193704-1932-Supplementary-Bill-read-a-second-time--Companies — Page 79

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same effect with respect to the liability of the company as if the bill or note had been drawn, accepted, made, or indorsed by or on behalf of the company in the course of its business :

(e) to raise on the security of the assets of the

company any money requisite:

(f) to take out in his official name letters of administration to any deceased contributory, and to do in his official name any other act necessary for obtaining payment of any money due from

contributory or his estate which cannot be conveniently done in the name of the company, and in all such cases the money due shall. for the purpose of enabling the liquidator to take out the letters of administration or recover the money, be deemed to be due to the liquidator himself: (g) to appoint an agent to do any business which

the liquidator is unable to do himself: (h) to do all such other things as may be neces- sary for winding up the affairs of the com- pany and distributing its assets.

(3) The exercise by the liquidator in a winding up by the court of the powers conferred by this section shall be subject to the control of the court, and any creditor or contributory may apply to the court with respect to any exercise or proposed exercise of any of those powers

ator's

186.-(1) Subject to the provisions of this Ordin- Exercise ance, the liquidator of a company which is being and control wound up by the court shall, in the administration of liquid- of the assets of the company and in the distribution powers, thereof among its creditors, have regard to any 19 & 20 Geo. directions that may be given by resolution of the 5, c. 23, creditors or contributories at any general meeting, s. 192. or by the committee of inspection, and any direc- tions given by the creditors or contributories at any general meeting shall in case of conflict be deemed to override any directions given by the committee of inspection.

(2) The liquidator may summon general meetings of the creditors or contributories for the purpose of ascertaining their wishes, and it shall be his duty to summon meetings at such times as the creditors or contributories, by resolution, either at the meeting appointing the liquidator or otherwise, may direct, or whenever requested in writing to do so by one- tenth in value of the creditors or contributories as the case may be.

(3) The liquidator may apply to the court in manner prescribed for directions in relation to any particular matter arising under the winding up.

(4) Subject to the provisions of this Ordinance, the liquidator shall use his own discretion in the manage- ment of the estate and its distribution among the creditors.

(5) If any person is aggrieved by any act or deci- sion of the liquidator, that person may apply to the court, and the court may confirm, reverse, or modify the act or decision complained of, and make such order in the premises as it thinks just.

19 & 20 Geo.

187. Every liquidator of a company which is being Books to be wound up by the court shall keep, in manner kept by prescribed, proper books in which he shall cause to liquidator. be made entries or minutes of proceedings at meet- 5, c. 23, ings, and of such other matters as may be prescribed, s. 193. and any creditor or contributory may, subject to the control of the court, personally or by his agent inspect any such books.

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