20388-1911-Ordinance-passed-and-assented-to--Companies-No-58-of-1911 — Page 55

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THE HONGKONG GOVERNMENT GAZETTE, DECEMBER 15, 1911.

Meetings of creditors and

contribu- tories in winding up. 8 Edw. 7 e. 69 s. 152.

(6) to carry on the business of the company.

tar

as may be necessary for the beneficial winding up thereof:

(e) to employ a solicitor or other ngeut to take any proceedings or do any business which the liquidator is unable to take or do himself; but the sanction in this case must be obtained before the employment, except in cases of urgency, and in those enses it must be shown that no undue delay took place in obtaining the sanction.

The sanction given for the purpose of this sub- section shall not be a general sanction to d› all or any of the above-mentioned things, but shall only be a sanction to do the particular thing OF things for which permission is sought. (2) The liquidator in a winding up by the court shall have power :--

(a) To sell the real and personal property, and things in action of the company by public anction or private contract, with power 16 transfer the whole there of to any person or company, or to sell the same in parcels a (b) To do all acts and to execute, in the mume aud on behalf of the company, all deeds, receipts, and other documents, and for that purpose to use, when necessary, the company's seal: (e) To prove, rank, and claim in the bankruptey, insolvency, or sequestration of any contributory, for any balance against his estate, and to receive dividends in the bank: uprey, insolvency, of sequestration in respect of that balance, as a separnie debt due from the bankrupt or insol- rcut, and rateably with the other separate creditors:

(d) To draw, accept, meko, and indorse any bil of cxchange or promissory note in the name and on behalf of the company, with the same effect with respect to the liability of the company as if the bill or note had been drawn. cceptel, made, or indorsed by or on behalf of the com- pany, in the course of its business :--

(e) To raise on the sceneity of the assers of the

company any money requisite: (f) To take out in his official mame, letters of administration to any deceased contributory, aud to do in his official nam: any other net new: ssory for obtaining payment of any money dne from a contributory or bis ostate which cannot be conveniently done in the name of the colapany : and in all such cases the money duo shall, for the purpose of enabling the liquidator to take out the letters of administration or recover the money, be doented to be due to the liquidator himself:

(g). To do all such other things as may be necessary for winding up the affairs of the company and distributing its assets.

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

(4) Where a liquidator is provisionally appolated by the court, the court may lituit and rustrier his powers by the order appointing him.

147.--(1) When a winding-up ord e Las been made by the court the official receiver shall summon separate meetings of the creditors and contributories of the company for the purpose of ....

(4) determining whether or not an application is 10 be made to the court for appoiating a liquid- ator in the place of the official receiver; and () determining whether or not an application is to be made to the court for the appointment of a committee of inspection to act with the liquid- ator, and who are to be the members of the committee if appointed,

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