193704-1932-Supplementary-Bill-read-a-second-time--Companies — Page 83

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198.--(1) As soon as may be after making a Settlement winding-up order, the court shait settle a list of con- of list of tributories, with power to rectify the register of contribu- members in all cases where rectification is required tories and in pursuance of this Ordinance, and shall cause the of assets.

application assets of the company to be collected, and applied 19 & 20 Geo. in discharge of its liabilities:

5. c. 23, s. 203.

Provided that, where it appears to the court that it will not be necessary to make calls on or adjust the rights of contributories, the court may dispense with the settlement of a list of contributories.

(2) In settling the list of contributories, the court shall distinguish between persons who are con- tributories in their own right and persons who are contributories as being representatives of or liable for the debts of others.

197. The court may, at any time after making a Delivery of winding-up order, require any contributory for the property to time being on the list of contributories, and

any liquidator. trustee, receiver, banker, agent or officer of the 19 & 20 Geo. company to pay, deliver, convey, surrender, 5, c. 23 transfer forthwith, or within such time as the court directs, to the liquidator any money, property, or books and papers in his hands to which the com- pany is prima facie entitled.

or

s. 204.

198.—(1) The court may, at any time after making Payment of a winding-up order, make an crder on any contributory debts due for the time being on the list of contributorics to by contribu- pay, in manner directed by the order, any money tory to due from him or from the estate of the person whom company he represents to the company, exclusive of any to which money payable by him or the estate by virtue of any set off call in pursuance of this Ordinance.

(2) The court in making such an order may-

(a) in the case of an unlimited company, allow to the contributory by way of set-off any money due to him or to the estate which he represents from the company on any independent dealing or contract with the company, but not any money due to him as a member of the company in respect of any dividend or profit; and

(b) in the case of a limited company, make to any director or manager whose liability is unlimited or to his estate the like allowance. (3) In the case of any company, whether limited or unlimited, when all the creditors are paid in full, any money due on any account whatever to a con- tributory from the company may be allowed to him by way of set-off against any subsequent call.

and extent

allowed.

19 & 20 Geo. 5, c. 23, s. 205.

s. 206.

199.—(1) The court may, at any time after making Power of a winding-up order, and either before or after it has court to ascertained the sufficiency of the assets of the com- make calls. pany, make calls on all or any of the contributories 19 & 20 Geo. for the time being settled on the list of the con- 5, c. 23, tributories to the extent of their liability, for payment of any money which the court considers necessary to satisfy the debts and liabilities of the company, and the costs, charges, and expenses of winding up, and for the adjustment of the rights of the contributories among themselves, and make an order for payment of any calls so made.

(2) In making a call the court may take into con- sideration the probability that some of the contribu- tories may partly or wholly fail to pay the call.

200.—(1) The court may order any contributory, Payment purchaser or other person from whom money is due into Bank to the company to pay the amount due into such of moneys bank as the court may direct to the account of the liquidator instead of to the liquidator, and any such 19 & 20 Geo. order may be enforced in the same manner as if it had 5, c. 23, directed payment to the liquidator.

s. 207.

due to company.

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