The Laws of Fiji
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Last Updated: 1 December 2016
AN ACT TO ESTABLISH CO-OPERATIVE DAIRY COMPANIES
[CDC 6] Surrender and reissue of shares, payment for surrendered shares and forfeiture of shares6
6
(2) In any case not provided for in subsection (1) a company registered under this Act may in its discretion, subject to the provisions of subsection (6), accept from any shareholder a surrender to the company of his or her shares.
(3) Any company registered under this Act may at any time by resolution of the directors, but subject to the provisions of subsection (6), require any shareholder, who for the time being holds and has for the whole of the immediately preceding period of 3 years held shares in the company in excess of the number which, having regard to his or her supply from time to time of dairy produce to the company, he or she is required to hold under the provisions of the articles of association of the company, to surrender to the company all or any of the shares so held by him or her in excess of the number he or she is so required to hold.
(4) There shall be payable to every shareholder whose shares are surrendered under any of the provisions of this section out of the assets of the company by way of consideration for that surrender such amount, not exceeding the amount paid up or deemed to be paid up on the shares surrendered, as shall be agreed upon by the company and the shareholder, or, in default of such agreement, as shall be fixed by the auditor of the company.
(5) Any shares surrendered under the foregoing provisions of this section may be reissued by the company to any person in the same manner as if they had not been previously issued.
(6) Except with the authority of the Registrar, the number of shares surrendered to a company and not reissued shall not at any time exceed one-fifth of the total number of shares issued by the company, exclusive of the shares so surrendered and not reissued, provided that any person aggrieved by a decision of the Registrar made under or in exercise of the powers vested in him or her by this subsection may within one month of the day on which he or she receives notification of such decision, appeal against such decision to a Resident Magistrate and, upon such appeal, the Magistrate may confirm, reverse or vary the decision of the Registrar.
[subs (6) am LN 44 of 1977, effective 29 April 1977]
(7) Any director of a company who accepts, authorises, or consents to the surrender of any share in breach of the provisions of subsection (6) commits an offence, and shall be liable on conviction to a fine not exceeding $50 in respect of each share so unlawfully surrendered.
(8) In any case where the registered owner for the time being of shares in a company registered under this Act has for a period of more than 5 years (whether before or after the date of the registration of the company under this Act) not been at his or her last address known to the company or whose address has not been known to the company for more than such period of 5 years, the company may upon publishing a notice in 3 separate issues of a newspaper published and circulating in Fiji forfeit the shares without making any payment therefore at the expiry of 3 months from the date of the last publication of the notice, unless within that time a proper claim to the shares has been lodged with the company.