193704-1932-Supplementary-Bill-read-a-second-time--Companies — Page 110

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Property of dissolved company to be bond vacantia.

19 & 20 Geo. 5, c. 23, 8. 296.

Companies Liquidation 19 & 20 Geo. 5, c. 23, 8 300.

Account.

Investment of surplus funds on general

account.

19 & 20 Geo.

5. c. 23, s. 301.

Provided that-

(a) the liability, if any, of every director, manag. ing officer, and member of the company shall continue and may be enforced as if the company had not been dissolved; and

(b) nothing in this subsection shall affect the power of the court to wind up a company the name of which has been struck off the register.

(6) If a company or any member or creditor thereof feels aggrieved by the company having been struck off the register, the court on an application made by the company or member or creditor before the expiration of twenty years from the publication in the Gazette of the notice aforesaid may, if satisfied. that the company was at the time of the striking off carrying on business or in operation, or otherwise that it is just that the company be restored to the register, order the name of the company to be restored to the register, and upon an office copy of the order being delivered to the registrar for regis- tration the company shall be deemed to have con- tinued in existence as if its name had not been struck off; and the court may by the order give such directions and make such provisions as seem just for placing the company and all other persons in the same position as nearly as may be as if the name of the company had not been struck off.

(7) A notice to be sent under this section to a liquidator may be addressed to the liquidator at his last known place of business, and a letter or notice to be sent under this section to a company may be addressed to the company at its registered office, or, if no office has been registered, to the care of some director or officer of the company or, if there is no director or officer of the company whose name and address are known to the registrar of companies, may be sent to each of the persons who subscribed the memorandum, addressed to him at the address. mentioned in the memorandum.

278. Where a company is dissolved, all property and rights whatsoever vested in or held on trust for the company immediately before its dissolution (in- cluding leasehold property but not including property held by the company on trust for any other person) shall, subject and without prejudice to any order which may at any time be made by the court under the two last foregoing sections of this Ordinance, be deemed to be bona vacantia and shall accordingly belong to the Crown, and shali vest and may be dealt with in the same manner as other bona vacantia. accruing to the Crown.

Central Accounts.

279.-(1) An account, to be called the Companies Liquidation Account, shall be kept by the official receiver with the Colonial Treasurer or at such bank as the Governor (or, in the case of a China company, as the judge of the Supreme Court for China) may from time to time direct, and all moneys received by the official receiver in respect of proceedings under this Ordinance in connexion 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 in the prescribed

manner.

280.--(1) Whenever the cash balance standing to the credit of the Companies Liquidation Account is in excess of the amount which in the opinion of the official receiver is required for the time being to answer demands in respect of companies' estates, he shall notify the excess to the Treasurer, and shall pay over the whole or any part of that excess, as the Treasurer may require, to the Treasurer, to such

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