193569-1932-Supplementary-Bill-read-a-first-time--Companies — Page 111

Separate accounts of particular estates.

19 & 20 Ga

5, c. 23, s. 302.

General rules and fees.

19 & 20 Geo. 5, c. 23,

s. 305.

Disquali fication for

appoint-

ment as receiver.

19 & 20 Geo. 5, c. 23,

s. 306.

Power to appoint official

receiver as

receiver for

debenture holders or creditors. 19 & 20 Geo. 5, c. 23, s. 307.

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account as the Treasurer may direct. and the Treasurer may invest the sums paid over, or any part thereof, in Government securities, to be placed to the credit of the said account.

(2) When any part of the money so invested is, in the opinion of the official receiver, required to answer any demands in respect of companies' estates, he shall notify to the Treasurer the amount so required, and the Treasury shall thereupon repay to the official receiver such sum as may be required to the credit of the Companies Liquidation Account, and for that purpose may direct the sale of such part of the said securities as may be necessary.

(3) The

dividends on investments under this section shall be paid into the Companies Liquidation Account.

281.-(1) An account shall be kept by the official receiver of the receipts and payments in the winding up of each company, and, when the cash balance standing to the credit of the account of any company is in excess of the amount which, in the opinion of the committee of inspection, is required for the time being to answer demands in respect of that com- pany's estate, the official receiver shall, on the request of the committee, invest the amount not so required in Government securities, 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 he 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.

Rules and Fees.

282.-(1) The Chief Justice may, with the con- currence of the Legislative Council make general rules for carrying into effect the objects of this Ordinance so far as relates to the winding up of companies, and also rules for the purposes of this Ordinance generally, including rules as to costs.

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(2) All rules made under this section shall be judicially noticed, and shall have effect as if enacted by this Ordinance.

(3) There shall be paid in respect of proceedings under this Ordinance, where no fee is otherwise fixed, such fees as the Chief Justice may, with the sanction of the Legislative Council direct, and he may direct by whom and in what manner the same are to be collected and accounted for:

Receivers and Managers..

283.-(1) A body corporate shall not be qualified for appointment as receiver of the property of a company.

(2) Any body corporate which acts as receiver as aforesaid shall be liable to a fine not exceeding one thousand dollars.

284. Where an application is made to the court to appoint a receiver on behalf of the debenture bolders or other creditors of a company which is being wound up by the court, the official receiver may be 80 appointed.