869
court cum- lative. 8 Edw. 7 c.
172. Any powers by this Ordinance conferred on the Powers of court shall be in addition to and not in restriction of any existing powers of instituting proceedings against any con- tributory or debtor of the company, or the estate of any 69 s. 177. contributory or debtor for the call or other sums.
Enforcement of and Appeal from Orders.
Power to en-
173. Orders made by the Court under this Ordinance may force orders. be enforced in the same manner as orders made in auy 1b. 8. 178. action pending therein.
from order.
174. Subject to rules of court, an appeal from any order Appeals or decision made or given in the winding up of a company 76. s. 181. by the court under this Ordinance shall lie in the same manner and subject to the same conditions as an appeal from any order or decision of the court in cases within its
[ordinary] jurisdiction; subject to this restriction that no origins! such appeal shall be heard unless notice of the same is filed within fourteen days from the date of the order or decision complained of, unless such time is extended by the Full Court,
Voluntary Winding Up.
175. A company may be wound up voluntarily-
Circum. Stances in
(1) When the period (if any) fixed for the duration which com
of the company by the articles expires, or the pany may be
wound up event (if any) oceurs, on the occurrence of voluntarily. which the articles provide that the company is 1b. s. 182. to be dissolved, and the company in general meeting has passed a resolution requiring the company to be wound up voluntarily :
(2) If the company resolves by special resolution
that the company he wound up voluntarily : (3) If the company resolvos by extraordinary re- solution to the effect that it cannot by reason of its liabilities continue its business, and that it is advisable to wind up.
176. A voluntary winding up shall be deemed to com- mence at the time of the passing of the resolution authoris- ing the winding up.
177. When a company is wound up voluntarily the company shall, from the commcucement of the winding up, cease to carry on its business, except so far as may be required for the beneficial winding up thereof :
Provided that the corporate state and corporate powers of the company shall, notwithstanding anything to the contrary in its articles, continue until it is dissolved.
178. When a company has resolved by special or extra- ordinary resolution to wind up voluntarily, it shall give notice of the resolution by advertisement in the Gazette.
Commence- ment of voluntary winding up. Tb. s. 183.
Effect of voluntary winding up on status of
company. Ib. s. 184.
Notie: of resointion to wind up voluntarily. b. s. 185.
179. The following consequences shall ensue ou the Conse- voluntary winding up of a company :---
quences of voluntary
(2) The property of the company shall be applied winding up.
in satisfaction of its liabilities pari passu, aud, Ib. s. 186. subject thereto, shall, unless the articles other- wise provide, be distributed among the members according to their rights and interests in the company:
(ii) The company in general meeting shall appoint one or more liquidators for the purpose of wind- ing up the affairs and distributing the assets of the company, and may fix the remuneration to be paid to him or them:
(iii) On the appointment of a liquidator all the
powers of the directors shall cease, except so · far as the company in general meeting, or the liquidator, sanctions the continuance thereof:
Page 60Page 61