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account as the Treasurer may direct, and the Treasurer may invest the sums paid over, or any part thereof, in Governinent securities, to be placed to the credit of the said account.
(2) When any part of the money so invested is, in the opinion of the official receiver, required to answer any demands in respect of companies' estates, he shall notify to the Treasurer the amount so required, and the Treasurer shall thereupon repay to the official receiver such sum as may be required to the credit of the Companies Liquidation Account, and for that purpose may direct the sale of such part of the said securities as may be necessary.
(3) The dividends on investments under this section shall be paid into the Companies Liquidation Account.
accounts of
281.-(1) An account shall be kept by the official Separate receiver of the receipts and payments in the winding particular up of each company, and, when the cash balance estates. standing to the credit of the account of any company 19 & 20 Gov. is in excess of the amount which, in the opinion of 5, c. 23, the committee of inspection, is required for the time s. 302. being to answer demands in respect of that com- pany's estate, the official receiver shall, on the request of the committee, invest the amount not so required in Government securities, to be placed to the credit of the said account for the benefit of the company.
(2) When any part of the money so invested is, in the opinion of the committee of inspection, required to answer any demands in respect of the estate of the company, the official receiver shall, on the request of the committee, raise such sum be required by the sale of such part of the said securities as may be necessary.
as may
(3) The dividends on investments under this section shall be paid to the credit of the company.
Rules and Fees.
19 & 20 Geo.
282.-(1) The Chief Justice may, with the con- General currence of the Legislative Council make general rules and rules for carrying into effect the objects of this fees. Ordinance so far as relates to the winding up of 5. c. 23, companies, and also rules for the purposes of this Ordinance generally, including rules as to costs.
(2) All rules made under this section shall be judicially noticed, and shall have effect as if enacted by this Ordinance.
(3) There shall be paid in respect of proceedings under this Ordinance, where no fee is otherwise fixed, such fces as the Chief Justice may, with the sanction of the Legislative Council direct, and he may direct by whom and in what manner the saine are to be collected and accounted for:
PART VI.
RECEIVERS AND MANAGERS.
s. 305.
283.—(1) A body corporate shall not be qualified Disquali for appointment as receiver of the property of a company.
Geation for appoint- ment as
as receiver.
(2) Any body corporate which acts as receiver aforesaid shall be liable to a fine not exceeding one thousand dollars.
19 & 20 Geo. 5, c. 23, s. 306.
284. Where an application is made to the court Power to to appoint a receiver on behalf of the debenture bolders appoint or other creditors of a company which is being wound official up by the court, the official receiver may be So appointed.
receiver as receiver for
debenture holders or creditors. 19 & 20 Geo.
5, c. 23, s. 307.
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