Power of
court to stay
or restrain proceedings. s Edw. 7 c. 69 s. 265.
Actions stayed on winding-up order.
Th, s. 266.
526
243. The provisions of this Ordinance with respect to staying and restraining actions and proceedings against a company at any time after the presentation of a petition for winding up and before the making of a winding-up order shall, in the ease of a company registered in pursu- ance of this Part of this Ordinance where the application to stay or restrain is by a erelitor, extend to actions and proceedings against any contributory of the company.
or
244. Where an order has been made for winding up a company registered in pursuance of this Part of this Ordin- anec no netion or proceeding shall be commenced proceeded with against the company or any contributory of the company in respect of any debt of the company, except by leave of the court, and subject to such terms as the court may impose.
Meaning of unregistered
company.
b. s 257.
Winding up of unregis- tered com- panies.
Th. s. 268.
PART VIII.
WINDING UP OF UNREGISTERED COMPANIES,
245. For the purposes of this Part of this Ordinance the expression "unregistered company" shall not include a railway company incorporated by Ordinance or a company registered under the Companies Ordinance, 1855, or under the Companies (Registration) Ordinance, 1866, or under this Ordinance, but, save as aforesaid, shall include any partnership, association, or company consisting of more thau seven members.
246.—(1) Subject to the provisions of this Part of this Ordinanes any unregistered company may he wound up under this Ordinance and all the provisions of this Or- dinance with respect to winding up shall apply to an unregistered company, with the following exceptions and additions :-
(4) The principal place of business in the Colony, of an unregistered company shall for all the pur- posos of the winding up be deemed to be the registered office of the company,
() No unregistered company shall be wound up under this Ordinance voluntarily or subject to supervision:
(777) The circumstances in which an unregistered emmpany may be wound up are as follows (that is to say)
(4) If the company is dissolved, or has ceased to carry on business, or is carrying on business only for the purpose of winding up its affairs;
(b) If the company is unable to pay its debts;
(e) If the court is of opinion that it is just and equitable that the company should be wound
up:
(ir) An unregistered company shall, for the pur- poses of this Ordinance, be deemed to be
able to pay its debts :-
(a) If a creditor, by assignment or other- wise, to whom the company is indebted in a a sum exceeding five hundred dollars then due, has served on the company, by leaving at its principal place of business, or by delivering to the secretary or some director, manager, or principal officer of the company, or by other- wise serving in such manner as the court may approve or direct, a demand under his hand requiring the company to pay the sum so due, and the company has for three weeks after the service of the demand neglected to pay the sum, or to secure or compound for it to the satisfaction of the creditor;
(b) If any action or other proceeding has heen instituted against any member for any debt or demand due, or claimed to be due, from the company, or from him in his character of