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ment was pronounced or the order made, and any appeal from any such judgment or order shall be decided as if this Ordinanco had not been passed; or
(b) any power to issue debentures in the place of any debentures paid off or otherwise satisfied or extinguished, reserved to a company by its debentures or the securities for the same.
106. A contract with a company to take up and pay Specific per- for any debentures of the company may be enforced by an order for specific performance.
formance of contract to subscribe for debentures. 8 Edw. 7 c. 69 s. 105.
out of assets
107.-(1) Where either a receiver is appointed on Payments of behalf of the holders of any debentures of a company certain debts secured by a floating charge, or possession is taken by or subject to on behalf of those debenture holders of any property com- floating prised in or subject to the charge, then, if the company charge in is not at the time in course of being wound up, the debts priority to which in every winding-up are under the provisions of claim under
the charge. Part IV of this Ordinance relating to preferential pay- 76. s. 107. ments to be paid in priority to all other debts, shall he paid forthwith out of any assets coming to the hands of the receiver or other person taking possession as aforesaid in priority to any claim for principal or interest in respect of the debentures.
(2) The periods of time mentioned in the said provisions of Part IV of this Ordinance shall be reckoned from the pate of the appointment of the receiver or of possession being taken as aforesaid, as the case may be,
(3) Any payments made nuder this section shall be recouped as far as may be out of the assets of the company available for payment of general creditors.
Statement to be published by certain Companies. 108.-(1) Every company being an insurance company Certain or a deposit, provident, or benefit society shall, before it companies to publish commences business, and also on the first Monday in
statement in February and the first Tuesday in August in every year schedule. during which it carries on business, make a statement in b. s. 108. the form marked C in the First Schedule to this Ordinance as near thereto as circumstances will admit.
(2) A copy of the statement shall be put up in a con- spicuous place in the registered office of the company, and in every branch office or place where the business of the company is carried on.
(3) Every member and every creditor of the company shall be entitled to a copy of the statement, on payment of a sum not exceeding twenty-five cents.
(4) If default is made in compliance with this section, the company shall be liable to a fine not exceeding fifty dollars for every day during which the default continues; and every director and manager of the company who know- ingly and wilfully authorises or permits the default shall be liable to the like penalty.
(5) For the purposes of this Ordinance a company that carries on the business of insurance in common with any other business or businesses shall be deemed to be au insurance company.
(6) This section shall not apply to any Life Insurance Company to which the provisions of the Life Insurance Companies Ordinances 1907 and 1909, as to the annual stateinent to be made by such a company, apply with or without modifications, if the company complies with those provisions.
Inspection and Audit.
109.(1) The Governor may appoint one or more Investiga. competent inspectors to investigate the affairs of any com- tion of pany and to report thereou in such manner as the Governor affairs of
lirects-
(i) In the case of a banking company having a share capital, on the application of members holding not less than one third of the shares issued :
company by inspectors. 1.8, 109.