Section 49. A General Meeting of every Company under this Act shall be held once at the least in every year. A b

49. A General Meeting of every Company under this Act shall be held once at the least in every year. A balance-sheet shall be General Meeting of Company. made out in every year, and hid before the Company in GenBalance3heet. era1 Meeting and filed with the Regisbar of Joint Stock Companies, and such balance-sheet shall contain a summary of the property and liabilities of the C o q s n y arranged under the heads appearing 'in the form annexed to Table A in the fist Schedule hereto, or as near thereto as circumstances admit. And once at the least in eveyy year the acAudit. counts of the Company shall be examined and the correctness of the balance-sheet ascertained by one or more auditor or auditors. If default is made in compliance with any of tlie provisions of this Section, every Director and Manager of the Company who shall knowingly and wilfully authorize or permit such default shall be liable to a penalty of one thousand rupees. 50. Subject to the provisions of this Act, and to the conditions conPower to alter re-[tained in the Memorandum of Association, any Company ] gulations by Special formed under this Act may, in General Meeting, fro111 tiiiie to Resolution. time, by passing a Special Resolution in manner hereinafter mentioned, alter all or any of tlie regulatiolis of the Company contained ill the Articles of Association, or in the Table iiiarlied A in the first Schedule where such Table is al~plicable to the Cornnixmy, or nialie new regulations to the exclusion of or in addition to all or any of the regulations of the Company. , Aily ' regulatiolis so made by Spe<:ial Resolution shall be deemed to be regulations of the Company of the sa,me validity as if they had been originally contaiiied in the Articles of Association, and shall be sul~ject in like manner to bc qltered or iiiodified by ally subsecluent Special Resolution. `5%.` A Kesolutioli passecll~y a CJoiiil~~11.y unclcr this Act shall be doenlecl to lle~ii~itioii or Spe(;ial ',lo S]:)~cl;i!, . . ',vY!l~3~~:cl: ;I ~~CS~!G!.~C'~: 77kn3 ]>c::i; l]:isso$i 1:;:; :,,ria x c s ~ l ~ ~ t i ~ ~ ~ . jority of ;lot less than tllree--f'om.tlis o:F :;ucll. ~lielilbcrs of iilc Coinljai~y for the tiilic being clztitled, a.ccorcliizg to the reguiatioils of t l ~ e Co111l?ally> to rob, as may be present in person. or l ~ y p~:oxy (j.11 cascs -\vl\ei~e 1jy thr: . . 1.eg:.ulations ACT No. X OF 1866. regi~lations of the Company proxies are allowed), at any General Meeting of which notice specifying the intention to propose such Resolutioa has been duly gi~en, and such Resolutioil has been confirmed by a majority of such members for the t%e being entitled, according to the regulations of the Company, to vote, as may be present in person or by proxy at a subsequent Gene~d Meeting of which notice has been duly given, and held at an interval of not less than fourteen days, nor more than one month, from the date of the meeting at whicll such Resolution was &st passed. At any meeting mentioned in this Section, unless a poll is demanclecl by at least five members, a declaration of the Chairman that the Resolution has been carried shall be deemed conclusive kvidence of the fact, without proof of the number or proportion of the votes recorded in favour of or against the same. Notice of any meeting shall, for the purposes of this Section, be deemed to be duly given, and the mocting to be duly held, whe~lever such notice is given and meeting held in manner prescribed by the regulations of the Company. In computing the majority under this Section, when a poll is demanded, reference shall be batd to tho number of votes to ~vl~ioh each member is entitled by the regulations of the Company. 52. In default of ally i*egulations as to voting every member shall have Provision where no[one vote, and.in default of any regulations as to su11moning ] fegulations as tomeetGeneral Meetings, a meeting shall be held to be duly sumings. moned of which seven days' notice in writing has been served on evei*y member in manner in which notices requked to be served by the Table marked A in the first Schedule hereto. I n default of ally regulations as to the persoils to summon meetings, five members shall be con~petea t o summon the same, and in default of any regulations as to mho is to be Chairman of such meeting, it shall be competent for ally person elected by the ilienlbers present to preside. `53.` A copy of every Special Pvesolution that is passed by any Company Registry of Special[under this Act shall be printed and forwarded to tlie Itegis- ] Resolutions. tray of Joint 8tock Companies, and be recorded by liim. If such copy is not so forwarded 117itlliii fifteen chys from the date of the con-[' ] firination of the Resolutiorr, the Coil-tpal~j~ shall iiicl~r a l~elialty not cxcee~lii~g. twenty rupees h r every day after tlrc expiration of SLIC~I fiftocn clays dnring :r-iiicll onoll copy is onlittcrl to lw fo~\varilcd, ;iud arcry Ilircotor zmd J1la1lager of tllc Coinl~nliy nilo sl~sl l -nou7ing!y and i l nutliorioe or permit ~ such deh111t shall ~IICIIT ilic ljlic i!c~lall~-. - 54, ITlletY> ACT No. X `OF` lS66. 64. Where Ai%icles of Association have been registered, a copy of every Copies of Specin1 11 e- Special Resolution for the time being in force shall be annex- ~olutions. ed to oy embodied in every copy of the Articles of Association that may be issued after the passing of such Resolution, Where no Articles of Associtition have been rctgistered, a copy of every Special Resolution shall be forwarded in print to a11y member requesting the same, on payment of one rupee OP such less sum as the. Company may direct. If any Company makes default in conzplying with the provisions of this Section, it shall incur a penalty not exceeding twenty rupees for each copy in respect of which such default is made ; and~every Director and Mai~ager of the Company who shall knowingly and wilfully authorize or permit such default shall incur the like penalty. 65. ,4ny Company under this Act may, by instrument in writing under Exec,,tion of deeds[its common seal, empower any person, either generally or ][in ] abroad. respect of any specified matters, as its Attorney, t o execute deeds on its behalf in any place not situate in British India ; and eveiy deed signed by such Attorney on behalf of tbe Company and under his seal, shall be binding on the Company and have the same effect as if it were under the common seal of the Company. `56.` Tlie Local Government may appoint one or more competent Inspectors to examine into the affairs of any Compaily under Examinntion of affairs of Compntly by this Act, and to report. thereon in such manner as the Local - Inspeclors. Government may direct upon the applications following; (that is to say)- `(1.)`[In t,lie case ][of ][a ][Banking ][or ][any other Con~pany that has ][a ][capital ] divided into shares, upon the application of members holding not less than one-fifth part of the whole shares of the Company for the time being issued : (2.) I n the case of any Conipany not having a capital divided into ~hzres, upon the xlt17plication of members beiiig in number not less than one-fifth of the 14~11ole 11uml)er of pcrsons for the tilnc being entered on tilo ICegister of the ACT No. X OF 1866. 57. The application shall be supported by such evidence as the Local Application for inGo~~ernment may-require for the pul-l~ose of showing that spection `to` be sup- the applicants lime good reason for requh5ng such investi~ o r t e d by evidence. gation to be made, and that they are not actuated by malicious motives in instituting the same. The Local Governmelit may also require the applicants to give security for payment of the costs of the inquiry before appointing any Inspector or Inspectors.