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COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 49

Effect of irregular allotment.

49.(1) An allotment made by a company to an applicant in contravention of
section forty-seven or section forty-eight shall be voidable at the instance
of the applicant within one month after the holding of the statutory meeting
of the company and not later, or, in any case where the company is not
required to hold a statutory meeting, or where the allotment is made after the
holding of the statutory meeting, within one month after the date of the
allotment, and not later, and shall be so voidable notwithstanding that
the company is in course of being wound up.

(2) If any director of a company knowingly contravenes, or permits or
authorises the contravention of, any of the provisions of the said sections
with respect to allotment, he shall be liable to compensate the company and
the allottee respectively for any loss, damages or costs which the company or
the allottee may have sustained or incurred thereby, so, however, that
proceedings to recover any such loss, damages or costs shall not be commenced
after the expiration of two years from the date of the allotment.

© 1960 Crown Copyright

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