2076
Power to compromise
8 Edw. 7,
No. 58 of 1911.
COMPANIES.
(2) Companies parties to the arbitration may delegate to the arbitrator power to settle any terms or to determine any matter capable of being lawfully settled or determined by the companies themselves, or by their directors or other managing body.
(3) All the provisions of the said Act shall apply to arbitrations between companies and persons in pursuance of this Ordinance; and in the construction of those provisions "the companies" shall include companies under this Ordinance.
(1) For the purposes of the application of the said Act to this Ordinance, the words "the Board of Trade" therein occurring shall be read as meaning the Governor, and the words "all the Superior Courts of Law and Equity in the United Kingdom, according to their respective Jurisdiction” and the words "any of His Majesty's Superior Courts of Record at Westminster, or, as the Case may be, at Dublin" shall be read as meaning the court.
9
Power to compromise.
121. (1) Where a compromise or arrangement is proposed between a company and its creditors or any class of them, or between the company and its members or any class of them, the court may, on the application in a summary way of the company or of any creditor or member of the company or, in the case of a company being wound up, of the liquidator, order a meeting of the creditors or class of creditors or of the members of the company or class of members, as the case may be, to be summoned in such manner as the court directs.
(2) If a majority in number representing three-fourths in value of the creditors or class of creditors, or members or class of members, as the case may be, present either in person or by proxy at the meeting, agree to any compromise or arrangement, the compromise or arrangement shall, if sanctioned by the court, be binding on all the creditors or the class of creditors, or on the members or class of members, as the case may be, and also on the company or, in the case of a company in the course of being wound up, on the liquidator and contributories of the company.
(3) In this section, "company" means any company liable to be wound up under this Ordinance.