193704-1932-Supplementary-Bill-read-a-second-time--Companies — Page 121

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the company, or by otherwise serving the same in such manner as the court may approve or direct, the company has not within ten days after service of the notice paid, secured, or compounded for the debt or demand, or procured the action or pro- ceeding to be stayed, or indemnified the defendant to his reasonable satisfaction against the action or proceeding, and against all costs, damages, and expenses to be incurred by him by reason of the same;

(iii) If execution or other process issued on a judgment, decree, or order obtained in any court in favour of a creditor against the company, or any member thereof as such, or any person authorised to be sued Ag nominal defendant on behalf of the company, is returned unsatisfied;

(iv) If it is otherwise proved to the satis- faction of the court that the company is unable to pay its debts,

(2) Where a company incorporated outside the Colony which has been carrying on business in the Colony ceases to carry on business in the Colony, it may be wound up as an unregistered company under this Part of this Ordinance, notwithstanding that it has been dissolved or otherwise ceased to exist as a company under or by virtue of the laws of the country under which it was incorporated.

(3) Nothing in this Part of this Ordinance shall affect the operation of any enactment which provides for any partnership, association, or company, being wound up, or being wound up as a company or as an unregistered company, under any enactment re- pealed by this Ordinance, except that references in any such first-mentioned enactment to any such repealed enactment shall be read as references to the corresponding provision (if any) of this Ordinance.

of un-

314.-(1) In the event of an unregistered company Contribu- being wound up, every person shall be deemed to be tories in a contributory who is liable to pay or contribute to winding up the payment of any debt or liability of the company, registered or to pay or contribute to the payment of any sun company, for the adjustment of the rights of the members 19 & 20 Geo.

5, c. 23, among themselves, or to pay or contribute to the

9. 339. payment of the costs and expenses of winding up the company, and every contributory shall be liable to contribute to the assets of the company all sumis due from him in respect of any such liability as aforesaid:

(2) In the event of the death, bankruptcy, or in- solvency, of any contributory, or marriage of any female contributory, the provisions of this Ordinance with respect to the personal representatives, to the trustees of bankrupt or insolvent contributories, and to the liabilities of husbands and wives respectively, shall apply.

restra'n

315. The provisions of this Ordinance with respect Power of to staying and restraining actions and proceedings court to against a company at any time after the presentation stay or of a petition for winding up and before the making proceeding. of a winding-up order shall, in the case of an un- 19 & 20 Geo. registered company, where the application to stay or 5, r. 23, restrain is by a creditor, extend to actions and pro-

*. 340. ceedings against any contributory of the company.

316. Where an order has been made for winding Actions up an unregistered company, no action or proceeding stayed on shall be proceeded with or commenced against any winding-up contributory of the company in respect of any debt 19 & 20 Geo. of the company, except by leave of the court, and 5, c. 23, subject to such terms as the court may impose.

order.

s. 341.