193704-1932-Supplementary-Bill-read-a-second-time--Companies — Page 73

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(ii) the shares in respect of which he s a contributory, or some of them, either were originally allotted to him or have been held by him, and registered in his name, for at least six months during the eighteen months before the commence- ment of the winding up, or have devolved on him through the death of a former holder; and

(b) A winding-up petition shall not, if the ground of the petition is default in delivering the statutory report to the registrar or in holding the statutory meeting, be presented by any person except a shareholder, nor before the expiration of fourteen days after the last day on which the meeting ought to have been held; and

(c) The court shall not give a hearing to a wind- ing-up petition presented by a contingent or prospective creditor until such security for costs has been given as the court thinks reasonable and until prima facie case for winding up has been established to the satisfaction of the court.

(2) Where a company is being wound up voluntarily or subject to supervision, a winding-up petition may be presented by the official receiver attached to the court as well as by any other person authorised in that behalf under the other provisions of this section, but the court shall not make a winding-up order on the petition unless it is satisfied that the voluntary winding up or winding up subject to supervision cannot be continued with due regard to the interests of the creditors or contributories.

(3) Where under the provisions of this Part of this Ordinance any person as being the husband of a female contributory is himself a contributory, and a share has during the whole or any part of the 8IX months mentioned in proviso (a) (ii) to subsection (1) of this section been held by or registered in the name of the wife, or by or in the name of a trustee for the wife or for the husband, the share shall, for the purposes of this section, be deemed to have been held by and registered in the name of the husband.

166.-(1) On hearing a winding-up petition the Powers of court may dismiss it, or adjourn the hearing con court on ditionally or unconditionally, or make any mterim hearing order, or any other order that it thinks fit, but the 19 & 20 Geo.

petition. court shall not refuse to make a winding-up order 5, c. 23, on the ground only that the assets of the company s. 171. have been mortgaged to an amount equal to or in excess of those assets, or that the company has no assets.

(2) Where the petition is presented on the ground of default in delivering the statutory report to the registrar or in holding the statutory meeting, the court may-

(a) instead of making a winding-up order, direct that the statutory report shall be delivered or that a meeting shall be held; and

(b) order the costs to be paid by any persons

who, in the opinion of the court, responsible for the default.

are

167. At any time after the presentation of a Power to winding-up petition, and before a winding-up order stay or re- has been made, the company, or any creditor or con- stributory, may—

strain pro-

ceedings

against company.

(a) where any action or proceeding against the 19 & 20 Geo. company is pending in any court, apply to 5, c. 23. the court in which the action or proceeding is pending for a stay of proceedings therein;

and

s. 172.

A