Document ID: chunk:federal_register_of_legislation:C2004A03231:body:0:p31
Version: federal_register_of_legislation:C2004A03231
Segment Type: other
Provision Reference: 
Character Range: 77532–80161

act, an officer of a company contravened, or would contravene, sub-section (2),";
     (c) by adding at the end of paragraph (6) (f) "to restrain the company from entering into an agreement";
     (d) by inserting in paragraph (6) (g) "(other than an application for an injunction)" after "proceedings"; and
     (e) by adding at the end the following sub-section:
    "(7) Where, if sub-section (6) had not been enacted, the Court would have power under section 574 to grant, on the application of a person, an injunction restraining a company, or an officer of a company, from engaging in particular conduct constituting a contravention of sub-section (1) or (2), as the case may be, the Court may, on the application of that person, order the first-mentioned company, or the officer, as the case may be, to pay damages to that person or any other person.".

Repeal of section 68b
50. Section 68b of the Principal Act is repealed.

Alterations of memorandum
51. Section 73 of the Principal Act is amended by adding at the end the following sub-section:
"(14) In this section—
     (a) a reference to a memorandum includes a reference to a memorandum registered under a corresponding previous law of the Territory; and
     (b) a reference to a provision of the memorandum of a company that could lawfully have been contained in the articles of the company is, in the case of a memorandum of a company registered under a corresponding previous law of the Territory, a reference to a provision of the memorandum of the company that could lawfully have been contained in the articles of the company if the memorandum and articles of the company had been registered under this Act.".

52. Section 78 of the Principal Act is repealed and the following section is substituted:

Operation of memorandum and articles
"78. (1) Subject to this Act, the memorandum and articles of a company have the effect of a contract under seal—
     (a) between the company and each member;
     (b) between the company and each officer; and
     (c) between a member and each other member,
under which each of the above-mentioned persons agrees to observe and perform the provisions of the memorandum and articles as in force for the time being so far as those provisions are applicable to that person.
"(2) Subject to section 476, any money payable by a member of a company to the company under the memorandum or articles is a debt from him to the company and is of the nature of a specialty debt.
"(3) A member of a company, unless either before or after the alteration is made he agrees in writing to be bound by it, is not bound by an alteration