Victorian Legislation and Parliamentary Documentsi
Version No. 001
Reconstructed Companies Act 1893
Act No. 1356/1893
Version incorporating amendments as at 21 February 2001
TABLE OF PROVISIONS
Section Page
Short title 2
Definitions 2
Assets etc. of old company vested in new 3
Property under the Transfer of Land Act 1890 4
Realty and chattels real under the general law 4
Personalty under general law 5
Registrar of Titles, Registrar-General, and strangers dealing
with new company not affected by scheme of reconstruction 5
Scheme of reconstruction and conveyance to new company
not chargeable with ad valorem duty 6
Actions etc. or against the old company not to abate or be
affected by reason of reconstruction 6
Account-books of old company to be available as evidence
for new company 8
Members of old company to become liable as members of
new company without application for shares 8
Name of deceased member may be entered in share register
of new company 9
Compromises or arrangements heretofore sanctioned declared
valid 9
Rules as to set-off under section 63 of the Supreme Court
Act 1890 to apply 10
Sections 11 and 12 not to apply to certain company 11
Trustees etc. entitled to shares in new company Goldsbrough
Mort and Co. Ltd. may register as holders of shares 11
Power to extend time of making call or payment thereof in
case of National Bank 11
SCHEDULE 13
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Victorian Legislation and Parliamentary DocumentsSection Page
ii
ENDNOTES 14
General Information 14
Table of Amendments 15
Explanatory Details 16
Victorian Legislation and Parliamentary Documents1
Version No. 001
Reconstructed Companies Act 1893
Act No. 1356/1893
Version incorporating amendments as at 21 February 2001
An Act to facilitate the carrying out the Reconstruction Schemes
of Certain Companies and the Compromise Schemes of Certain
Societies.
Preamble
WHEREAS each of the several companies named
in the first column of the Schedule to this Act has
been reconstructed upon the basis of a compromise
or arrangement or upon the basis of a sale under
section one hundred and forty-six of the
Companies Act 1890 sanctioned in the case of
those companies which were incorporated by or
under the provisions of an Act of the colony of
Victoria, by an order of the Supreme Court of the
said colony; and in the case of those companies
which were incorporated by or under the
provisions of an Act of the United Kingdom or
Royal Charter, by an order of a court of competent
jurisdiction in the United Kingdom, short
particulars of which several orders are set forth in
the second column of the Schedule to this Act
opposite the names of the companies to which they
apply:
AND WHEREAS each of the companies so
reconstructed is now an incorporated company
incorporated under the Act specified in the third
column of the Schedule to this Act opposite the
name of the company, and is carrying on business
in the colony of Victoria under the name in the
fourth column of the said Schedule printed
opposite its old name:
Victorian Legislation and Parliamentary DocumentsAct No. 1356/1893
Reconstructed Companies Act 1893
2
AND WHEREAS it is expedient to facilitate the
carrying out of the said compromises and
arrangements and sales in the way and to the extent
hereinafter appearing:
BE IT THEREFORE ENACTED by the Queen's Most
Excellent Majesty by and with the advice and consent of the
Legislative Council and the Legislative Assembly of Victoria
in this present Parliament assembled and by the authority of
the same as follows (that is to say):
Short title
This Act may be cited as the Reconstructed
Companies Act 1893.
Definitions
In this Act where not inconsistent with the
context—
"new company" means the company formed by
reconstruction as recited in the preamble of a
pre-existing company;
"old company" means the pre-existing company
which was reconstructed as recited in the
preamble;
"property" includes real property of any
description whatsoever including corporeal
and incorporeal hereditaments; also personal
property of any description whatsoever
including any chattels real any uncalled
capital debt security and chose in action; also
any estate interest right title claim or demand
in to or in respect of any property real or
personal; any right or claim against any
person; and any other right or interest.
s. 1
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Reconstructed Companies Act 1893
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3. Assets etc. of old company vested in new
Immediately upon the passing of this Act all the
property of each of the old companies mentioned
in the Schedule to this Act incorporated by or
under the provisions of some Act of the colony of
Victoria vested in or belonging to such company
at the date of the order of court sanctioning its
reconstruction; and (subject to any order of a court
of competent jurisdiction of the United Kingdom
now or hereafter made affecting the same) all the
property in Victoria of each of the old companies
mentioned in the said Schedule incorporated
under the provisions of some Act of the United
Kingdom or by Royal Charter, vested in or
belonging to such company at the date of the order
of court sanctioning its reconstruction shall
without any further or other conveyance
assignment or transfer vest in pass to and become
the property of the new company whose name
appears in the fourth column of the said Schedule
opposite the name of the old company absolutely
for all the estate right title interest claim and
demand which the old company had therein at the
date of such order, subject nevertheless to the
equities (if any) affecting the same respectively
and to the terms and provisions of the compromise
or arrangement or sale so sanctioned as aforesaid
and to any conveyance transfer or other assurance
or any dealing duly executed made or entered into
since that date in pursuance of and in conformity
with such compromise or arrangement or sale:
Provided always that any property of the old
company which by its compromise or
arrangement or sale (sanctioned as aforesaid) is
expressly and specifically excepted or excluded
from passing to the new company is excepted and
excluded from the vesting operation of this
section.
s. 3
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Reconstructed Companies Act 1893
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4. Property under the Transfer of Land Act 1890
As to any land lease mortgage or charge under the
Transfer of Land Act 1890 whereof the old
company appears on the Register of the said Act
as the proprietor the new company shall by virtue
of the statutory transfer effected by the last
preceding section on making application in
writing to the Registrar of Titles and payment of
the statutory fees be entitled to be registered
proprietor of any such land lease mortgage or
charge as from the date of lodgment of such
application, in lieu of the old company; and as to
any caveat or writ then appearing upon the
Register in the name or interest of the old
company or any application unregistered dealing
claim notice direction or other matter at that date
existing in the Office of Titles in the name of or
affecting the old company the new company shall
as from the date of the passing of this Act be
deemed to be the caveator execution creditor or
other person interested or affected in the place and
stead of the old company.
5. Realty and chattels real under the general law
As to any lands tenements hereditaments leases
mortgages charges or other realty or chattels real
not under the Transfer of Land Act 1890 of in or
by which the old company appears by any
memorial in the books of the Registrar-General
under the provisions of the Real Property Act
1890 to be the registered owner or person
interested or affected, the new company shall
immediately upon the passing of this Act become
and be deemed as from that date the registered
owner of or person interested in or affected by
such land tenement hereditaments lease mortgage
charge or other realty or chattel real respectively
in the place and stead of the old company the
same as if the name of the new company appeared
S. 4
amended by
No. 18/1989
s. 13(Sch. 2
item 70).
s. 4
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Reconstructed Companies Act 1893
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upon the memorial in the books of the Registrar-
General instead of that of the old company.
6. Personalty under general law
As to any personalty not included in the last
preceding section including any lien bill of sale or
other security contract writ lis pendens or other
matter (not under the provisions of the Transfer
of Land Act 1890) of in or by which the old
company appears by any memorandum or other
writing entered filed or registered in the office of
the Registrar-General under or by virtue of the
Instruments and Securities Act 1890 or any
other Act to be the owner or person interested or
affected, the new company shall immediately
upon the passing of this Act become and be
deemed as from that date the registered owner or
person interested or affected in the place and stead
of the old company the same as if the name of the
new company appeared upon such memorandum
or other writing instead of that of the old
company.
7. Registrar of Titles, Registrar-General, and
strangers dealing with new company not affected by
scheme of reconstruction
Notwithstanding anything in this Act contained it
shall not be the duty of the Registrar of Titles or
Registrar-General either before or after any
registration made in pursuance of this Act to
investigate or inquire concerning the terms or
provisions of the compromise or arrangement or
sale so sanctioned as aforesaid. And after the
registration of the new company as a proprietor of
any estate or interest under the Transfer of Land
Act 1890 it shall for the purposes of any dealing
be deemed to be the absolute proprietor thereof.
s. 6
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Reconstructed Companies Act 1893
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8. Scheme of reconstruction and conveyance to new
company not chargeable with ad valorem duty
(1) No compromise or arrangement of or sale by any
of the companies named in the Schedule to this
Act sanctioned as aforesaid and no conveyance or
transfer executed or made in pursuance thereof by
or on behalf of or by direction of the old company
to the new company shall be deemed a
conveyance or transfer on sale of real property
within the meaning of section ninety-three of the
Stamps Act 1890 or be chargeable with ad
valorem duty.
(2) In no case shall any new company charge any
debtor of such company any fees or costs
incidental to the transfer of such debtor's security
from the old company to the new company, and
every debtor shall be entitled to a valid receipt
from the new company for any interest or
principal moneys paid to such new company by
such debtor in respect of any debt due to the old
company without payment of any fees or costs
arising from or upon any transfer from the old
company to the new company of any security of
the debtor for such debt.
9. Actions etc. or against the old company not to abate
or be affected by reason of reconstruction
(1) Subject to the provisions of the compromise or
arrangement or to the terms of sale sanctioned as
aforesaid no action proceeding notice demand or
act commenced given made or done by or on
behalf of or against the old company previously to
the passing of this Act shall abate or be affected
by reason of the reconstruction sanctioned as
aforesaid, but the same may be prosecuted acted
on discontinued or otherwise dealt with by and in
the name of or against the new company the same
as though such action proceeding notice demand
s. 8
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or act had been instituted proceeded with given
made or done by or on behalf of or against the
new company, and subject to the provisions
aforesaid the benefit or burden of any decree
judgment order verdict award proceeding notice
demand liability or contract to which the old
company was entitled or subject at the passing of
this Act shall enure to or be binding upon the new
company as from the date of such order as
aforesaid being made.
(2) Any notice demand or act which it was provided
by any Act deed instrument power of attorney
undertaking agreement or otherwise should or
might be given made or done to or by the old
company or any particular officer of the old
company or its transferees or assigns may be
given made or done to or by the new company or
a like officer of the new company or the
transferees or assigns of the new company, and
any agreement guarantee or other instrument
given to or made with the old company and vested
in the new company by the operation of this Act
may be enforced by the new company as if it had
been given to or made with or acquired by the
new company:
Provided that where such instrument is under the
Transfer of Land Act 1890 the new company
shall have first become the registered proprietor in
respect thereof in lieu of the old company.
(3) The new company and its assigns may prove rank
claim and draw a dividend in the matter of the
insolvency or sequestration of any debtor of the
old company whose debt has by section three of
this Act passed to the new company, and such
new company and its assigns may execute any
release or other document which the old company
might execute in respect of such debtor's debt
insolvency or sequestration.
s. 9
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10. Account-books of old company to be available as
evidence for new company
The ledgers day-books cash-books and other
account-books of the old company passing to the
new company under this Act shall for the purpose
of giving effect to the provisions of this Act and
securing to the new company its transferees and
assigns the full benefit of the property of the old
company thereby vested in it be admissible in all
legal proceedings as prima facie evidence for all
parties within the provisions of Division 2 Part II
of the Evidence Act 1890 or any statutory
modification thereof as though the same were and
had always been the ledgers day-books cash-
books and other account-books of the new
company.
11. Members of old company to become liable as
members of new company without application for
shares
Whenever it was provided by any such
compromise or arrangement as is hereinbefore
mentioned entered into by any company
incorporated by or under the provisions of any Act
of the said colony that the members of the old
company should accept shares in the new
company every member of the old company shall
without any application on his part be deemed to
have become a member of the new company and
to be the holder in the new company of the
number of shares which by such compromise or
arrangement he was required to accept with such
liability in respect of such shares as by the
compromise or arrangement was provided and his
name shall be entered accordingly in the register
of members of the new company, and any lien or
charge given by him in favour of the old company
upon or over shares therein shall be deemed to
have been given in favour of the new company
s. 10
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upon or over the shares therein stated in such
register to be held by him.
12. Name of deceased member may be entered in share
register of new company
If the name of a person who at the time of his
death was the owner of shares (not held by him
jointly with any other person) in any such
company incorporated by or under the provisions
of any Act of the said colony remained
notwithstanding his death on the register of
members of the old company at the time when the
compromise or arrangement was sanctioned his
name may be entered in the register of members
of the new company for such number of shares as
would be equivalent to his holding in the old
company and the liability of his executors or
administrators and of his estate in respect of the
shares stated in the said last-mentioned register as
being held by him shall be the same as it would
have been if he had been alive at the time when
his name shall have been entered in such register
and his executors or administrators may become
registered as the holder of such shares as such
executors or administrators and shall in respect
thereof be subject to such and the same liabilities
and no more as they would have been subject to if
such shares had remained registered in the name
of such deceased person.
13. Compromises or arrangements heretofore
sanctioned declared valid
Every compromise or arrangement between such
of the companies mentioned in the first column of
the said Schedule as were incorporated by or
under the provisions of any Act of the said colony
and the creditors of such company or any class of
such creditors and every sale under section one
hundred and forty-six of the Companies Act 1890
s. 12
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which previous to the passing of this Act has been
sanctioned by an order of the Supreme Court is
hereby declared to be valid and binding in law and
to be a compromise or arrangement within the
meaning of the Companies Act Amendment Act
1892.
Provided always that nothing herein contained
shall affect or prejudice the rights (if any) of the
Crown or of any person to moneys paid into any
old company by order of a court or paid in or
deposited by any public officer whatsoever.
Provided always that no action suit proceeding or
appeal pending at the time of the passing of this
Act shall be abated or affected by any of the
provisions of this section or of this Act.
14. Rules as to set-off under section 63 of the Supreme
Court Act 1890 to apply
In the case of any new company mentioned in the
said Schedule the same rules as to set-off in the
case of mutual credits mutual debts or other
mutual dealings as would have applied or would
apply under the sixty-third section of the Supreme
Court Act if such company were a company
whose assets had proved to be insufficient for the
payment of its debts and liabilities and which was
being wound up under Part I of the Companies
Act 1890 shall be deemed to have applied as from
the date of the commencement of the winding up
of the old company and shall continue to apply as
regards any debt or claim existing at the
commencement of such winding up or arising out
of founded upon or substituted for any debt or
claim then existing:
Provided always that no person shall be entitled to
any set-off by virtue of this section against such
new company in respect of any sum secured by or
mentioned in any deposit receipt or other
s. 14
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instrument received by him under or in pursuance
of any such compromise or arrangement as is
hereinbefore mentioned unless he shall surrender
such receipt or instrument to such company, but
upon surrendering the same he shall be entitled to
receive from such company a new deposit receipt
or instrument for the balance of the sum secured
by or mentioned in the deposit receipt or
instrument so surrendered after deduction from
such sum of the amount of the set-off.
15. Sections 11 and 12 not to apply to certain company
Sections eleven and twelve of this Act shall not
apply to the company named The Australian
Deposit and Mortgage Bank Limited.
16. Trustees etc. entitled to shares in new company
Goldsbrough Mort and Co. Ltd. may register as
holders of shares
Trustees executors and administrators in the estate
of any deceased person entitled to become the
holders of shares in the new company of
Goldsbrough Mort and Company Limited may
become registered as the holders of such shares as
such trustees executors or administrators and shall
in respect of such shares be subject to such and
the same liabilities and no more as they would
have been subjected to if such shares were
registered in the name of such deceased person.
17. Power to extend time of making call or payment
thereof in case of National Bank
Inasmuch as it was provided by the compromise
or arrangement entered into by the National Bank
of Australasia that a call should be made upon the
contributories of that bank payable insuch
instalment or instalments and at such time or
times as the Supreme Court at the time of
sanctioning such compromise or arrangement
s. 15
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Reconstructed Companies Act 1893
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should think fit, and inasmuch as it was not
practicable to settle the list of contributories and
to make such call within the time as fixed by the
Supreme Court:
It shall be lawful for the Supreme Court or a judge
thereof in its or his discretion upon application in
a summary way by the said bank or the liquidator
thereof at any time or from time to time to extend
the time for making such call or to alter or vary
the time fixed by the court at the time of
sanctioning such compromise or arrangement for
making such call or for the payment of such call
or any instalment or instalments thereof.
Provided always that any extension of the time for
making such call or any alteration or variation of
the time fixed by the said court as aforesaid shall
not be made beyond the first day of April One
thousand eight hundred and ninety-four, and that
any extension of the time or times for the payment
of such call or any instalment or instalments
thereof shall not be made beyond the period of
three months from the time or times fixed at the
passing of this Act for the payment thereof.
s. 17
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Reconstructed Companies Act 1893
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SCHEDULE
Old Company
Sanctioning Order: Court
making and Date of Incorporating Act New Company
The Commercial
Bank of Australia
Limited
Supreme Court of the
Colony of Victoria,
26th April, 1893, as
varied on appeal by the
Full Court
The Act of the
Legislature of Victoria
cited and known as the
Companies Act 1890
The Commercial
Bank of Australia
Limited
The National
Bank of
Australasia
Supreme Court of the
Colony of Victoria,
2nd June, 1893
Ditto ... ... ... The National
Bank of
Australasia
Limited
The Bank of
Victoria Limited
Supreme Court of the
Colony of Victoria,
31st May, 1893
Ditto ... ... ... The Bank of
Victoria Limited
The City of
Melbourne Bank
Limited
Supreme Court of the
Colony of Victoria,
3rd June, 1893
Ditto ... ... ... The City of
Melbourne Bank
Limited
The Colonial
Bank of
Australasia
Supreme Court of the
Colony of Victoria,
19th June, 1893
Ditto ... ... ... The Colonial
Bank of
Australasia
Limited
The Standard
Bank of Australia
Limited
Supreme Court of the
Colony of Victoria,
28th June, 1893
Ditto ... ... ... The Standard
Bank of Australia
Limited
Goldsbrough,
Mort, & Company
Limited
Supreme Court of the
Colony of Victoria,
22nd August, 1893
The High Court of Justice
in England, 23rd August,
1893
Ditto ... ... ... Goldsbrough,
Mort, & Company
Limited
The London
Chartered Bank of
Australia
The High Court of Justice
in England, 3rd August,
1893
Companies Acts
(England), 1862 to 1890
The London Bank
of Australia
Limited
The English,
Scottish, and
Australian
Chartered Bank
The High Court of Justice
in England, 1st July, 1893
Ditto ... ... ... The English,
Scottish, and
Australian Bank
Limited
The Australian
Deposit and
Mortgage Bank
Limited
Supreme Court of the
Colony of Victoria,
26th July, 1892
The Act of the
Legislature of Victoria
cited and known as the
Companies Act 1890
The Australian
Deposit and
Mortgage Bank
Limited
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Sch.
General Information
The Reconstructed Companies Act 1893 was assented to on 6 November
1893 and came into operation on 6 November 1893.
Endnotes
Victorian Legislation and Parliamentary DocumentsAct No. 1356/1893
Reconstructed Companies Act 1893
15
2. Table of Amendments
This Version incorporates amendments made to the Reconstructed
Companies Act 1893 by Acts and subordinate instruments.
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Transfer of Land (Computer Register) Act 1989, No. 18/1989
Assent Date: 16.5.89
Commencement Date: 3.2.92: Government Gazette 18.12.91 p. 3488
Current State: All of Act in operation
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Endnotes
Victorian Legislation and Parliamentary DocumentsAct No. 1356/1893
Reconstructed Companies Act 1893
16
3. Explanatory Details
No entries at date of publication.
Endnotes