CO129-567-10 Companies Amendment Ordinance- draft bill 15-9-1938 - 28-9-1938 — Page 22

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ANDA 22

ABOTON 275

'ION 275A ÎNⱭDÂYİTİ

Section 275A.

This section includes

several objectionable features, viz.:

The power to eliminate the principle

of equality of distribution.

The giving of discretion on this

ongmal memo was prepared

subject to the Court.

as result

१

The limitation of such discretion

Esenverm

recorded in muy himi Q3ala 83019

Lee

No)

ho. No

by thetest of expediency.

The giving of initiative to the

liquidator alone and thereby by inference

excluding the creditors from applying to the

Court on the subject.

The absence of any provision

defining the position of creditors who are

excluded from participation in the local

assets or the position of included creditors

with regard to participation in the outside

assets of the company.

Difficulties which may arise in

construing debts contracted by the company

within the Colony.