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Power by certificate to authorize a previously existing company to raise additional capital.
Restrictions as to borrowing, &c.
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56. Where the certificate is obtained by a previously existing company incorporated by special Act or by certificate, the certificate may authorize the company to raise, as capital, for the purposes of the certificate, such additional sum of money as therein limited, by the issue of new shares or new stock, either ordinary or preference, or partly ordinary and partly preference, or partly in that mode and partly by borrowing on mortgage, at the option of the company, or as may be prescribed in the certificate, and with power to create and issue debenture stock.
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In every such case the restrictions by this Act imposed on a company, when originally incorporated by certificate, with respect to the exercise of their borrowing power and to the application of money raised under the certificate by calls or borrowing, shall extend and apply to such previously existing company in respect of such additional capital.
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