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BENGAL BONDED WAREHOUSE ASSOCIATION ACT

Ministry of Law and Justice

Act nº 5 of 1838


  • Schedules
  • Act nº 5 of 1838

Preamble

THE BENGAL BONDED WAREHOUSE ASSOCIATION ACT, 1838

[Act, No. 5 of 1838]

[14th March, 1838]

PREAMBLE

Section 1. Incorporation

It is hereby enacted, that the persons whose names appear in the Schedule No. 1, hereunto annexed, shall, from the 14th day of March, 1838, form a corporate body for the Warehousing of Goods, either in bond or otherwise, by the name of the Bengal Bonded Warehouse Association.

Section 2. Power to sue and be sued and to acquire, hold, and transfer property

1 * * * The said Association shall sue and be sued by its corporate name, and shall use such common seal as the Directors of the said Association shall from time to time appoint, and may acquire, may hold absolutely, may hold by way of pledge, and may transfer, any description of property whatever.

1. The words "And it is hereby enacted, that" omitted by Act 12 of 1891, section 2 and Schedule I.


Section 3. Capital Stock and shares

1 [* * * ]The sum of Rs. 10,00,000 subscribed for the purpose of the said Association, by the persons hereby incorporated, shall be the Capital Stock of the said Association, and shall be divided into 2,000 shares of 500 Rupees each, and 2 [* * *] every one of the persons hereby incorporated shall have one share of such Capital Stock for every 500 Rupees which such person shall have subscribed.

1. The words "And it is hereby enacted, that" omitted by Act 12 of 1891, section 2 and Schedule I.

2. The word "that" omitted by section 2 and Schedule I, by Act 12 of 1891, section 2 and Schedule I.


Section 4. Registering of names of proprietors

1 * * * The Directors of the said Association shall cause the names, additions, and places of residence of the proprietors of shares in the said Capital Stock, and the number of shares held by each proprietor, to be registered in a book, and the said shares shall in such book be numbered, beginning from No. 1, and such book shall be kept at the office of the said Association, and shall there be open to the inspection of all persons during the usual hours of business.

1. The words "And it is hereby enacted, that" omitted by Act 12 of 1891, section 2 and Schedule I.


Section 5. Share certificates

1 * * * A certificate signed by three Directors of the said Association shall be delivered to every proprietor of the said Capital Stock, and 2 * * * it shall be at the option of every proprietor of several shares to receive one certificate for all the shares of such proprietor, or one certificate for each of those shares or several certificates, each of which may be for any number of those shares.

1. The words "And it is hereby enacted, that" omitted by Act 12 of 1891, section 2 and Schedule I.

2. The word "that" omitted by section 2 and Schedule I, by Act 12 of 1891, section 2 and Schedule I.


Section 6. Transfer of shares

1 * * * Any share or shares of the said Capital Stock may be transferred by indorsement made on the certificate for such share or shares by the proprietor of such share or shares, or by the Attorney of such proprietor duly authorized thereunto; provided always, that such indorsement shall specify the name of the party to whom the transfer is made ; and provided also that no such indorsement shall be effectual to transfer any such share or shares until such indorsement shall have been registered in a Register to be kept for that purpose at the office of the said Association, and until a note of such registration, and of the date thereof, shall have been made on the back of the indorsed certificate under the hand of an officer appointed for that purpose by the Directors of the said Association.

1. The words "And it is hereby enacted, that" omitted by Act 12 of 1891, section 2 and Schedule I.


Section 7. Proprietors of shares to be members of Association

1 * * * Every proprietor of a share of the said Capital Stock, who shall cease to be a proprietor of such Stock, shall cease to be a member of the corporation created by this Act; and 2 * * * every person who shall become a proprietor of the said Capital Stock, shall become a member of the corporation created by this Act; and shall, in respect of his share or shares of the said Capital Stock, be under the same liabilities under which an original proprietor of the said Capital Stock would be.

1. The words "And it is hereby enacted, that" omitted by Act 12 of 1891, section 2 and Schedule I.

2. The word "that" omitted by section 2 and schedule I by Act 12 of 1891, section 2 and Schedule I.


Section 8. First Directors of Association

1 * * * The business of the said Association shall be managed by six Directors, and 2 * * * Francis Macnaghten, Joseph Walker, Jasper Ouseley, Richard Howe Cockerell, Alexander Colvin, Joseph Willis, and James Church, Esquires, shall be the first Directors of the said Association.

1. The words "And it is hereby enacted, that" omitted by Act 12 of 1891, section 2 and Schedule I.

2. The word "that" omitted by section 2 and Schedule I, by Act 12 of 1891, section 2 and Schedule I.


Section 9. Removal and election of Directors

1 * * * Every Director of the said Association may be removed by a general mooting of the proprietors, and 2 * * * every future Director of the said Association shall be elected by such a general meeting.

1. The words "And it is hereby enacted, that" omitted by Act 12 of 1891, section 2 and Schedule I.

2. The word "that" omitted by section 2 and Schedule I, by Act 12 of 1891, section 2 and Schedule I.


Section 10. Directors go out by rotation

1 * * * a rotation among the Directors of the said Association shall be settled by lot, so that two of the said Directors may go out of office on the Monday following the 15th day of May, in every year, and 2 * * * on the Monday following the 15th day of May, in every year, a general meeting of proprietors shall be held, at which two Directors shall be chosen, and that no Director going out by such rotation shall be capable of being re-elected, till the Monday after the 15th of May in the year next following.

1. The words "And it is hereby enacted, that" omitted by Act 12 of 1891, section 2 and Schedule I.

2. The word "that" omitted by section 2 and Schedule I, by Act 12 of 1891, section 2 and Schedule I.


Section 11. Election of successor, when Director ceases to be so, otherwise than by rotation

1 * * * If any Director of the said Association shall cease to be a Director, otherwise than by the operation of the rule of rotation aforesaid, the Directors of the said Association shall, with all convenient speed after such public notice as is hereinafter directed, call an extraordinary general meeting of the proprietors for the purpose of choosing a successor and such successor shall come into the same place in the rotation aforesaid in which the Director whom he has succeeded was.

1. The words "And it is hereby enacted, that" omitted by Act 12 of 1891, section 2 and Schedule I.


Section 12. [Repealed]

[Qualifications of Directors.] Rep. by Act 5 of 1854, section 1.

Section 13. Directors to be residents of Bengal Presidency

1 * * * No person shall be capable of being a Director of the said Association, unless he be resident within the Territories subject to the Presidency of Fort William in Bengal.

1. The words "And it is hereby enacted, that" omitted by Act 12 of 1891, section 2 and Schedule I.


Section 14. [Repealed]

[Ordinary meetings.] Rep. by Act 5 of 1854, section 1.