CO129-218 - Administrator Marsh Governor Sir Bowen & Others - 1884 [11-12] — Page 386

Opinion

383

1. In

effect of the clauses referrect

my opinion the effect of

to is as follows: the afects of the Company must

or towards satisfaction applied in or towards

be realized and applied

of the claims both of the holders of notes and.

of

the other Creditors of the Company pari passu

when the afects of the Company (including the calls payable by virtue of the provisions of

the ordinance contained in the Clauces other

than Clause 12) are exhausted further calls

must be made on the shareholders untel not

the noteholders are paid. only

in

full, but the

Them

other Creditors have had distributed among

a.

Jum

equal

afsch

of

是

to that paid out of the general

the company

to the note holders.

I think therefore that the note holders are

not