be omitted.
Section 275A.
This section
includes several objectionable features, viz.:
The power to eliminate the principle
of equality of distribution.
The giving of discretion on this
subject to the Court.
The limitation of such discretion
by the test of expediency.
The giving of initiative to the
liquidator alone and thereby by inference
excluding the creditors from applying to
the Court on the subject.
The absence of any provision
defining the position of creditors who are
excluded from participation in the local
assets or the position of included creditors
with regard to participation in the outside
assets of the company.
Difficulties which may arise in
construing debts contracted by the company
within the Colony.
primarily
At however the section in presumably citinded (apply
bthe pontion of Chinese banks I would be bos
objectionable
of to effects. were limited to the liquidation of beads & berkung businesses (see note on Section 353(1) below),
f
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