How time to be counted.
Service of
process.
Bad or
doubtful
debts may be sold.
Distribution
of assets.
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220. When a given number of days' notice or notice extending over any other period is required to be given, the day of service shall, unless it is otherwise provided, be counted in such number of days or other period.
221. In the event of the winding-up of the Company every member of the Company who is not for the time being in Hongkong shall be bound, within four- teen days after the passing of an effective resolution to wind up the Company voluntarily, or after the making of an order for the winding-up of the Company, to serve notice in writing on the Company, appointing some householder in Hongkong upon whom all summonses, notices, processes, orders and judgments in relation to or under the winding-up of the Company may be served, and in default of such nomination the liquidator of the Company shall be at liberty on behalf of such member to appoint some such person, and service upon any such appointee, whether appointed, by the member or the liquidator, shall be deemed to be good personal service on such member for all purposes, and, where the liquidator makes any such appointment, he shall with all convenient speed give notice thereof to such member either by advertisement in a newspaper circulating in Hong- kong or by a registered letter sent through the post and addressed to such member at his address as mentioned in the register of members of the Com- pany, and such notice shall be deemed to be served on the day following that on which the advertisement appears or the letter is posted.
Winding-up.
222. It shall be lawful for the liquidators to declare any bad or doubtful debts to be irrecoverable, and to sell to any person, not being a Director, any claims. or demands upon the estates of bankrupts and other the assets of deceased persons, persons, or upon if any such claims or demands are not immediately
recoverable.
223. If the Company shall be wound up and the assets available for distribution among the members
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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 commence- ment of the winding-up, on the shares held by them respectively. And if in a winding-up the assets available for distribution among the members shall be more than sufficient to repay the whole of the capital paid up at the commencing 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.
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224. (1). If the Company shall be wound up Distribution whether voluntarily or otherwise the liquidators may of assets in with the sanction of an extraordinary resolution divide specie. 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 Ordnance
1911.
(8). In case any of the shares to be divided as aforesaid involve a liability to calls or otherwise any person entitled under such division to any of the said
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