17817-1910-Supplementary-Bills-read-a-first-time--Companies — Page 69

Companies Liquidation

Account defined,

8 Edw. 7 c. 69 A. 229.

Separate accounts of particular estates. Ib. s. 231.

Officers and

remunera- tion.

7b. s. 233. 234.

518

216.—(1) An account, called the Companies Liquida- tion Account, shall be kept by the official receiver at such bank as the colonial treasurer may direct, and all moneys received by the official receiver in respect of proceedings under this Ordinance in connection with the winding up of companies shall be paid to that account.

(2) All payments out of money standing to the credit of the official receiver in the Companies Liquidation Account shall be made by the said bank in the prescribed manner.

217.—(1) An account shall be kept by the official re- ceiver of the receipts and payments in the winding up of each company and, when the cash balance standing to the eredit of the account of any company is in excess of the amount which, in the opinion of the committee of inspec- tion, is required for the time being to answer demands in respect of that company's estate, the official receiver shall, on the request of the committee, invest the amount not so required in such securities as the court may direct, 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 as may be required by the sale of such part of the said securities as may be necessary.

(3) The dividends on investments under this section shall be paid to the credit of the company,

218.-(1) The Governor may appoint such additional officers as may be required by the official receiver for the execution of this Part of this Ordinance and may remove any person so appointed.

(2) The Governor shall direct whether any and what remuneration is to be allowed to any officer or person per- forming any duties under this Part of this Ordinance in relation to the winding up of companies, and may vary, increase, or diminish that remuneration as he thinks fit.

(3) The accounts of the official receiver under this Ordinance in relation to the winding up of companies shall be audited in such manner as the Governor may direct, and the official receiver shall make such returns and give such information as the Governor may direct,

Rules and

fees for winding up and local registers.

13. s. 237.

Powers to make rules

Ib, s. 238.

Rules and Fees.

219.-(1) The Chief Justice with the approval of the Legislative Council may make general rules for carrying into effect the objects of this Ordinance so far as relates to the winding up of companies, and to local registers.

(2) There shall be paid in respect of proceedings under this Ordinance in relation to the winding up of companies such fees as the Chief Justice with the sanction of the Colonial Treasurer may direct, and the Colonial Treasurer may direct by whom and in what manner the same are to be collected and accounted for, and to what account they are to be paid,

(3) The authority having power to make rules or give directions under this section may, by any such rules or directions, repeal, alter, or amend any rules and directions which are in force at the commencement of this Ordinance.

220.—(1) Subject to the provisions of this Ordinance with respect to rules and fees in relation to the winding up of procedure. of companies and to local registers, rules of procedure for the purposes of this Ordinance, including rules as to costs and fees, may be made by the Chief Justice with the approval of the Legislative Council.

(2) The authority having power to make rules under this section may by any such rules repcal, alter, or amend any rules made by the like authority, or which are in force at the commencement of this Ordinance.