ORDINANCE No. 1 OF 1865.
Companies, &c. (Part IV. Winding-up.)
99. (98.) The Court may, at any time after making an order for winding-up the company, make an order on any contributory for the time being settled on the list of contributories, directing payment to be made, in manner in the said order mentioned, of any monies due from him or from the estate of the person whom he represents to the company, exclusive of any monies which he or the estate of the person whom he represents may be liable to contribute by virtue of any call made or to be made by the Court in pursuance of this part of this Ordinance; and it may, in making such order, when the company is not limited, allow to such contributory by way of set-off any monies due to him or the estate which he represents from the company on any independent dealing or contract with the company, but not any monies due to him as a member of the company in respect of any dividend or profit: Provided that when all the creditors of any company whether limited or unlimited are paid in full, any monies due on any account whatever to any contributory from the company may be allowed to him by way of set-off against any subsequent call or calls.
100. (99.) The Court may, at any time after making an order for winding-up a company, and either before or after it has ascertained the sufficiency of the assets of the company, make calls on and order payment thereof by all or any of the contributories for the time being settled on the list of contributories, to the extent of their liability, for payment of all or any sums it deems necessary to satisfy the debts and liabilities of the company, and the costs, charges, and expenses of winding it up, and for the adjustment of the rights of the contributories amongst themselves, and it may, in making a call, take into consideration the probability that some of the contributories upon whom the same is made may partly or wholly fail to pay their respective portions of the same.
101. (100.) The Court may order any contributory, purchaser, or other person from whom money is due to the company to pay the same into some banking establishment in this Colony to be named by the Court or to the account of the Official Liquidator instead of to the Official Liquidator, and such order may be enforced in the same manner as if it had directed payment to the Official Liquidator.
102. (101.) All monies, bills, notes, and other securities paid and delivered into such bank so to be named as aforesaid in the event of a company being wound up by the Court, shall be subject to such order
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Power of Court to order
payment of
debts by con-
tributory.
Power of
Court to make
calls.
Power of Court to order payment into bank.
Regulation of account with Court.