193569-1932-Supplementary-Bill-read-a-first-time--Companies — Page 95

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Saving for rights of crediters and con- tributories.

19 & 20 Geo. 5, c. 23, $. 255.

Power to order wind ing up subject to supervision 19 & 20 Gec

, c, 23, s 256.

Effect of

petition for winding up subject to supervision. 19 & 20 Geo. 5, c. 23, s. 257.

Application of ss. 168 and 169 to winding up subject to supervision

19 & 20 Geo. 5, c. 23, @ 258.

Power of court to appoint or

remove

liquidators 19 & 20 Ga. 5, c. 23, s. 259.

Effect of supervision

order.

1356

243. The winding up of a company shall not bar the right of any creditor or contributory to have it wound up by the court, but in the case of an applica- tion by a contributory, the court must be satisfied that the rights of the contributories will be prejudiced by a voluntary winding up.

(iv) WINDING UP SUBJECT TO SUPERVISION OF COURT.

244. When a company has passed a resolution for voluntary winding up, the court may make an order that the voluntary winding up shall continue but subject to such supervision of the court, and with such liberty for creditors, contributories, or others to apply to the court, and generally on such terms and conditions, as the court thinks just.

245. 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 actions, be deemed to be a petition for winding up by the court.

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246. A winding up subject to the supervision of the court shall, for the purposes of sections hundred and sixty-eight and one hundred and sixty- nine of this Ordinance, be deemed to be a winding up by the court.

247.-(1) Where an order is made for a winding up subject to supervision, the court may by that or any subsequent order appoint an additional liquidator.

(2) A liquidator appointed by the court under this section shall have the same powers, be subject to the same obligations, and in all respects stand in the

same position, as if he had been duly appointed in accordance with the provisions of this Ordinance with respect to the appointment of liquidators in a volun- tary winding up.

(3) The court may remove any liquidator so ap- pointed by the court or any liquidator continued under the supervision order and fill any vacancy pccasioned by the removal, or by death or resigna- tion.

248.-(1) Where an order is made for a winding up subject to supervision, the liquidator may, subject to any restrictions imposed by the court, exercise all 19 & 20 Geo. his powers, without the sanction or intervention of 5, c. 23,

the court, in the same manner as if the company s. 260.

were being wound up altogether voluntarily:

Provided that the powers specified in paragraphs (d), (e) and (f) of subsection (1) of section one hundred and eighty-five of this Ordinance shall not be exercised by the liquidator except with the sanction of the court or, in a case where before the order the winding up was a creditor's voluntary winding up, with the sanction of either the court cr the committee of inspection.

(2) A winding up subject to the supervision of the court is not a winding up by the court for the purpose of the provisions of this Ordinance which are set out in the Eighth Schedule to this Ordinance, but, subject as aforesaid, an order for a winding up subject to supervision shall for all purposes be deemed to be an order for winding up by the court:

Provided that where the order for winding up subject to supervision was made in relation to a creditor's voluntary winding up in which a committee of inspection had been appointed, the order shall be deemed to be an order for winding up by the court for the purpose of section one hundred and ninety- three (except subsection ( (1) thereof) of this Ordinance, except in so far as the operation of those sections is excluded in a voluntary winding up by general rules.

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