17817-1910-Supplementary-Bills-read-a-first-time--Companies — Page 63

Final meet-

ing and dissolution.

* Edw. 7 c. 69 s. 195.

Costs of voluntary liquidation.

fb, s. 196.

Saving for rights of creditors and contribu- tories.

Zb, s. 197.

Power of court to adopt pro- ceedings of voluntary winding up. fb, s. 198,

Power to order wind- ing up sub-

ject to super

vision. fb, s. 199.

Effect of petition for

winding up subject to supervision. 1b, s. 200.

Court may

to wishes of creditors and

512

187.-(1) In the case of every voluntary winding up, as soon as the affairs of the company are fully wound up, the liquidator shall make up an account of the winding up, showing how the winding up has been conducted and the property of the company has been disposed of; and there- upon shall call a general meeting of the company for the purpose of laying before it the account, and giving any explanation thereof.

(2) The meeting shall he called by advertisement in the Gazette and in two local newspapers circulating in the district where the principal place of business of the company was situate, specifying the time, place, and object thereof, and published one month at least before the meeting.

(3) Within three weeks after the meeting, the liquidator shall make a return to the registrar of companies of the holding of the meeting, and of its date, and in default of so doing shall be liable to a fine not exceeding fifty dollars for every day during which the default continues.

(4) The registrar on receiving the return shall forthwith register it, and on the expiration of three months from the registration of the return 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 appears to the court to be interested, make an order deferring the dato at which the dissolution of the company is to take effect for such time as the court thinks fit.

(5) It shall be the duty of the person on whose applica- tion an order of the court under this section is made, within seven days after the making of the order, to file with the registrar an office copy of the order, and if that person fails so to do he shall be liable to a fine not exceeding fifty dollars for every day during which the default continues.

188. All costs, charges, and expenses properly incurred in the voluntary winding up of a company, including the remuneration of the liquidator, shall be payable out of the assets of the company in priority to all other claims.

19. The voluntary winding up of a company shall not bar the right of any creditor or contributory to have it wound up by the court, if the court is of opinion, in the case of an application by a creditor, that the rights of the creditor or, in the case of an application by a contributory, that the rights of the contributories will be prejudiced by a voluntary winding up.

190. Where a company is being wound up voluntarily, and an order is made for winding up by the court, the court may if it thinks fit by the same or any subsequent order provide for the adoption of all or any of the proceedings in the voluntary winding up.

Winding Up subject to Supervision of Court.

191. When a company has by special or extraordinary resolution resolved to wind up voluntarily, the court may make an order that the voluntary winding up shall continue hat subject to such supervision of the court, and with such liberty for ereditors, contributories, or others to apply to the court, and generally on such terms and conditions as the court thinks just.

192. A petition for the continuance of a voluntary winding up subject to the supervision of the court shall, for the purpose of giving jurisdiction to the court over nctions, be deemed to be a petition for winding up by the

court.

193. The couri may, in deciding between a winding up have regardl by the court and a winding up subject to supervision, in the appointment of liquidators, and in all other matters relating to the winding up subject to supervision, have regard to the wishes of the creditors or contributories as proved to it by any sufficient evidence,

contribu- tories.

b. s. 201.

!