Notice by liquidator of
his appoint
ment.
§ Edw. 7 e 69 s. 187,
Kights of creditars in a voluntary winding-up. Ib. s. 188.
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(2) The liquidator may, without the sauction of the court, exercise all powers by this Ordinance given to the liquidator in a winding up by the
contri t
() The liquidator may exercise the powers of the court under this Ordinance of eettling a list of contributories, and of making calls, and shall pay the debts of the company, and adjust the rights of the contributorice among themselves : (ri) The list of contributories shall be primâ favie evidence of the bability of the persons vated therein to be contributories :
(ri) 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 appointuners, or in default of such determination by any number not less than two:
TLO
(via) If from any cause whatever there is
liquidator neting, the court may, on the application of a contributory, appoint a liquida-
tor:
(2) The court may, on cause shown, remove a liquidator, and appoint nuother liquidator.
180.--(1) The liquidator in a voluntary winding-up sbali, within five weeks after his appointment, file with the registrar of companies a 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 he shall be liable to a fine not exceed- ing fifty dollars for every day during which the default
continues.
181-(1) Every liquidator appointed by a company in a voluntary winding-up sball, within three weeks from his appointment, send notice by registered post to the official receiver and to all persons who appear to him to be creditors of the company that a meeting of the creditors of the com- pany will be held on a date, not being less than four wor more than five weeks after his appointment, and at a place and bour, to be specified in the notice, and shall also adver- fise 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
siruale.
(2) At the meeting to be held in pursuance of the fore- going provisions of this section at which the official receiver shall have the right to be present and to speak 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 a committee of inspec- tion, and, if the creditors so resolve, an application may be made accordingly 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 as 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 appointinent of a liquidator or such other order us, having regard to the interests of the creditors and contributories of the company, may seem just.
(4) No appeal shall lie from an order of the court upou ench application under this section.
(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 enats 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.
08
182.---(1). If a vacancy occurs by death, resignation, or Power to all otherwise in the office of liquidator appointed by the com- vacancy in pany in a voluntary winding up, the company in general face of
liquklator. meeting may, subject to any arrangement with its creditors, 8 Edw. 7 c. fill the vacanes.
69 s. 189.
(2) For that purpose a general meeting may be con- vened by any contributory or, if there were more liquidators than one, by the continuing liquidators.
(3) The meeting shall be hold in manner prescribed by the articles, or in sach manner as may, on application by any contributory or by the continuing liquidators, be deter- mined by the court.
183.-(1) A company about to be, or in course of being Delegation wound up voluntarily may, by extraordinary resolution of authority delegate to its creditors, or to any committee of them, the to appoint
liquidators. power of appointing liquidators or any of them, and of 75 6. 190, supplying vacancies among the liquidators, or enter into any arrangement with respect to the powers to be exercised by the liquidators, and the manner in which they are to be exercised.
(2) Any act done by creditors in pursuance of any such delegated power shall have the same effect as if it huil been done by the company,
ment when
184.--(1) Any arrangement entered into between a Arrange company about to be, or in the course of being, wound up binding on voluntarily and its creditors shall, subject to any right of creditors. appeal under this section, be binding on the company if 77, s. 191. sanctioned by an extraordinary resolution, and on the creditors if anceded to by three fourths in number and value of the ereditors.
(2) Aay creditor or contributory may, within three weeks from the completion of the arrangement, appeal to the court against it, and the court may therempon, as it thinks just, amend, vary; or confirm the arrangement,
shares &c.
b. 8. 192.
185.-(1) Where a company is proposed to be, or is in Power of course of being. wound up altogether voluntarily, and the liquidator to whole or part of its business or property is proposed to be accept trousferred or sold to another company in this section as considera- called the transferee company), the liquidator of the first- tton for sale mentioned company (in this section called the transferor of property company) may, with the sanction of a special resolution of of company. that company, conferring either a general authority on
the liquidator or an authority in respect of any particular arrangement, receive in compensation or part compensation for the transfer or sale, shares, policies, or other like interests in the transferee company, for distribution among the members of the transferer company, or may enter invo any other arrangement whereby the members of the trans- feror company may, in lieu of receiving cash, shares, policies, or other like interests, or in addition thereto, participate in the profits of or receive any other benefit From the transfereo company.
(2) Any sale or arrangement in pursuance of this section shall be binding on the members of the transferor company. (3) If any member of the transferor company who did not vote in favour of the special resolution at either of the meetings hold for passing and eoufirming the same expresses his dissent therefrom in writing addressed to the liquidator, and left at the registered office of the company within soven days after the confirmation of the resolution, he may require the liquidator either to abstain from carrying the resolution into effect, or to purchase his interest at a price to be determined by agreement or by arbitration in manuer provided by this section.
(4) If the liquidater elects to purchase the member's interest the purchase money must be paid before the com- pany is dissolved, and be raised by the liquidator in sucht Danner as may be determined by special resolution.
(5) A special resolution shall not be invalid for the pur- poses of this section by reason that it is passed before or concurrently with a resolution for winding up the company, or for appointing liquidators; but, if an order is made within a year for winding up the company by or subject to the supervision of the court, the special resolution shall not be valid unless sanctioned by the court.
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