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Distribution of assets.
Distribution of assets in specie.
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199. If the Company shall be wound-up and the assets available for distribution amongst the members as such shall be insufficient to repay the whole of the paid up capital, such assets shall be distributed so that, as nearly as may be, the losses shall be borne by the members in proportion to the capital paid up, or which ought to have been paid up, at the commencement of the winding-up, on the shares held by them respectively. And if in a winding-up the assets available for distribu- tion among
the members shall be more than sufficient to repay the whole of the capital paid up at the commence- ment of the winding-up, the excess shall be distributed amongst the members in proportion to the capital at the commencement of the winding-up paid up or which ought to have been paid up on the shares held by them respectively; but this clause is to be without prejudice to the rights of the holders of shares issued upon special terms and conditions.
200.-(1) If the Company shall be wound up whether voluntarily or otherwise the liquidators may, with the sanction of an extraordinary resolution, divide among the contributories, in specie or kind, any part of the assets of the Company, and may, with the like sanction. vest any part of the assets of the Company in trustees upon such trusts for the benefit of the contributories, or any of them as the liquidators with the like sanction, shall think fit.
(2) If thought expedient, any such division may be otherwise than in accordance with the legal rights of the contributories (except where unalterably fixed by the Memorandum of Association) and in particular any class may be given preferential or special rights, or may be excluded altogether or in part; but in case any division otherwise than in accordance with the legal rights of the contributories shall be determined on, any contributory who would be prejudiced thereby shall have a right to dissent and ancillary rights as if such determination were a special resolution passed pursuant to section 185 of the Companies' Ordinance 1911, as amended by section 17 of the Companies Amendment Ordinance, 1913,
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