Western Australian Consolidated Acts Western Australian Consolidated Acts (1) Whenever a company
limited by shares makes any allotment of its shares the company shall within
28 days thereafter file with the Registrar —
(a) a
return of the allotments, stating the number and nominal amount of the shares
comprised in the allotment, the names, addresses, and descriptions of the
allottees, and the amount (if any) paid or deemed to be paid or due and
payable on each share; and
(b) in
the case of shares allotted as fully or partly paid up otherwise than in cash,
a contract in writing constituting the title of the allottee to the allotment,
together with any contract of sale, or for services or other consideration in
respect of which that allotment was made, or where such contract is not
reduced to writing, and the issue of the shares is made pursuant to a
provision in the memorandum or articles, a statement to that effect
identifying the particular provision and giving particulars of the
consideration in respect of which the allotment was made and a return stating
the number and nominal amount of shares so allotted, the extent to which they
are to be treated as paid up, and the consideration for which they have been
allotted.
The provisions of
paragraph (a) shall not apply to a co-operative company.
(2) If default is made
in complying with the requirements of this section every director, manager, or
other officer of the company who is knowingly a party to the default shall be
liable to a penalty not exceeding $40 for every day during which the default
continues:
Provided that, in case
of default in filing with the Registrar within 28 days after the
allotment, any document required to be filed by this section, the company or
any person interested may apply to the Court for relief, and the Court, if
satisfied that the omission to file the document was accidental or due to
inadvertence, or that it is just and equitable to grant relief, may make an
order extending the time for the filing of the document for such period as the
Court may think proper.
(3) Where shares in
any company were issued prior to the commencement of this Act as fully or
partly paid up for a consideration other than cash, but no provision relating
thereto was contained in the memorandum or articles and no contract was filed
as provided by section 26 of the Companies Act 1893 3 , hereby
repealed then if the shares —
(a) were
allotted and taken in good faith prior to the commencement of this Act; or
(b) were
allotted and taken in good faith and for a substantial consideration; or
(c)
after the allotment thereof were acquired by any person bona fide without
notice of the omission aforesaid,
the allottee or holder
of such shares shall not be liable to pay to the company in respect of such
shares any sum other than the difference between the nominal amount of the
shares and the amounts paid up in cash or treated or deemed to have been so
paid up thereon.
[Section 56 amended by No. 32 of 1947
s. 5; No. 17 of 1953 s. 2; No. 113 of 1965 s. 8(1).]