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Tables and Forms,
119.-(1) The forms in the Third Schedule to this application Ordinuce or forms as near thereto as circumstances admit and alterus shall be used in all matters to which those forms refer.
tion of tables and forte.
(2) The Governor may after any of the tables and forms . s. 118. in the First Schedule to this Ordinance, so that be does noj increase the amonut of fees payable to the registrar in the said schedule mentioned, and may alter or add to the forms in the said Third Schedule.
(3) Any such table or form, when sitered, shall be published in the Gazette, and thenceforth shall have the same force as if it were incinded in one of the Schedules to this Ordinance, but no alteration made by the Governor in Table A in the said First Schedule shall affect any com- pany registered before the alteration, or repeal, as respects that company, any portion of that table.
Arbitrations.
120.-{(1) A company may by writing under its common Arbitration seal agree to refer and may refer to arbitration, in accord- between auce with the provisions of the Railway Companies Arbi- companies
and others, tration Act, 1859, of the Imperial Parliament, any existing 76. a. 110. or futuro difference between itself and any other company or person.
(2) Companies parties to the arbitration may delegate to the arbitrator power to settle any terms or to determine any matter capable of being lawfully settled or determined by the companies themselves, or by their directors or other managing body.
(3) All the provisions of the Railway Companies Arbi- tration Act, 1859, shall apply to arbitrations between companies and persons in pursuance of this Ordinance ; and in the construction of those provisions "the companies' shall include companies under this Ordinance.
(4) For the purposes of the application of the said Act to this Ordinance, the words "the Board of Trade" there- in occurring shall be read as meaning the Governor and the words "all the Superior Courts of Law and Equity "in the United Kingdom according to their respective "jurisdiction" and the words "any of His Majesty's Superior Courts of Record at Westminster, or as the case may be at Dublin" shall be read as meaning the court.
Power to compromise.
members.
8 Edw. 7 c.
121.-(1) Where a compromise or arrangement is pro- Fower to posed between a company and its creditors of any class of compromise them, or between the company and its members or any with credi- class of them, the court may, on the application in a sum ters and mary way of the company or of any ereditor or member of the company or, in the case of a company being wound up, of the liquidator, order a meeting of the creditors.or of the members of the company or class of members, as the case may be, to be summoned in such manner as the court directs.
(2) If a majority in number representing three-fourths in value of the creditors or class of creditors, or members or class of members, as the case may be, present cither in person or by proxy at the meeting, agree to any com- promise or arrangement, the compromise or arrangement shall, if sanctioned by the court, be binding on all the creditors or the class of creditors, or on the members oF class of members, as the case may be, and also on the sompany or, in the case of a company in the course of being wound up, on the liquidator and contributories of the company.
means
(3) In this section the expression "company auy company liable to be wound up under this Ordinance.
Meaning of Private Company."
60s, 120.
122.-(1) For the purposes of this Ordinance the ex- Meaning of pression "privare company' meaus a company which by "private itsarticles-
company."
(a) restricts the right to transfer its sharea; and
Ib. s. 121.
Alotus of winding up.
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(6) limits the number of its members (exclusive of persous who are in the employment of the company) to fifty; ard
(e) prohibits any invitation to the public to sub- scribe for any shares or debentures of the com- pany.
(2) A private company may, subject to anything con- tained in the memorandum or articles, by passing a special resolution and by filing with the registrar of companies such a statement in lion of prospectus as the company, if a public company, would have had to file before allotting any of its shares or debentures, together with such a statutory declaration as the company, if a public company, would have bad to Alle before cotumenting business, furn itself into a publie company,
(3) Where two or more persons hold one or more shares in a company jointly they shall, for the purposes of this section, he treated as a single member.
PART IV.
WINDING Ur.
Preliminary.
123(1) The winding up of a company may be either---
(4) by the court; or
(i) voluntary; or
(7) subject to the supervision of the court,
(2) The provisions of this Ordinance with respect to winding up apply, unless the contrary appears, to the winding up of a company in any of those modes,
Ib. a. 122.
Liability as contribu- tories of
present and past re- bera.
s Edw. 7.
69 s. 123.
Contributories.
124----(1) In the eveut of a company being wound up, every prosent and past member shall, subject to the pro- visions of this section, be liable to contribute to the assets of the company to an amount sufficient for payment of its debts and liabilities and the costs, charges, and expenses of the winding up, and for the adjustment of the rights of the contributories among themselves, with the qualifications following (that is to say):
(0) A past member shall not be liable to contribute if he has cease to be a member for one year or upwards before the commencement of the winding up:
(i) A past member shall not be liable to contri- bute in respect of any debt or liability of the company contracted after he ceased to be a
member:
(i) A past member shall not be liable to contribute unless it appears to the court that the existing members are nuable to satisfy the contributions required to be made by them in pursuance of this Ordinance.
(iv) In the case of a company limited by shares no contribution shall be required from any mem- ber exceeding the amount, if any, unpaid on the shares in respect of which he is liable as a present or past member;
(p) In the case of a company limited by guarantee, no contribution shall he required from any member exceeding the amount undertaken to be contributed by him to the assets of the company in the event of its being wound up : (vi) Nothing in this Ordinance shall invalidate any provision contained in any policy of insurance or other contract whereby the liability of in- dividual members on the policy or contract is restricted, or whereby the funds of the com- pany are alone made liable in respect of the policy or contraet :
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