Section 1227.- If a creditor has, in consequence of his ignorance of the proposed reduction of capital, failed to give notice of his objection thereto, and such ignorance was in no way due to his fault, those shareholders of the company to whom has been refunded or remitted a portion of their shares remain, for a period of two years from the date of registration of such reduction, personally liable to such creditor to the extent of the amount refunded or remitted.

 

Section 1228.- The special resolution by which any increase or reduction of capital has been authorised must be registered by the company within fourteen days after its date.

 

PART VII

DEBENTURES

 

Section 1229.- Debentures may not be issued.

 

Section 1230.- ... to Section 1235.- … (Repealed).

 

PART VIII

DISSOLUTION

 

Section 1236.- A limited company is dissolved :

                  (1) In the cases, if any, provided by its regulations ;

                  (2) If formed for a period of time, by the expiration of such period ;

                  (3) If formed for a single undertaking, by the termination of that undertaking ;

                  (4) By a special resolution to dissolve ;

                  (5) By the company becoming bankrupt.

 

Section 1237.- A limited company may also be dissolved by the Court on the following grounds :

                  (1) If default is made in filing the statutory report or in holding the statutory meeting ;

                  (2) If the company does not commence its business within a year from the date of registration or suspends its business for a whole year ;

                  (3) If the business of the company can only be carried on at a loss and there is no prospect of its fortunes being retrieved ;

                  (4) If the number of the shareholders is reduced to less than seven.

However, in case of default in filing the statutory report or in holding the statutory meeting, the Court may, instead of dissolving the company, direct that the statutory report be filed or the statutory meeting be held as it may think fit.