193704-1932-Supplementary-Bill-read-a-second-time--Companies — Page 82

Constitution

and pro- ceedings of committee of inspec- tion.

19 & 20 Geo. 5, c. 23, s. 199.

Fowers of

court where no committee of inspection. 19 & 20 Geo. 5, c. 23, s. 200.

Power to stay wind-

5, c. 23,

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tributories in respect of the matters aforesaid the court shall decide the difference and make such order thereon as the court may think fit.

193.-(1) A committee of inspection appointed in pursuance of this Ordinance shall consist of creditors and contributories of the company or persons holding general powers of attorney from creditors or con- tributories in such proportions as may be agreed on by the meetings of creditors and contributories, or as, in case of difference, may be determined by the court:

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(2) The committee shall meet at such times they from time to time appoint, and, failing such appointment, at least once a month, and the liquida- tor or any member of the committee may also call a meeting of the committee as and when he thinks necessary.

(3) The committee may act by a majority of their members present at a meeting, but shall not act unless a majority of the committee are present.

(4) A member of the committee may resign by notice in writing signed by him and delivered to the liquidator.

(5) If a member of the committee becomes bank- rupt, or compounds or arranges with his creditors, or is absent from five consecutive meetings of the committee without the leave of those members who together with himself represent the creditors or contributories, as the case may be, his office shall thereupon become vacant.

(6) A member of the committee may be removed by an ordinary resolution at a meeting of creditors, if he represents creditors, or of contributories, if he represents contributories, of which seven days' notice has been given, stating the object of the meeting.

(7) On a vacancy occurring in the committee the liquidator shall forthwith summon a meeting of creditors or of contributories, as the Case may require, to fill the vacancy, and the meeting may, by resolution, re-appoint the same or appoint another creditor or contributory to fill the vacancy.

(8) The continuing members of the committee, if not less than two, may act notwithstanding any vacancy in the committee.

194. Where in the case of a winding up there is no committee of inspection, the court may, on the application of the liquidator, do any act or thing or give any direction or permission which is by this Ordinance authorised or required to be done or given by the committee.

General Powers of Court in case of Winding-up by Court,

195.-(1) The court may at any time after an order for winding up, on the application either of ing up.

the liquidator, or the official receiver, or any creditor 19 & 20 Geo.

or contributory, and on proof to the satisfaction of the court that all proceedings in relation to the winding up ought to be stayed, make an order staying the proceedings, either altogether or for a limited time, on such terms and conditions as the court thinks fit.

B. 202.

(2) On any application under this section the court may, before making an order, require the official receiver to furnish to the court a report with respect to any facts or matters which are

in his opinion relevant to the application.

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