193704-1932-Supplementary-Bill-read-a-second-time--Companies — Page 72

Ordinance

No. 5 of 1906, s. 27.

Jurisdiction

to wind up companies registered in the Colony.

19 & 20 Geo.

5, c. 23,

s. 163.

Circum-

stances in which com- pany may

be wound

up by court

19 & 20 Gea

5, c. 23,

s. 168.

Definition of inability

to pay

debts.

19 & 20 Geo.

5, c. 23,

s. 169.

Provisions

as to appli-

cations for

winding up.

19 & 20 Geo. 5, c. 23, s. 170.

1598

of the company the same sum as she would have been liable to contribute if she had not married, and he shall be a contributory accordingly.

(2) Subject as aforesaid, nothing in this Ordinance shall affect the provisions of the Married Women's Property Ordinance, 1906.

(ii) WINDING UP BY THE COURT.

Jurisdiction.

162. The Court shall have jurisdiction to wind up any company registered in the Colony.

Cases in which Company may be wound up by Court.

163. A company may be wound up by the court if-

(1) the company has by special resolution resolved that the company be wound up by the court: default is made in delivering the statutory report to the registrar or in holding the statu- tory meeting:

or

(3) the company does not commence its business within a year from its incorporation, suspends its business for a whole year: (4) the number of members is reduced, in the case of a private company, below two, or, in the case of any other company, below seven: (5) the company is unable to pay its debts: (6) the court is of opinion that it is just and equitable that the company should be wound

up.

164. A company shall be deemed to be unable to pay its debts-

(1) if a creditor, by assignment or otherwise, to whom the company is indebted in a sum ex- ceeding five hundred dollars then due, has served on the company, by leaving it at the registered office of the company, a demand under his hand requiring the company to pay the sum so due, and the company has for three weeks thereafter neglected to pay the sum, or to secure or compound for it to the reasonable satisfaction of the creditor; or (2) if execution or other process issued on & judgment, decree or order of any court in favour of a creditor of the company is returned unsatisfied in whole or in part; or

3) if it is proved to the satisfaction of the court that the company is unable to pay its debts, and, in determining whether a company is unable to pay its debts, the court shall take into account the contingent and prospective liabilities of the company.

Petition for Winding Up and Effects thereof. 165.-(1) An application to the court for the winding up of a company shall be by petition, pre- sented subject to the provisions of this section either by the company,

or by any creditor or creditors (including any contingent or prospective creditor or creditors), contributory or contributories, or by all or any of those parties, together or separately:

Provided that-

(a) A contributory shall not be entitled to present

a winding-up petition unless-

(i) either the number of members is reduced, in the case of a private company, below two, or, in the case of any other company, below reven; or

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