purposes proceedings exercise
873
189. All costs, charges, and expenses properly incurred Costs of in the voluntary winding up of a company, including the voluntary remuneration of the liquidator, shall be payable out of the liquidation. assets of the company in priority to all other claims.
Ib. s. 196.
contribu-
190. The voluntary winding up of a company shall not Saving for bar the right of any creditor or contributory to have it rights of wound up by the court, if the court is of opinion, in the creditors and case of an application by a creditor, that the rights of the tories. creditor or, in the ease of an application by a contributory, b. s. 197. that the rights of the contributories will be prejudiced by a voluntary winding up.
191. Where a company is being wound up voluntarily, Power of and an order is made for winding up by the court, the court to court may if it thinks fit by the same or any subsequent order adopt pro-
ceedings of provide for the adoption of all or any of the proceedings in voluntary the voluntary winding up.
Winding Up subject to Supervision of Court.
winding up. 18. s. 198.
192. When a company has by special or extraordinary Power to resolution resolved to wind up voluntarily, the court may order wind- make an order that the voluntary winding up shall continue ing up sub- but subject to such supervision of the court, and with such ject to super- liberty for creditors, contributories, or others to apply to 76, s. 199. the court, and generally on such terms and conditions as the court thinks just.
vision.
193. A petition for the continuance of a voluntary Effect of winding up subject to the supervision of the court shall, petition for for the purpose of giving jurisdiction to the court over winding up actions, be deemed to be a petition for winding up by the subject to
supervision. Ib. s. 200.
court.
194. The court may, in deciding between a winding up court may by the court and a winding up subject to supervision, in have regard the appointment of liquidators, and in all other matters to wishes of relating to the winding up subject to supervision, have creditors and regard to the wishes of the creditors or contributories as proved to it by any sufficient evidence.
195.-(1) Where an order is made for a winding up subject to supervision, the court may by the same or any subsequent order appoint any additional liquidator.
contribu- tories. lb. s. 201.
Power for court to ap- point or re- move liqui- dators.
(2) A liquidator appointed by the court under this section shall have the same pewers, be subject to the same $ Edw. 7 c. obligations, and in all respects stand in the same position as 69 s. 202. if he had been appointed by the company.
(3) The court may remove any liquidator so appointed by the court or any liquidator continued under the supervi- sion or ler and fill any vacancy occasioned by the removal, or by death or resignation.
196.-(1) Where an order is made for a winding up Effect of subject to supervision, the liquidator may, subject to any supervision
order. restrictions imposed by the court, exercise all his powers,
lb. s. 203. without the sanction or intervention of the court, in the same manner as if the company were being wound up altogether voluntarily.
(2) A winding up subject to the supervision of the court is not a winding up by the court for the purpose of the following provisions of this Ordinance namely, those contained in sections [one hundred and forty-one, one 143, 144 hundred and forty-two, one hundred and forty-three, except (except subsection (9), one hundred and forty-six, one hundred and Sub- forty-seven, one hundred and forty-eight, one hundred and section 9), forty-nine, one hundred and fifty, one hundred and fifty- 147, 149, one, one hundred and fifty-two, one hundred and fifty-three, 150, 151, one hundred and fifty-four, one hundred and fifty-five, 153, 155, one hundred and sixty, one hundred and sixty-seven, and 156, 157, one hundred and sixty-nine], but, subject as aforesaid, an 168 and order for a winding up subject to supervision shall for all
170 [ourposes, including the staying of actions and other [pro- peedings, the making and enforcement of calls, and the [exercise] of all other powers, be deemed to be an order for winding up by the court.