312
313
for "one week"
See No. 58 of 191 S. 188 (3).
for "five pounds"
do
for "9" as reation 253 Provisions
relating
to Scattand
is omitted.
for "Act"
for "Act"
for "91 of this Act"
applicable
to every
voluntary winding up.
19 & 20 Geo.
5, c. 23,
s. 246.
Distribution
of property
of company.
19 & 20 Geo.
5, c. 23,
$, 247,
Powers and duties of liquidator
in voluntary winding up. 19 & 20 Geo.
5, c. 23,
3. 248,
94
call a general meeting of the company and a meeting of the creditors, for the purpose of laying the account before the meetings, and giving any explanation thereof.
(2) Each such meeting shall be called by advertise- ment in the Gazette, specity ing the time, place, and object thereof, and published one month at least before the meeting.
(3) Within three weeks after the date of the meet- ings, or, if the meetings are not held on the same dato, after the date of the later meeting, the liquida- tor shall send to the registrar of companies a copy of The account, and shall make a return to him of the holding of the meetings and of their dates, and ti the copy is not sent or the return is not made in accord- auce with this subsection the liquidator shall be liable to a fiue not execeding filty dollars for every day during which the default continues:
Provided that, if a quorum is not present at either such meeting, the liquidator shall, in lieu of the return hereinbefore mentioned, make a return that the meeting was duly summoned and that no quorum was present thereal, and upon such a return being made the provisions of this subsection સુપ to
the mcking of the return shall, in respect of that meeting, be deemed to have been complied with.
The registrar on receiving the account and in respect of each such meeting either of the returns hercubetore mentioned shall forthwith register them, and on
the expiration of three months from the registration thereof the company shall be deemed to be dissolved;
Provided that the court may, on the application of the liquidator or of any other person who appeurs to the court to be interested, make an order deterring the date at which the dissolution of the company is to take effect for such time as the court thinks fit.
; it shall be the duty of the person on whose application an order of the court under this section is nude, within seven days after the making of the order, to deliver to the registrar an office copy of the orders for registration, and if that person fails so to do he shall be liable to a line not exceeding titty dollars for every day during which the default continues,
Provisions applicable to every Voluntary Winding Up.
235. The provisions contained in the eight sections of this Ordinance next following shall apply to every voluntary winding up whether a members' or a creditors' winding up,
236. Subject to the provisious of this Ordinance as
to preferential payments, the property of a company shall, on its winding up, be applied in satisfaction of its liabilities pari passu, and, subject to such applica- tion, shall, unless the articles otherwise provide, be distributed among the members according to their rights and interests in the company.
237.-(1) The liquidator may--
a) in the case of a members' voluntary winding up, with the sanction of an extraordinary resolution of the company, and, in the case of a creditors' voluntary winding up, with the sanction of either the court or the com- mittee of inspection, exercise any of the powers given by paragraphs (d), (d) and (f) of subsection (1) of section one hundred and eighty-five of this Ordinance to a liquidator
in a winding up by the court :
к
95
(b) without sanction, exercise any of the other powers by this Ordinance given to the liquida- tor in a winding up by the court: (c) exercise the power of the court under this Ordinance of settling a list of contributories, and the list of contributories shall be primá facie evidence of the liability of the persons named therein to be contributories:
(d) exercise the power of the court of making
calls:
summon general meetings of the company for the purpose of obtaining the sanction of the company by special or extraordinary resolution or for any other purpose he may think fit.
(2) The liquidator shall pay the debts of the com- pany and shall adjust the rights of the contributories among themselves.
(3) When several liquidators are appointed, any power given by this Ordinance may be exercised by such one or more of them as may be determined at the time of their appointment, or, in default of such determination, by any number not less than two.
238.--(1) If from any cause whatever there is no power of liquidator acting, the court may appoint a liquidator. court to
(2) The court may, on cause shown, remove liquidator and appoint another liquidator.
appoint and
remove
a liquidator
in voluntary
winding up.
19 & 20 Geo. 5, c. 23 $. 249.
239. (1) The liquidator shall, within five weeks Notice by after his appointment. deliver to the registrar of liquidator companies for registration a notice of his appointment of his in the form prescribed
appoint-
ment. 19 & 20 Geo
(2) If the liquidator fails to comply with the require- 5, c. 23, ments of this section he shall be liable to a fine not x. 250. exceeding fifty dollars for every day during which the default continues.
240. (1) Any arrangement entered into between Arralige- a company about to be, or in the course of being, ment when wound up and its creditors shall, subject to the right binding on
creditors. of appeal under this section, be binding on the com- 19 & 20 Geo. pany if sanctioned by an extraordinary resolution, and 5, c. 23, on the creditors if acceded to by three-fourths in s. 251. number and value of the creditors.
(2) Any creditor or contributory may, within three weeks from the completion of the arrangement, appeal to the court against it, and the court may thereupon, as it thinks just, amend, vary, or confirm the arrangement.
have ques-
241. (1) The liquidator or any contributory or Power to creditor may apply to the court to determine any apply to question arising in the winding up of a company, or fourt to to exercise, as respects the enforcing of calls, or any tions deter other matter, all or any of the powers which the mined or court might exercise if the company were being wound powers
exercised. up by the court.
19 & 20 Geo 5, c. 23.
(2) The court, if satisfied that the determination of 252 the question or the required exercise of power will be just and beneficial, may accede wholly or partially to the application on such terms and conditions as it on the thinks fit, or may make such other order application as it thinks just.
winding up.
242. All costs, charges, and expenses properly Costs of incurred in the winding up, including the remunera voluntary tion of the liquidator, shall be payable out of the 19 & 20 Geo. assets of the company in priority to all other claims.
5, c. 23
s. 254
for "Ret"
do
for "Act"
21
by the Board of Trade
omitted.
for "five pounds"
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