ORDINANCE No. 1 of 1877 . 1455
Companies.
of the company , and every subscriber of the memorandum of association ,
who knowingly authorizes or permits such default, shall be liable to the
same penalty .
Winding-up.
39. Whenever any compromise or arrangement is proposed between To facilitate
compromises
a company , which is in course of being wound -up , and its creditors or in winding
up.
any class of its creditors , the Court upon the application in a summary [33 & 34 Vic.
of • c. 104. ]
way any creditor, or of the liquidator, may, in addition to its other
powers, order that a meeting of such creditors or class of creditors.
be summoned in such manner as the Court directs , and if at such
meeting a majority in number, present in person or by proxy, and
representing three-fourths in value of such creditors or class of creditors,
agree to any compromise or arrangement, such compromise or arrange
ment, if sanctioned by an order of the Court, shall be binding on all such
creditors or class of creditors, and on the liquidator and contributories of
the company.
40. No contributory of a company under the principal Ordinance Contributory
when not
shall be capable of presenting a petition for winding-up such company
present
unless the members of the company are reduced in number to less than winding-up
petition.
seven , or unless the shares in respect of which he is a contributory , or [30 & 31 Vic.
c. 131 s. 40. ]
some of them, either were originally allotted to him-or have been held
by him, and registered in his name, for a period of at least six months
during the eighteen months previously to the commencement of the
winding-up, or have devolved upon him through the death of a former
holder :
Provided that where a share has, during the whole or any part of
the six months - been held by or registered in the name of the wife of a
contributory either before or after her marriage, or by or in the name of
any trustee or trustees for such wife or for the contributory, such share
shall
-for the purposes of this section, be deemed to have been held by
and registered in the name of the contributory .
al ter aNothing
41. in this Ordinance contained shall empower any company Not to
to ny provision contained in any Ordinance relating to the empower
compan companies to
y; o , wi
r thout the sanction of the Governor , to alter any provision alter provi
contain sions of any
ed in any Lett
ers Patent relating to the company. Ordinance or
Letters
Patent.
[sec. 47. ]