company may change its name with the sanction of a special resolution approved by the Board of Trade. It may also, by order of the Court, reduce its capital, whereupon the words "and reduced" will be added to its name for a specified time. A minute of the order, when registered, is taken to be substituted for the corresponding part of the memorandum, and is of the same validity, and subject to the same altera tions, as if it had been originally contained therein. Subject to the pro visions of the Conlpanies Act, no shareholder, whether past or present, is liable in respect of any share to any call or contribution exceeding in aniount the difference (it' any) between the amount which has been paid on the share, arid the amount of the share as fixed by the minute. Com panies limited by shares have a certain power of alteration conferred upon them by the Act. But such a company can only change its name in the manner already described. The power of alteration is limited to such alterations as may be required to enable it—(a) To carry on its business more economically or efficiently ; or (b) to attain its main purpose by new or improved means; or (c) to enlarge or change the local area of its operations; or (d) to carry on some business which under existing circum stances may conveniently or advantageously be combined with the business of the company ; or (e) to restrict or abandon any of the objects specified in the memorandum. And here too, as in changing its name, the company
can only exercise the power by means of special resolution, and then only after confirmation by the Court. Before confirmation the Court re quires to be satisfied—(a) That sufficient notice has been given to every debenture holder, and to every one whose interests will be affected by the alteration ; and (h) that, with respect to every creditor entitled to object and who has duly signified his objection, either his consent to the alteration has been obtained or his claim been discharged or satisfactorily secured. For special reasons the above notice may be dispensed with. The Court in exercising this confirming power mill " have regani to the rights arid interests of the members of the company, or of any class of those members, as well as to the rights and interests of the creditors, anti may, if it thinks fit, adjourn the proceedings in order that an arrangement may be made to the satis faction of the Court for the purchase of the interests of dissentient menibers; and the Court mav give such directions and make such orders as it may think expedient for the purpose of facilitating any such arrangement or carrying the same into effect." It is not lawful, however, for a company to ex pend any part of its capital in any ',such purchase. ,S'ee ARTICLES OF ASSOCI ATION.