:
8 & 9 Viet. c. 16.
Power to apply to
court.
8 Edw. 7 c. 69 s. 193.
Power of
liquidator to call general meeting. Jb. s. 194.
Final meet- ing and dissolution.
JA. 195.
C4
(6) For the purposes of an arbitration under this section the provisions of the Companies Clauses Consolidation Act, 1845, of the Imperial Parliament, with respect to the settlement of disputes by arbitration, shall be incorporated with this Ordinance. In the construction of such provi- sious this Ordinance shall be deemed to be the special Act, "shall mean the transferor company, and the company
shall be read as and the words "the Board of Trade meaning the Governor, and any appointment by the sabl incorporated provisions directed to be made under the hand of the segretary, or any two of the directors, may be made under the hand of the liquidator, if only one, or any two or more of the liquidators if more than one.
186.-(1) Where a company is being wound up volm- tarily the liquidator or any contributory or creditor or the official receiver may apply to the court to determine any question arising in the winding up, or to exercise, as ros- poets the enforcing of calls, or any other matter, all or any of the powers which the court might exercise if the com- pany were being wound up by the court.
(2) The court, it satisfied that the determination of tho question or the required exercise of power will be just and beneficial, may accele wholly or partially to the application on such terms and conditions as the court thinks fit, or may make such other order on the application as the court thinks just.
187.-(1) Where a company is being wound up volun- tarily, the liquidator may summon general meetings of the company for the purpose of obtaining the sanction of the company by special or extraordinary resolution, or for any other purposes he may think fit,
(2) In the event of the winding up continuing for more than one year, the liquidator shall summon a general meet- ing of the company at the end of the first year from the commencement of the winding up, and of cach succeeding year, er us soon thereafter as may be convenient, and shall lay before the meeting an arconut of his aers and dealings and of the conduct of the winding up during the preceding
year.
188-01) u the case of every voluntary winding up, as soon as the affairs of the company are fully wound up. the liquidator slali make up an account of the winding up, showing how the winding up has been conducted and the property of the company has been disposed of; and there- upon shall forward a copy of the secount to the official re- ceiver who shall have full rower to investigate and report thereon and thereafter the Eqnidator shall call a general meeting of the company for the purpose of laying before it the account and the official receiver's report (if any), and giving any explanation thereof.
(2) The meeting shall be called by advertisement in the Gazette aud in two local newspapers circulating in the district where the principal place of business of the company was situato, specifying the time, place, und object thereof, and published one month at least before the inceting.
(8) Within three weeks after the meeting, the liquidator shall make a return to the registrar of companies of the holding of the meeting, and of its date, and in default of so doing shall be liable to a fiue not exceeding fifty dollars for every day during which the default continues.
(1) The registrar on receiving the return shal! forthwith register it, and on the expiration of three months from the registration of the return the company shall be deemed to be dissolved:
Provided that the court may, on the application of the liquidator or of the official receiver or of any other person who appears to the court to be interested, make an order deferring the date at which the dissolution of the company is to take effect for such time as the court thinks fit.
(5) It shall be the duty of the person on whose applica- tion an order of the court under this section is made, within seven days after the making of the order, to file with the
registrar an office copy of the order, and if that person fails so to do he shall be liable to a fine not execeding titty dollars for every day during which the default contimes.
189. Ali costs, charges, and expenses properly inenrred. Costs of in the voluntary winding up of a company, including the voluntary remuneration of the liquidator, shall be payable out of the liquidation, assets of the company in priority to all other claims.
8 Hdw. 7 c. 49 s. 198.
contriła.
190. The volunrary winding up of a company shall not Saving for bar the right of any creditor or contributory to have it rights of wound up by the court, if the court is of opinion, in the creditors and case of an application by a creditor, that the rights of the tories, creditor or, in the ease of an application by a contributory. 26. x. 187. that the rights of the contributories will be prejmiived by a voluntary winding up.
191. Where a company is being wound up voluntarily, Power of and an order is made for winding up by the court, the court to court may if it thinks fit by the same or any subsequent onder adopt pro
ceedings of provide for the adoption of all or any of the proceelings in voluntary the voluntary winding up.
winding up.
Winding Up subject in Supervision of Court.
14. s. 98.
192. When to company has by special or extraordinas y Power to resolution resolved to wind up voluntarily, the court may order wind- make an order that the voluntary winding up shall continue jag up sub- but subject to smeli supervision of the court, and with such feet to super. liberty for creditors, contributories, or others to apply to 16. s. 139. the court, and generally on such terms and conditions as
the court thinks just.
vision.
193. A petition for the cominance of a voluntary Effect of winding up subject to the supervision of the court shall, petition for for the purpose of giving jurisdiction to the court over winding up actions, be deemed to be à petition for winding up by the subject to
supervision. 1b, s. 200.
court.
194. The court may, in deciding between a winding up court may
by the cont and a winding up subject to supervision, in have regard the appointment of liquidators, and in all other matters to wishes of relating to the winding up subject to supervision, have creditors and regard to the wishes of the creditors or contributories as proved to it by any suflicient evidence.
contribu-
turies. 10, s. 201.
195.--(1) Where an order is made for a winding up Power for subject to supervision, the court may by the same or any court to ap
point or re- subsequent order appoint any additional liquidator.
move liqui-
(2) A liquidator appointed by the court under this dates. section shall have the same pewers, be subject to the same 15 8.202. obligations, and in all respects stend in the same position as
if he had been appointed by the company,
(3) The court may remove any fiquidator so appointed by the court or any liquidator enstined under the supervi sion order and fill any vacancy ocensioned by the removal,
or by death or resignation,
okter.
196-(1) Where an order is made for a winding up Effect of subject to supervision, the liquidator may, subject to any supervision restrictions imposed by the court, exercise all his powers, 25.2.203. without the sauction or intervention of the court, in the same manner as if the company were being wound ap altogether voluntarily.
(2) A winding up subject to the supervision of the court is not a winding up by the court for the purpose of the following provisions of this Ordinance namely, those contained in sectious 143, 144 (exrept sules ution 9), 147, 149, 150, 151, 158, 155, 156, 157, 168 and 170), int, sub- jet as aforesaid, an oriler for a winding up subject to supervision shall for all purposes, including the staying of actions and orher prorce lings, the making and enforcement of calls, and the exercise of all other powers, be deemed to be an order for winding up by the court.
443