Opinion
383
1. In
effect of the clauses referrect
my opinion the effect of
to is as follows: the afects of the Company must
or towards satisfaction applied in or towards
be realized and applied
of the claims both of the holders of notes and.
of
the other Creditors of the Company pari passu
when the afects of the Company (including the calls payable by virtue of the provisions of
the ordinance contained in the Clauces other
than Clause 12) are exhausted further calls
must be made on the shareholders untel not
the noteholders are paid. only
in
full, but the
Them
other Creditors have had distributed among
a.
Jum
equal
afsch
of
是
to that paid out of the general
the company
to the note holders.
I think therefore that the note holders are
not