2130
(s. 246 (1) contd.
No. 58 of 1911.
COMPANIES.
(1) The principal place of business, in the Colony, of an unregistered company shall for all the purposes of the winding-up be deemed to be the registered office of the company.
(ii) No unregistered company shall be wound up under this Ordinance voluntarily or subject to supervision.
(iii) The circumstances in which an unregistered company may be wound up are as follows:
(a) if the company is dissolved, or has ceased to carry on business, or is carrying on business only for the purpose of winding up its affairs;
(b) if the company is unable to pay its debts;
(c) if the court is of opinion that it is just and equitable that the company should be wound up.
(iv) An unregistered company shall, for the purposes of this Ordinance, be deemed to be unable to pay its debts:-
(a) if a creditor, by assignment or otherwise, to whom the company is indebted in a sum exceeding five hundred dollars then due, has served on the company, by leaving at its principal place of business, or by delivering to the secretary or some director, manager, or principal officer of the company, or by otherwise serving in such manner as the court may approve or direct, a demand under his hand requiring the company to pay the sum so due, and the company has for two months after the service of the demand neglected to pay the sum, or to secure or compound for it to the satisfaction of the creditor;
(b) if any action or other proceeding has been instituted against any member for any debt or demand due, or claimed to be due, from the company, or from him in his character of member, and notice in writing of the institution of the action or proceeding having been served on the company by leaving the same at its principal place of business, or by delivering it to the secretary, or some director, manager, or principal officer of the company, or by otherwise serving the same in such manner as the court may approve or direct, the company has not within ten days after service of the notice paid, secured, or compounded for the debt or demand, or procured the action or proceeding to be stayed, or indemnified the defendant to his reasonable satisfaction against the action or proceeding, and against all costs, damages, and expenses to be incurred by him by reason of the same;
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