193437-1932-Supplementary-Draft-Bill--Companies — Page 120

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PART X.

WINDING UP OF UNREGISTERED COMPANIES.

conany.

312. For the purposes of this Par of this Ordin- Meaning of ance, the expression "unregistered company shall registered include any partnership, whether limited or new, any 19 & 20 Geo. association and any company with the following 5, c. 23, exceptions:-

(1) a company registered under the Companies Ordinance, 1865, or under the Companies Ordinance, 1911. or under this Ordinancet

(2) a partnership, association or company which consists of less than eight members and is not a foreign partnership, association Or tik - pany;

s. 337.

(3) a partnership registered in the Colony un der Ordinances the Chinese Partnerships Ordinance. 1911, Nos. 53 of

1911 and 18 under the Linted Partnerships Ordinance, of 1912,

1912.

313.--(1) Subject to the provisions of this Part of Winding up this Ordinance, any unregistered company may be of un-

register wound up under this Ordinance, and all the provisions ed companies of this Ordinance with respect to winding up sim 19 & 20 Geo. apply to an unregistered company, with the following 5, c. 23, exceptions and additions:

(a) No unregistered company shall be wound up under this Ordinance voluntarily or subject to supervision :

(b) The circumstances in which an unregistered company may be wound up are as follows: —

(i) If the company is dissolved, or bas ceased to carry on business, or is carrying on business only for the purpose of winding up its affairs;

(ii) If the company is unable to pay its debts;

(ii) If the court is of opinion that it is just and equitable that the company should be wound up:

(e) An unregistered company shall, for the pur- poses of this Ordinance, be deemed to be unable to pay its debts:-

(i) If the company is dissolved, or has wise, to whom the company is indebted in a sum exceeding five hundred dollars then due, has served on the company, by leaving at its principal place of business, or by delivering to the secretary or some director, manager, or principal officer of the company, or by otherwise serving in such manner as the court may approve or direct, a demand under his hand requiring the com- pany to pay the sum so due, and the company has for three weeks after the service of the demand neglected to pay the sum, or to secure or compound for it to the satisfaction of the creditor;

(i) If any action or other proceeding has been instituted against any member for any debt or demand due, or claimed to be due, from the company, or from him in his character of member, and notice in writing of the institution of the action or proceeding having been served on the company by leaving the same at its principal place of business, or by delivering it to the secretary, or some director, manager, or principal officer of

s. 338.

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