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Constitution
and pro- ceedings of
committee of inspec tion.
19 & 20 Geo. 5, c. 23,
8. 199.
Fowers of conrt where no
committee of inspection. 19 & 20 Geo.
5, c. 23, s. 200.
Power to stay wind. ing up.
19 & 20 Geo.
5, c. 23,
s, 202.
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tributories in respect of the matters aforesaid the court shall decide the difference and make such order thereon as the court may think fit.
193.-(1) A committee of inspection appointed in pursuance of this Ordinance shall consist of creditors and contributories of the company or persons holding general powers of attorney from creditors or con- tributories in such proportions as may be agreed on by the meetings of creditors and contributories, or as, in case of difference, may be determined by the court:
(2) The committee shall meet at such times As they from time to time appoint, and, failing such appointment, at least once a month, and the liquida- tor or any member of the committee may also call a meeting of the committee as and when he thinks necessary.
(3) The committee may act by a majority of their members present at a meeting, but shall not act unless a majority of the committee are present.
(4) A member of the committee may resign by notice in writing signed by him and delivered to the liquidator.
(5) If a member of the committee becomes bank. rupt, or compounds or arranges with his creditors, or is absent from five consecutive meetings of the committee without the leave of those members who together with himself represent the creditors contributories, as the case may be, his office shall thereupon become vacant.
or
(6) A member of the committee may be removed by an ordinary resolution at a meeting of creditors, if he represents creditors, or of contributories, if he represents contributories, of which seven days' notice has been given, stating the object of the meeting.
(7) On a vacancy occurring in the committee the liquidator shall forthwith summon a meeting of creditors or of contributories, as the case may require, to fill the vacancy, and the meeting may, by resolution, re-appoint the same or appoint another creditor or contributory to fill the vacancy.
(8) The continuing members of the committee, if not less than two, may act notwithstanding any vacancy in the committee.
194. Where in the case of a winding up there is no committee of inspection, the court may, on the application of the liquidator, do any act or thing or give any direction or permission which is by this Ordinance authorised or required to be done or given by the committee.
General Powers of Court in case of Winding-up by Court.
195.-(1) The court may at any time after an order for winding up, on the application either of the liquidator, or the official receiver, or any creditor or contributory, and on proof to the satisfaction of the court that all proceedings in relation to the winding up ought to be stayed, make an order staying the proceedings, either altogether or for a limited time, on such terms and conditions as the court thinks fit.
(2) On any application under this section the court may, before making an order, require the official receiver to furnish to the court a report with respect to any facts or matters which are in his opinion relevant to the application.
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196. (1) As soon as may be after making a Settlement winding-up order, the court shali settle a list of con- of list of tributories, with power to rectify the register of contribu-
tories and members in all cases where rectification is required application in pursuance of this Ordinance, and shall cause the of assets. assets of the company to be collected, and applied 19 & 20 Geo, in discharge of its liabilities:
5, c. 23, 5. 203.
Provided that, where it appears to the court that
it will not be necessary to make calls on or adjust the rights of contributories, the court may dispense with the settlement of a list of contributories.
(2) In settling the list of contributories, the court shall distinguish between persons who are con- tributories in their own right and persons who are contributories as being representatives of or liable for the debts of others.
197. The court may, at any time after making & Delivery of winding-up order, require any contributory for the property to time being on the list of contributories, and any 19 & 20 Geo.
liquidator. trustee, receiver, banker, agent or officer of the 5, c. 23 company to pay, deliver, convey, surrender, or s. 204. transfer forthwith, or within such time as the court directs, to the liquidator any money, property,
or books and papers in his hands to which the com- pany is prima facie entitled.
tory to
198. (1) The court may, at sy time after making Payment of a winding-up order, make an order on any contributory debts due for the time being on the list of contributories to by contribu pay, in manner directed by the order, any money company due from him or from the estate of the person whom and extent he represents to the
to which exclusive of any company, money payable by him or the estate by virtue of any allowed. call in pursuance of this Ordinance.
(2) The court in making such an order may-
(a) in the case of an unlimited company, allow to the contributory by way of set-off any money due to him or to the estate which he represents from the company on any independent dealing or contract with the company, but not any money due to him as a member of the company in respect of any dividend or profit; and (b) in the case of a limited
company,
make to any director or manager whose liability is unlimited or to his estate the like allowance.
(3) In the case of any company, whether limited
or unlimited, when all the creditors are paid in full, any money due on any account whatever to a con- tributory from the company may be allowed to him by way of set-off against any subsequent call.
set off
19 & 20 Geo, 5, c. 23, s. 205.
199.-(1) The court may, at any time after making Power of
make calls.
a winding-up order, and either before or aftor it has court to ascertained the sufficiency of the assets of the com. 19 & 20 Geo. pany, make calls on all or any of the contributories 5, c. 23, for the time being settled on the list of the con- s. 206. tributories to the extent of their liability, for payment
of any money which the court considers necessary to satisfy the debts and liabilities of the company, and the costs, charges, and expenses of winding up, and for the adjustment of the rights of the contributories among themselves, and make an order for payment of any calls so made.
(2) In making a call the court may take into con- sideration the probability that some of the contribu- tories may partly or wholly fail to pay the call.
due to
200.-(1) The court may order any contributory, Payment purchaser or other person from whom money is due into Bank to the company to pay the amount due into such of moneys bank as the court may direct to the account of the company. liquidator instead of to the liquidator, and any such 19 & 20 Geo. order may be enforced in the same manner as if it had 5, c. 23, directed payment to the liquidator.
s. 207.
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