190
CAP. 32]
Information as to compromises with creditors and members.
1948 c. 38, s. 207.
Companies
[1984 Ed.
(4) If a company makes default in complying with subsection (3), the company and every officer of the company who is in default shall be liable to a fine of $500 for each copy in respect of which default is made. (Amended, 22 of 1950, Schedule and 6 of 1984, s. 259)
(5) In this section and in section 166A, the expression "company" means any company liable to be wound up under this Ordinance, and the expression "arrangement" includes a re-organization of the share capital of the company by the consolidation of shares of different classes or by the division of shares into shares of different classes or by both those methods. (Amended, 6 of 1984, s. 123)
166A. (1) Where a meeting of creditors or any class of creditors or of members or any class of members is summoned under section 166 there shall-
(a) with every notice summoning the meeting which is sent to a creditor or member, be sent also a statement explaining the effect of the compromise or arrangement and in particular stating any material interests of the directors of the company, whether as directors or as members or as creditors of the company or otherwise, and the effect thereon of the compromise or arrangement, in so far as it is different from the effect on the like interests of other persons; and
(b) in every notice summoning the meeting which is given by advertisement, be included either such a statement as aforesaid or a notification of the place at which and the manner in which creditors or members entitled to attend the meeting may obtain copies of such a statement as aforesaid.
(2) Where the compromise or arrangement affects the rights of debenture holders of the company, the said statement shall give the like explanation as respects the trustees of any deed for securing the issue of the debentures as it is required to give as respects the company's directors.
(3) Where a notice given by advertisement includes a notification that copies of a statement explaining the effect of the compromise or arrangement proposed can be obtained by creditors or members entitled to attend the meeting, every such creditor or member shall, on making application in the manner indicated by the notice, be furnished by the company free of charge with a copy of the statement.
(4) Where a company makes default in complying with any requirement of this section, the company and every officer of the company who is in default shall be liable to a fine of $10,000, and for the purpose of this subsection any liquidator of the company and any trustee of a deed for securing the issue of debentures of the company shall be deemed to be an officer of the company:
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