20388-1911-Ordinance-passed-and-assented-to--Companies-No-58-of-1911 — Page 57

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THE HONGKONG GOVERNMENT GAZETTE, DECEMBER 15, 1911.

Books to be kept by liquidator in winding up. 8 Edw. 7 c. 69 s. 156.

Release of

Ib. s. 157.

(5) The official receiver shall cause the account when audited or a summary thereof to be printed, and shall send a printed copy of the account or summary by post to every creditor and contributory.

151. Every liquidator of a company which is being wound up by the court shall keep, in manner prescribed, books in which he shall cause to be made cutries or proper minutes of proceedings at meetings, and of such other mat- ters as may be prescribed, and any creditor or contributory may, subject to the control of the court, personally or by his agent inspect any such books.

162.-(1) When the liquidator of a company which is liquidators. being wound up by the court has realised all the property of the company, or so much thereof as can, in his opinion, be realised without needlessly protracting the liquidation, and has distributed a final dividend, if any, to the creditors, and adjusted the rights of the contributories among them- selves, and made a final return, if any, to the contributories, or has resigned, or has been removed from his office, he shall cause a report on his accounts to be prepared, and, on his complying with all the requirements of the court, the court shall take into consideration the report, and any objection which may be urged by the official receiver or any creditor, or contributory, or person interested against the release of the liquidator, and shall either grant or with- hold the release accordingly,

Exercise and control of liquidator's powers. Tb. s. 158.

(2) Where the release of a liquidator is withheld the court may, ou the application of the official receiver or any creditor, or contributory, or person interested, make such order as it thinks just, charging the liquidator with the consequences of any act or default which he may have done or made contrary to his duty.

(3) An order of the court releasing the liquidator shall discharge him from all liability in respect of any act done or default made by him in the administration of the affairs of the company, or otherwise in relation to his couduct as liquidator, but any such order may be revoked on proof that it was obtained by frand or by suppression or conceal- ment of any material fact.

(4) Where the liquidator has not previously resigned or been removed, his release shall operate as a removal of him from his office,

153.—(1) Subject to the provisions of this Ordinance the liquidator of a company which is being wound up by the court shall, in the administration of the assets of the company and in the distribution thereof among its creditors, have regard to any directions that may be given by resolution of the creditors or contributories at any general meeting, or by the committee of inspection, and any directions 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 inspec- tiou.

(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 other- wise, 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 management of the estate and its distribution among the creditors.

(5) If any person is aggrieved by any act or decision 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.