113
(2.) The secured creditor shall realise his security within the time appointed, and shall furnish forthwith to the liquidator an account of the proceeds of such realisation.
(3.) Where the proceeds of such realisation exceed the amount to which the secured creditor is entitled under the terms of the security the secured creditor shall forthwith pay any surplus to the liquidator.
(4.) If there be any dispute as to the amount to which the secured creditor is entitled, or if the secured creditor fail to comply with any of the provisions of this section, the liquidator shall apply to the Court for directions and any order made by the Court on such application shall be final for all purposes of the winding up.
(5.) If the secured creditor fails to realise his security within the time limited the Court may by order vest the property in the liquidator and may give directions as to the sale of the property by the liquidator and may make such order as may be necessary for the purpose of enabling the liquidator to realise the property.
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(6.) In this section the words "terms of the security shall include any rights possessed by any corporate body over the shares in such corporate body in respect of debts due to such corporate body.
orders made
12 Any order made by the Court on any application by Enforce- a liquidator for directions under any of the provisions of ment of the Alien Enemies (Winding up) Ordinances, 1914 to on applica- 1917, may be enforced in the same manner as any judgment tions for or order of the Court in an action would be enforceable: directions. Provided that no order made on any such application for directions shall be enforced without the permission of the Governor,
not to
immovable
13. No liquidator shall in any winding up under the Liquidators Alien Enemies (Winding up) Ordinances. 1914 to 1917, transfer sell or otherwise deal with any immovable property in such a way that it shall, either directly or indirectly and property to either forthwith or after any interval of time, become pro- prohibited perty under prohibited control.
control.
before
14.-(1.) No sale or lease of immovable property in any Statutory winding up under the Alien Euemies (Winding up) Ordi- declaration nances, 1914 to 1917, shall be completed unless and until completion the purchaser shall have made a statutory declaration in of sale or the appropriate form set forth in the schedule hereto.
(2.) Where the sale or lease is to a corporation such declaration shall be made by some officer of the corporation duly authorised thereto by the corporation and approved for that purpose by the liquidator.
lease.
transfor
15.-(1.) Except with the permission of the Governor, Purchasers no person by whom any immovable property sold by a and others liquidator in any winding up under the Alien Enemies not to. (Winding up) Ordinances, 1914 to 1917, is or shall be immovable held, shall sell, transfer, lease, mortgage, bequeath or property to otherwise deal with any such property in such a way that prohibited it shall, either directly or indirectly and either forthwith control. or after any interval of time, become property under pro- hibited control.
(2.) If any person contravenes the provisions of this section such person, or in the case of a deceased person his estate, shall forfeit to the Crown the sum of fifty thousand dollars to be recovered at the suit of the Attorney General.
(3.) The penalty provided in this section shall be with- out prejudice to any other penalty, or to any forfeiture, to which any such person or his estate may be liable.
16. (1.) If any immovable property sold, leased or Forfeiture otherwise dealt with by a liquidator in any winding up of property under the Alien Enemies (Winding up) Ordinances, 1914 transferred
to prohibited to 1917, or any part of such property, shall have become control. or shall become property under prohibited control, the Attorney General may apply to the Supreme Court for a declaration that such property or such part thereof be forfeited to the Crown, and the Court shall declare such property or such part thereof to be so forfeited, and there- upon it shall be so forfeited accordingly.