 41—Issue of Shares.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Shares up to the total number authorised by the company''s Regulations may be issued at such times and for such consideration as the company shall determine and shall be paid for at such times as are agreed between the member and the company or as may be specified in the Regulations:</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">Provided that on the winding up of the company every past and present shareholder of the company shall be liable to contribute to the assets of the company to the extent referred to in section 37 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 42—Payment of Shares.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Except on a capitalisation issue pursuant to subsection (1) of section 74 of this Code, shares shall not be issued otherwise than for valuable consideration paid or payable to the company and unless otherwise agreed shares shall be paid for in cash.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) If a company shall have agreed to accept payment for any shares otherwise than wholly in cash the company shall, within twenty-eight days after the allotment of such shares, deliver to the Registrar for registration a contract in writing duly stamped evidencing the terms of such agreement and the true value of the consideration or, if such agreement shall not have been reduced to writing, particulars in the prescribed form of such agreement duly stamped, as if it were a written agreement:</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">Provided that such particulars shall not be required on a capitalisation issue of shares pursuant to subsection (1) of section 74 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) The statement in the agreement of the value of the non-cash consideration shall be prima facie evidence of the true value thereof, but when a company limited by shares is in course of being wound up under the Bodies Corporate (Official Liquidation) Act, 1963 (Act 180) the liquidator or any creditor may apply to the Court and if the Court is satisfied that the true value of such consideration was less than stated it may, in its discretion, direct that the shares shall be treated as unpaid to such an amount as its shall direct.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 43—Return of Issues.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Whenever any company makes any issue of shares, other than a re-issue of treasury shares as defined in subsection (3) of section 59 of this Code, the company shall within twenty-eight days thereafter deliver to the Registrar for registration a return in the prescribed form showing, as at the date of the return,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) the amount of its stated capital, attributable to each of the items specified in subsection (1) of section 66 of this Code;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) the number of its authorised shares of each class;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) the total number of its issued shares of each class and the amount paid thereon distinguishing between the amount paid in cash and the amount paid otherwise than in cash and, in the case of a company limited by shares, the amount, if any, remaining payable thereon distinguishing between the amount presently due for payment and the amount not yet due for payment;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) the total number of its treasury shares of each class:</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">Provided that a company registered after the commencement of this Code shall not be required to deliver a return under this section in respect of any issue of shares made prior to the delivery to the Registrar of the return required by section 27 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 44—Penalties for Non-compliance with section 42 or 43.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">If default is made in delivering any document required under either of the two immediately preceding sections, the company and every officer of the company who is in default shall be liable to a fine not exceeding five pounds for every day during which the default continues.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 45—Meaning of Payment in Cash.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Shares shall not be deemed to have been paid for in cash except to the extent that the company shall actually have received cash therefor at the time of, or subsequently to, the agreement to issue the shares; and where shares are issued to a person who has sold or agreed to sell property or rendered or agreed to render services to the company or to persons nominated by him the amount of any payment made for the property or services shall be deducted&nbsp; from the amount of any cash payment made for the shares and only the balance, if any, shall be treated as having been paid in cash for such shares notwithstanding any exchange of cheques or other securities for money.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 46—Classification of Shares.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The Regulations of a company may provide for different classes of shares by attaching to certain of the shares preferred, deferred or other special rights or restrictions, whether in regard to dividend, voting, repayment or otherwise.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Shares shall not be deemed to be of the same class unless they rank pari passu for all purposes.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 47—Variation of Class Rights.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) If at any time the shares of a company are divided into different classes, the rights attached to any class shall not be varied except to the extent and in the manner provided in the Regulations.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) If the Regulations shall expressly forbid any variation of the rights of a class, or shall contain provisions regarding such variation and shall expressly forbid any alteration of such provisions the rights or the provisions for variation shall not be altered except with the sanction of the Court under a scheme of arrangement in accordance with section 231 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) Except as provided in subsection (2) of this section a company may, by special resolution, alter its Regulations by inserting therein provisions regarding the variation of the rights of any class or by modifying the terms of any such provisions.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) Any such alteration shall require the prior written consent of the holders of at least three-fourths of the issued shares of each class or the sanction of a special resolution of the holders of the shares of each class and shall be deemed, for the purposes of subsections (7) to (11) of this section to be a variation of the rights of each class.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) Notwithstanding any provision in the Regulations the rights attached to any class of shares first issued after the commencement of this Code shall not be varied except with the written consent of the holders of at least three-fourths of the issued shares of that class or the sanction of a special resolution of the holders of the shares of that class.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(6) Any resolution of a company the implementation of which would have the effect of diminishing the proportion of the total votes exercisable at a general meeting of the company by the holders of the existing shares of a class or of reducing the proportion of the dividends or distributions payable at any time to the holders of the existing shares of a class, shall be deemed to be a variation of the rights of that class.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(7) If the rights of any class of shares are varied the holders of not less in the aggregate than fifteen per centum of the issued shares of that class may apply to the Court to have the variation cancelled, and where such application is made the variation shall not have effect unless and until it is confirmed by the Court.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(8) An application to the Court under subsection (7) of this section shall be made within sixty days of the date on which the variation was effected and may be made on behalf of the shareholders entitled to make the application by such one or more of their number as they may appoint in writing.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(9) If such an application is made the company shall forthwith deliver to the Registrar for registration notice in the prescribed form of that fact.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(10)The Court after hearing the applicant and any other persons who apply to the Court to be heard and appear to the Court to be interested in the application shall, if it is satisfied that the variation would unfairly prejudice the shareholders of any class, cancel the variation and shall, if not so satisfied, confirm the variation.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(11) The company shall, within twenty-eight days after the making of an order by the Court on such application, deliver a copy thereof to the Registrar for registration.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(12) If a company makes default in delivering to the Registrar the notice or order referred to in subsection (9) or (11) of this section, the company and every officer of the company who is in default shall be liable to a fine not exceeding ten pounds.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 48—Preference and Equity Shares.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">In this Code the expression "preference share" means a share, by whatever name designated in the Regulations, which does not entitle the holder thereof to any right to participate beyond a specified amount in any distribution whether by way of dividend, or on redemption, in a winding up, or otherwise; and any other share shall be referred to as an "equity share".</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 49—Suspension of Voting Rights of Preference Shares.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Notwithstanding section 31 of this Code, the Regulations may provide that the right of holders of preference shares to attend and vote at a general meeting of the company may be suspended upon such conditions as may be specified.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Notwithstanding any provision in the Regulations, any preference shares issued after the commencement of this Code shall carry the right to attend general meetings and on a poll thereat to at least one vote per share in the following circumstances, but not otherwise, that is to say,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) upon any resolution during such period as the preferential dividend or any part thereof remains in arrear and unpaid, such period starting from a date not more than twelve months, or such lesser period as the Regulations may provide, after the due date of the dividend; or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) upon any resolution which varies the rights attached to such shares; or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) upon any resolution to remove an auditor of the company or to appoint another person in place of such auditor; or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) upon any resolution for the winding up of the company or during the winding up of the company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) Subject to the provisions of section 31 of this Code and to the preceding subsections of this section, any preference shares issued after the commencement of this Code shall carry the right on a poll at a general meeting of the company to one vote, and to one vote only, in respect of each share:</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">Provided that any special resolution of a company increasing the number of shares of any class may validly resolve that any existing class of preference shares shall carry the right to such votes additional to one vote per share as shall be necessary in order to preserve the existing ratio which the votes exercisable by the holders of such preference shares at a general meeting of the company bear to the total votes exercisable at the meeting.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) For the purposes of subsection (2) of this section a dividend shall be deemed to be due on the date appointed in the Regulations for the payment of the dividend for any year or other period, or if no such date is appointed, upon the day immediately following the expiration of the year or other period, and whether or not such dividend shall have been earned or declared.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 50—Votes of Equity Shares.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Notwithstanding any provision in the Regulations, any equity shares issued after the date of the commencement of this Code shall, subject to the provisions of section 31 of this Code, carry the right on a poll at any general meeting of the company to one vote, and to one vote only, in respect of each share.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) For the purposes of this section any alteration of the rights of issued preference shares so that they become equity shares shall be deemed to be an issue of equity shares.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 51—Canons of Construction of Class Rights.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">In construing the provisions of the company''s Regulations in respect of the rights attached to shares, the following canons of construction shall be observed, that is to say,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) unless the contrary intention appears, no dividend shall be payable on any shares unless the company shall resolve to declare such dividend;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) unless the contrary intention appears, a fixed preferential dividend payable on any class of shares shall be cumulative, that is to say, no dividend shall be payable on any shares ranking subsequent thereto until all the arrears of the fixed dividend have been paid;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) unless the contrary intention appears, in a winding up arrears of any cumulative preferential dividend whether or not earned or declared shall be payable up to the date of actual payment in the winding up;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) if any class of share is expressed to have a right to a preferential dividend, then, unless the contrary intention appears, such class shall have no further right to participate in dividends;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(e) if any class of share is expressed to have preferential right to payment out of the assets of the company in the event of winding up then, unless the contrary intention appears, such class shall have no further right to participate in the distribution of assets in the winding up;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(f) in determining the rights of the various classes to share in the distribution of the company''s property on a winding up no regard shall be paid, unless the contrary intention appears, to whether or not such property represents accumulated profits or surplus which would have been available for dividend while the company remained a going concern;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(g) subject as aforesaid, all shares rank equally in all respects unless the contrary intention appears.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 52—Numbering of Shares.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Each issued share in a company shall be distinguished by a definitive number:</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">Provided that if and so long as all the issued shares of the company or all the issued shares therein of a particular class are fully paid, none of these shares need thereafter have a distinguishing number so long as it remains fully paid.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 53—Issue of Share Certificates.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Every company shall, within two months after the issue of any of its shares or after the registration of the transfer of any share, deliver to the registered holder thereof a certificate under the common seal of the company stating,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) the number and class of shares held by him, and the definitive numbers thereof, if any;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) the amount paid on such shares and the amount, if any, remaining unpaid;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) the name and address of the registered holder.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) If a share certificate is defaced, lost or destroyed the company, at the request of the registered holder of the shares, shall renew the same on payment of a fee not exceeding two shillings and sixpence and on such terms as to evidence and indemnity and the payment of the company''s out-of-pocket expenses of investigating evidence as the company may reasonably require.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) If default is made in complying with this section the company and any officer of the company who is in default shall be liable to a fine not exceeding fifty pounds, and, on application being made by any person entitled to have the certificate delivered to him, the Court may order the company to deliver the certificate and may require the company and any such officer to bear all the costs of, and incidental to, the application.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 54—Effect of Share Certificates.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Statements made in a share certificate under the common seal of the company shall be prima facie evidence of the title to the shares of the person named therein as the registered holder and of the amounts paid and payable thereon.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) If any person shall change his position to his detriment in reliance in good faith on the continued accuracy of the statements made in such certificate the company shall be estopped in favour of such person from denying the continued accuracy of such statements and shall compensate such person for any loss suffered by him in reliance thereon and which he would not have suffered had the statement been or continued to be accurate:</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">Provided that nothing herein contained shall derogate from any right the company may have to be indemnified by any other person.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 55—Reserve Liability.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">A company limited by shares may, by special resolution, determine that any portion of the unpaid liability on its shares which has not already been called up shall not be capable of being called up except in the event, and for the purpose, of the company being wound up; and thereupon that portion shall not be capable of being called up except in the event and for the purpose aforesaid.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 56—Prohibited Transactions in Shares.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Except as hereinafter mentioned a company shall not,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) alter the number of its shares or the amount remaining payable thereon;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) release any shareholder or former shareholder from any liability on the shares;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) provide any financial assistance, directly or indirectly, for the subscription or purchase of its shares or the shares of its holding company;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) acquire, by way of purchase or otherwise, any of its issued shares or any shares of its holding company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) For the purposes of paragraph (d) of subsection (1) of this section shares shall be deemed to have been acquired by the company if they purport to be held on trust for the company notwithstanding that they are registered in the names of nominees.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) Nothing in subsection (1) of this section shall prohibit a company from voluntarily acquiring its own shares on its conversion to a company limited by guarantee in accordance with section 11 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) In the event of any breach of this section,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) if such breach is of paragraph (a) or (b) of subsection (1) of this section, the purported alteration or release shall be void and every officer of the company who is in default shall be liable to a fine not exceeding one hundred pounds;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) if such breach is of paragraph (c) or (d) of subsection (1) of this section then,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 72pt;"><span style="font-family: Arial;">(i) the transaction concerned shall, except in favour of a bona fide purchaser or seller of shares without knowledge of the breach, be voidable by the company and any payment made by the company in respect thereof shall be immediately repayable with interest at the rate of five per centum per annum, or such higher rate as the Court may think fit to order,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 72pt;"><span style="font-family: Arial;">(ii) whether or not such transaction is avoided, every officer of the company who is in default shall be liable to a fine not exceeding one hundred pounds or twice the amount of any provision or payment made by the company in respect of such transaction, whichever is the greater.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 57—Alteration of Number of Shares.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) A company may, by alteration of its Regulations,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) increase the number of its shares by creating new shares;</span></p><p class="MsoNormal" style="text-align: justify