CO129-537-11 Companies Ordinance 1932 2-12-1932 - 26-5-1934 — Page 248

306

for "five pounds"

for "Act"

added

Dissolution

of company.

88

(3) the paying, delivery, conveyance, surrender

or transfer of money, property, books or papers to the liquidator;

(4) the making of calls;

(5) the fixing of a time within which debts and

claims must be proved;

to be exercised or performed by the liquidator as an officer of the court, and subject to the control of the

court:

Provided that the liquidator shall not, without the special leave of the court, rectify the register of members, and shall not make any call withc it either the special leave of the court or the sanctica of the committee of inspection.

213.—(1) When the affairs of a company have been completely wound up, the court shall make an 19 & 20 Gec. order that the company be dissolved from the date of the order, and the company shall be dissolved accordingly.

5, c. 23, s. 221.

Circum- stances in which com-

pany may be wound up volun-

tarily.

19 & 20 Geo. 5, c. 23, s. 225.

Notice of resolution

to wind up voluntarily.

(2) The order shall within fourteen days from the date thereof be reported by the liquidator to the registrar of companies who shall make in his books. a minute of the dissolution of the company.

(3) If the liquidator makes default in complying with the requirements of this section, he shall be liable to a fine not exceeding fifty dollars for every day during which he is in default.

(iii) VOLUNTARY WINDING UP.

Resolutions for, and commencement of Voluntary Winding Up.

214.-(1) A company mav be wound up volun tarily-

(a) When the period, if any, for the duration of the company by the articles expires, or the event, if any, occurs, on the occurrence of which the articles provide that the com- is to be dissolved, and the company pany in general meeting has passed a resolution requiring the company to be wound up voluntarily :

(b) If the company resolves by special resolution that the company be wound up voluntarily: (c) If the company resolves by extraordinary resolution to the effect that it cannot by reason of its liabilities continue its business, and that it is advisable to wind up.

(2) Iu this Ordinance the expression "a resolution for voluntary winding up" means a resolution passed under any of the provisions of subsection (1) of this section.

215.-(1) When a company has passed a resolu- tion for voluntary winding up, it shall, within seven days after the passing of the resolution, give notice 19 & 20 Geo. of the resolution by advertisement in the Gazette, and, in the case of a China company, in some newspaper circulating in the place where such com- pany has its registered office).

5, c. 23, s. 226.

Commence- ment of voluntary winding up. 19 & 20 Geo. 5, c. 23,

5. 227.

(2) If default is made in complying with this section, the company and every officer of the com- pany who is in default shall be liable to a default fine, and for the purposes of this subsection the liquidator of the company shall be deemed to be an officer of the company.

216. A voluntary winding up shall be deemed to commence at the time of the passing of the resolu tion for voluntary winding up.