A.D. 1865.
COMPANIES.
No. 1.
93
Voluntary Winding-up.
166.—(1.) A company under this Ordinance may be wound up voluntarily
(a.) whenever the period, if any, fixed for the duration of the company by the articles of association expires, or whenever the event, if any, occurs, on the occurrence of which it is provided by the articles of association that the company is to be dissolved, and the company in general meeting has passed a resolution requiring the company to be wound up voluntarily; or
(b.) whenever the company has passed a special resolution requiring the company to be wound up voluntarily; or
(c.) whenever the company has passed an extraordinary resolution to the effect that it has been proved to its satisfaction that the company cannot by reason of its liabilities continue its business, and that it is advisable to wind up the same.
(2.) For the purposes of this Ordinance any resolution shall be deemed to be extraordinary which is passed in such manner as would, if it had been confirmed by a subsequent meeting, have constituted a special resolution, as hereinbefore defined.
stances in which company may be wound up voluntarily.
25 & 26 Viet., c. 89 s. 129.
167. A voluntary winding-up shall be deemed to commence at the time of the passing of the resolution authorizing such winding-up.
Commencement of voluntary winding-up. Ib. s. 130.
voluntary on status of company.
I. 131.
168. Whenever a company is wound up voluntarily the company shall, from the date of the commencement of the winding-up, cease to carry on its business, except in so far as may be required for the beneficial winding-up thereof, and all transfers of shares, except transfers made to or with the sanction of the liquidators, or alteration in the status of the members of the company taking place after the commencement of the winding-up, shall be void, but its corporate state and all its corporate powers shall, notwithstanding it is otherwise provided by its regulations, continue until the affairs of the company are wound up.
169. Notice of any special resolution or extraordinary resolution passed for winding up a company voluntarily shall be given by advertisement in The Gazette.
170. The following consequences shall ensue on the voluntary winding-up of a company :--
(1.) the property of the company shall be applied in satisfaction of its liabilities pari passu, and, subject thereto, shall, unless it is otherwise provided by the regulations of the company, be distributed amongst the members according to their rights and interest in the company;
(2.) liquidators shall be appointed for the purpose of winding up the
Notice of resolution to wind up voluntarily. Ib. s. 132.
Consequences of voluntary winding-up.
7. s. 133.