54
In forceRestrictions as to mortgage
Part 2General provisions
Division 8Accounts, deposits, dividends, borrowing etc
54 Restrictions as to mortgage
The promoters, if a corporation, shall not have power to raise by loan or mortgage any sum or sums of money exceeding one-third part of the capital of the promoters, nor shall it be lawful for the corporation, or any person or persons acting on their behalf, to raise any sum or sums of money whatsoever, whether on loan or mortgage, unless and until an amount equal to one-half of the capital of the corporation shall have been fully paid up by the members thereof.
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