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24
Court, or for a winding up subject to the supervision of the Court, in my case where one of the above companies has passed a resolut- -ion for voluntary winding up, but where the company has a prepon- -derant enemy vote and is under enemy management it seems very doubtful whether such an order would be effective, except so far as control can be exercised by means of any land held which is on the British register. Even where the company does hold such land, and even if a transfer off the register would give a defective title, it might be well be that the new German Company would be satisfied to take the land with such defective title, and it would probably not be possible to put the British liquidator into possession of the land.
8. In the case of some of the companies mentioned above, the British shareholders are in the majority, and presumably the company would act in accordance with our law, provided of cours that the German management, where such existe, were unable to prevent its doing so by obstructive tactics. Here however the difficulty emerges that any dealings with the enemy shareholders would apparently be illegal. An instance of this class is the Anglo-German Brewery Company Limited which proposes to p into voluntary liquidation for the purpose of re-construction. Such re-construction in normal times would involve giving all the share- -holders the option of taking either shares in the new company or s cash payment, arbitration in the case of disagreement as to the
Cash value, and the payment of such cash value or the transfer of t
the shares in the new company to the shareholders in the old com-
-pany. These negotiations and transfers cannot now take place in the case of enemy shareholders without a licence.
9. In view of all the circumstances it appears to me
worthy of consideration whether the wisest plan would not be to come to some compromise whereby these two classes of companies should be allowed and enabled to wind up and si distribute their assets among all the shareholders. For this purpose licences would be required from H. B. M. Minister and from me. It is true