96
Power to fill up vacancy among liquidators.
25 & 26 Vict. c. 89 s. 140.
Power of the Court to appoint or remove liquidators. Ib. s. 141.
No. 1. THE ORDINANCES OF HONGKONG: [A.D. 1865.
177.--(1.) If any vacancy occurs in the office of liquidators appointed by the company, by death, resignation, or otherwise, the company in general meeting may, subject to any arrangement which it may have entered into with its creditors, fill up such vacancy.
(2.) A general meeting for the purpose of filling up such vacancy may be convened by the continuing liquidators, if any, or by any contributory of the company, and shall be deemed to have been duly held if held in manner prescribed by the regulations of the company, or in such other manner as may, on application by the continuing liquidator, if any, or by any contributory of the company, be determined by the Court.
178.--(1.) If from any cause whatever there is no liquidator acting in the case of a voluntary winding-up, the Court may, on the application of a contributory, appoint a liquidator or liquidators.
(2.) The Court may also, on due cause shown, remove any liquidator, and appoint another liquidator to act in the matter of a voluntary winding-up.
179.--(1.) As soon as the affairs of the company are fully wound up, the liquidators shall make an account showing the manner in which the winding-up has been conducted, and the property of the company disposed of.
Making up of account by liquidators on conclusion of winding-up.
Ib. s. 142.
Duty of
(2.) Thereupon they shall call a general meeting of the company for the purpose of having the account laid before it and hearing any explanation that may be given by the liquidators.
(3.) The meeting shall be called by advertisement specifying the time, place, and object of the meeting; and the advertisement shall be published one month at least previously to the meeting in The Gazette.
180.--(1.) The liquidators shall make a return to the Registrar of Companies of such meeting having been held, and of the date at which the same was held, and, on the expiration of three months from the date of the registration of such return, the company shall be deemed to be dissolved.
Report meeting to Registrar. Ib. s. 143.
Costs of voluntary winding-up.
Ib. s. 144.
Saving of rights of creditors. Ib. s. 145.
(2.) If the liquidators make default in making such return to the Registrar, they shall be liable to a penalty not exceeding fifty dollars for every day during which such default continues.
181. All costs, charges, and expenses properly incurred in the voluntary winding-up of a company, including the remuneration of the liquidators, shall be payable out of the assets of the company in priority to all other claims.
182. The voluntary winding-up of a company shall not be a bar to the right of any creditor of the company to have the same wound up by the Court, if the Court is of opinion that the rights of such creditor