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172. Any powers by this Ordinance conferred on the Powers of court shall be in addition to and not in restriction of any court cuma-
lative. existing powers of instituting proceedings against any con-
s Edw. 7 c. tributory or debtor of the company, or the estate of any 29 s. 177. contributory or debtor for the call or other sums.
Enforcement of und Appeal from Orders.
173. Orders made by the Court under this Ordinance may be enforced in the same manner as orders made in any 178. action pending therein,
Power to en foree orders.
Appeals
from order.
174. Subject to rules of court, an appeal from any order or decision made or given in the winding up of a company . 8. 181. by the court under this Ordinance shall lie in the same manner and subject to the samo conditions as an appeal from any order or decision of the court in cases within its [ordinary jurisdiction; subject to this restriction that no original such appeal shall be heard unless notice of the s-me is filed within fourteen days from the date of the order or decision complained of, unless such time is extended by the Full Court,
Voluntury Winding Up.
175. A company may be wound up voluutarily.
Circumi- stares in
(1) When the period (if any) fixed for the duration which eme
of the company by the articles expires, or the pany may be event (if any) occurs, on the occurrence of wound up
Inluntarily. which the articles provide that the company is 1, s. 182. to be dissolved, and the company in general meeting has passed a resolution requiring the company to be wound up voluntarily:
(2) If the company resolves by special resolution
that the company he wound up voluntarily :
(3) If the company resolves by extraordinary re- solution to the effect that it cannot by reason
of its liabilities continue its business, and that it is advisable to wind up.
176. A voluntary winding up shall be deemed to com- Commerce- mence at the time of the passing of the resolution authoria- ment of ing the winding up.
voluntary
winding up.
b. s. 183.
177. When a company is wound up volmutarily the Effect of company shall, from the commencement of the winding up winding up
voluntary cense to carry on its business, except so far as may be on status of required for the beneficial winding up thereof :
Provided that the corporate state and corporate powers of the company shall, notwithstanding anything to the contrary in its articles, continue until it is dissolved.
178. When a company has resolved by special or extra- ordinary resolution to wind up voluntarily, it shall give norice of the resolution by advertisement in the Gazettė.
company. Th. s. 184.
Notice of resolution
to wind up voluntarily. Ib. s. 185.
179. The following consequences shall ensue on the Conse- voluntary winding up of a company --
quences of Voluntary
The property of the company shall be applied winding up. in satisfaction of its liabilities pari passu, and, . a. 186. subject thereto, shall, malose the articles other- wise provide, be distributed among the members according to their rights and interests in the
company:
(i) The company in general meeting shall appoint one or more liquidators for the purpose of wind- ing up the affairs and distributing the assets of be company, and may fix the remuneration to be paid to him or them:
(i) On the appointment of a liquidator all the powers of the directors shall cease, except so far as the company in general meeting, or the liquidator, sunctions the coutinnance thereof;
Notice by
liquidator of
his appoint- ment.
Ib. B. 187.
Rights of creditors in
a voluntary
17. a. 188.
61
W
(i) The liquidator way, without the sanction of the court, exercise all powers by this Ordinance given to the liquidator in a winding up by the
court:
(e) The liquidator may exercise the powers of the court under this Ordinance of settling a list of contributories, and of uzking calis, and shall pay the debts of the company, and adjust the rights of the contributories among themselves: (r) The list of contributories shall be primâ favie evidence of the liability of the persons mated. therein to be contributories:
(vi) When several liquidators are appointed, every power hereby given may be exercised by such one or more of them as may be determined at the time of their appointment, or in defanit of such determination by any number not loss
than two:
(ru) If from any cause whatever there is no
liquidator acting, the court application of a contributory, appoint a liquida- may, on the
tor:
(2) The court may, on eauso shown, rebiovo a liquidator, and appoint another liquidator.
180.-(1) The liquidator in a voluntary winding-up shall, within five weeks after his appoistnent, file with the registrar of companies & notice of his appointment in the form prescribed by the Governor.
(2) If the liquidator fails to comply with the require- ments of this section be shall be liable to a line not exceet- ing fifty dollars for every day during which the default continuos.
181-0) Every liquidator appointed by a company in a voluntary winding-ap shall, within three weeks from bis winding-up, appointment, send notice by registered post to all persons who appear to him to be creditors of the company that a meeting of the creditors of the company will be held on a date, not being less than four or more than five weeks after his appointment, and at a place and hour, to be specified in the notice, and shail also advertise notice of the meeting once in the Gazette and once at least in two local newspapers circulating in the district where the principal place of business of the company was situate,
(2) At the meeting to be held in pursuance of the fore- going provisions of this section the creditors shall determine whether an application shall be made to the court for the appointment of any person as liquidator in the place of or jointly with the liquidator appointed by the company, or for the appointment of & committee of inspection, and, if the creditors so resolve, su application may be made record- ingly to the court at any time, not later than fourteen days after the date of the meeting, by any creditor appointed for the purpose at the meeting.
(3) On any such application the court may make an order either for the removal of the liquidator appointed by the company and for the appointment of some other person as liquidator or for the appointment of some other person to act us liquidator jointly with the liquidator appointed by the company, or for the appointment of a committee of inspec tion either together with or without any such appointment of a liquidator or such other order us, having regard to the interests of the creditors and contrilmtories of the company, may seem just.
(4) No appeal shall lie from an order of the court upon such application under this sertion.
(5) The court shall make such order as to the costs of the application as it may think fit, and if it is of opinion that, having regard to the interests of the creditors in the liquidation, there were reasonable grounds for the applica- tion, may order the costs of the application to be paid out of the assets of the company, notwithstanding that the application is dismissed or otherwise disposed of adversely to the applicant,
.
331