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| COMPANIES (DONATIONS) |
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AN ACT TO AUTHORIZE COMPANIES TO MAKE DONATIONS OR SUBSCRIPTIONS FOR SPECIFIED PURPOSES.
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[13th August
, 1951 ]
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Short title.
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1 This Act may be cited as the Companies (Donations) Act.
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Power of company to make donations, & c.
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2.
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(1) Every company shall have the power to make donations or subscriptions of money for any national, public, educational, charitable, benevolent, political or religious purpose.
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(2) Any donation or subscription of any description mentioned in subsection (1) may be made by any company in pursuance of an ordinary resolution passed at a general meeting of the company of which not less than seven days’ prior notice is given.
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(3) Every donation or subscription of any description mentioned in subsection (1) which has hereto fore been made by any company shall, whether or not it was made in pursuance of a resolution of the company, be deemed to have been valid for all purposes in all respects as though that subsection had been in force at the time it was made.
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(4) The preceding provisions of this section shall have effect and be deemed to have had effect notwith standing anything in the memorandum of association of a company or in any other law.
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(5) In this section ” company ” has the same meaning as in the (*Repealed and replaced by the Companies Act, No. 17 of 1982.)*Companies Ordinance.
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