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(ż) The circumstances in which an unregistered company may be womid up are as follows (that is to say ):-
(a) If the company is dissolved, or has ecased to carry on business, or is carrying on business only for the purpose of winding up its affairs;
(4) If the company is unable to pay its
debts;
(c) If the court is of opinion that it is just and equitable that the company should be wound *ap:
(iv) An unregistered company shall, for the pur- poses of this Ordinance, be deemed to be unable to pay its debts:-
(2) If a creditor, by assignment or other- wise, to whom the company is indchted in a a sum exceeding five hundred dollars then dne, 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 mamer as the court may approve or direct, n 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 been 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 member, and notice in writing of the institution [] the action or procceding baving been served of on the company by leaving the same at its prin- cipal place of business, or by delivering it to the secretary, or some director, manager or princi- pal officer of the company, or by otherwise Serving the same in such manner as the court may approve or direct, the company has not within ten days after service of the notice paid, secured, or compounded for the debt or demand, or procured the action or proceeding to be stayed, or indemnified the defendant to his reasonable satisfaction against the action or pro ceding, and against all costs, damages, and expenses to be incurred by him by reason of
the same;
(c) If execution or other process issued on n judgment, decree, or order obtained in any court in favour of a creditor against the com- pany, or any member ther of as such, or any person authorised to be sued as nominal defend- ant on behalf of the company, is returned unsatisfied:
(4) If it is otherwise proved to the satis- faction of the court that the company is unable to pay its debts.
(2) Nothing in this Part of this Ordinance shall affect the operation of any enactment which provides for any partnership, association, or company, being wound up, or being wound up as a company or as an unregistered company, under any enactment reponded by this Ordinance except that references in any such first-mentioned enactment to any such repealed enactment shall be read as references to the corresponding provision (if any) of this Ordinance.
247.—(1) In the event of au registered company Contribu- being wound up every person shall be deemed to be tories in a contributory who is liable to pay or contribute to winding up the payment of any debt or liability of the company, of unregis- or to pay or contribute to the payment of any sam for the tere com- adjustment of the rights of the members among themselves, & Edw. 7 c. or to pay or contribute to the payment of the costs and 69 s. 269. expenses of winding up the company, and every contribu-
pany.
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