Western Australian Consolidated Acts Western Australian Consolidated Acts (1) Where any
alteration has been made under section 37 in the memorandum or articles
of a company, every copy of the memorandum or articles issued after the date
of the alteration shall be in accordance with the alteration.
(2) Where the
memorandum or articles of a company includes the provisions which by
section 37 are required to be included therein in order to constitute the
company a proprietary company, and default is made in complying with any of
those provisions the company shall thereupon cease to be entitled to the
privileges and exemptions conferred on proprietary companies under the
provisions of this Act, and this Act shall apply to the company as if it were
a public company: Provided that the Court on being satisfied that the failure
to comply or default in complying with the conditions was accidental, or due
to inadvertence, or to some other sufficient cause, or that on other grounds,
it is just and equitable to grant relief, may, on the application of the
company or any other person interested, and on such terms and conditions as
seem to the Court just and expedient, order that the company be relieved from
such consequences as aforesaid.
(3) If any company,
being a proprietary company, alters its memorandum or articles in such manner
that they no longer include the provisions which, under section 37, are
required to be included in the memorandum or articles of a company in order to
constitute it a proprietary company for the purposes of this Act, the company
shall, as on the date of the alteration, cease to be a proprietary company,
and shall, within a period of 14 days after the said date, file with the
Registrar such a statement in lieu of prospectus as the company, if a public
company, would have had to file before allotting any of its shares or
debentures, together with such a statutory declaration as the company, if a
public company, would have had to file before commencing business.
(4) If a company makes
default in complying with any requirement of this section, the company, and
every officer of the company who is in default, shall be liable to a fine not
exceeding $40.
[Section 39 amended by No. 113 of 1965
s. 8(1).]