193704-1932-Supplementary-Bill-read-a-second-time--Companies — Page 94

Power of court to

appoint and

remove

liquidator in voluntary winding up. 19 & 20 Geo. 5, c. 23. s. 249.

Notice by liquidator of his appoint-

ment.

19 & 20 Geo 5, c. 23,

8. 250.

Arrange- ment when

binding on creditors.

19 & 20 Geo. 5, c. 23, s. 251.

Power to apply to

court to

have ques- tions deter. mined or powers exercised. 19 & 20 Geo 5, c. 23,

8. 252.

Costs of voluntary winding up. 19 & 20 Geo. 5, c. 23. 8. 254

1620

(b) without sanction, exercise any of the other powers by this Ordinance given to the liquida- tor in a winding up by the court:

(c) exercise the power of the court under this Ordinance of settling a list of contributories, and the list of contributories shall be primâ facie evidence of the liability of the persons

named therein to be contributories:

(d) exercise the power of the court of making

calls :

(e) summon general meetings of the company

for the purpose of obtaining the sanction of the company by special or extraordinary resolution or for any other purpose he may think fit.

(2) The liquidator shall pay the debts of the com- pany and shall adjust the rights of the contributories among themselves.

(3) When several liquidators are appointed, any power given by this Ordinance may be exercised by such one or more of them as may be determined at the time of their appointment, or, in default of such determination, by any number not less than two.

238.-(1) If from any cause whatever there is no liquidator acting, the court may appoint a liquidator.

(2) The court may, on cause shown, remove શૈ liquidator and appoint another liquidator.

239.-(1) The liquidator shall, within five weeks after his appointment, deliver to the registrar of companies for registration a notice of his appointment in the form prescribed.

(2) If the liquidator fails to comply with the require- ments of this section he shall be liable to a fine not exceeding fifty dollars for every day during which the default continues.

240.-(1) Any arrangement entered into between a company about to be, or in the course of being, wound up and its creditors shall, subject to the right of appeal under this section, be binding on the com- pany if sanctioned by an extraordinary resolution, and on the creditors if acceded to by three-fourths in number and value of the creditors.

(2) Any creditor or contributory may, within three weeks from the completion of the arrangement, appeal to the court against it, and the court may thereupon, as it thinks just, amend, vary, or confirm the arrangement.

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241.-(1) The liquidator or any contributory creditor may apply to the court to determine any question arising in the winding up of a company, or to exercise, as respects the enforcing of calls, or any other matter, all or any of the powers which the court might exercise if the company were being wound up by the court.

(2) The court, if satisfied that the determination of the question or the required exercise of power will be just and beneficial, may accede wholly or partially to the application on such terms and conditions as it thinks fit, or may make such other order on the application as it thinks just.

242. All costs, charges, and expenses properly incurred in the winding up, including the remunera- tion of the liquidator, shall be payable out of the assets of the company in priority to all other claims.