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No Company to avail themselves of Act unless it shall comply with Provisions herein named.
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3. No Company shall be entitled to avail itself of this Act, unless it shall comply with the following Provisions:
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First. The Company must, under its Act of Parliament or Memorandum of Association, be limited to One or more of the following Objects:
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1. The making of Advances of Money upon any of the following Securities:-
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(a.) Lands, Messuages, Hereditaments, and Real Property, and all Estates and Interests therein:
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(b.) Rates, Dues, Assessments, and Impositions upon the Owners or Occupiers of Lands or Real Property imposed by or under the Authority of any Act of Parliament, Public or Private, Royal Charter, Commission of Sewers or Drainage, or other sufficient legal Authority:
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(c.) Charges and Securities upon or affecting Lands, Messuages, Hereditaments, and Real Property executed, made, given, or issued under the Authority of any Act of Parliament, Public or Private:
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2. The borrowing of Money on transferable Mortgage Debentures, or on One or more of the Securities above mentioned:
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Provided that any Company already constituted under “The Companies Act, 1862,” for the Purpose of making Advances on Real Securities, and whose Memorandum of Association includes but is not limited to the Objects herein-before specified, may, by special Resolution in accordance with the Provisions of that Act, alter its Memorandum for the Purpose of limiting and so as to limit its Objects and Business to those so specified; and such Company shall thereupon be and become a Company constituting and carrying on Business under such altered Memorandum, and on its being shown to the Satisfaction of the Registrar herein-after mentioned that such Alteration has been made, and that all Obligations, if any, entered into by the Company in inspect of the Business which prior to such special Resolution it was empowered to transact, other than the Business to which it will be limited after the passing of such special Resolution, have been discharged, and that the Articles of Association of the Company are in accordance with the altered within this Act and entitled to the Benefits thereof:
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Second. The Company must have a paid-up Capital of not less than One hundred thousand Pounds:
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Third. Each Share must be of the nominal Value of not less than Fifty Pounds, of which not less than One Tenth nor more than One Half must have been paid up.
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