20388-1911-Ordinance-passed-and-assented-to--Companies-No-58-of-1911 — Page 59

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THE HONGKONG GOVERNMENT GAZETTE, DECEMBER 15, 1911.

Power to

appoint official receiver as receiver for debenture holders or ereditors. 8 Edw. 7 c. 69 s. 162.

Settlement

tributories

(2) The special manager shall give such security and account in such manner as the official receiver directs.

(3) The special manager shall receive such remuneration as may be fixed by the court.

157. Where an application is made to the court to appoint a receiver on behalf of the debenture holders or other creditors of a company which is being wound up by the court the official receiver may be so appointed,

Ordinary Powers of Court.

158.--(1) As soon as may be after making a winding- of list of con- up order, the court shall settle a list of contributories, with and applica- power to rectify the register of members in all cases where tion of assets. rectification is required in pursuance of this Ordinance, and shall cause the assets of the company to be collected, and applied in discharge of its liabilities,

18. s. 163.

Power to require delivery of property. Zb. s. 164.

Power to

order pay ment of

debts by contributory. Ib. s. 165.

Power of court to

make calls. 7b. s. 166.

Power te

order pay- ment into bank.

Ib. s. 167.

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

159. The court may, at any time after making a wind- ing-up order, require any contributory for the time being settled on the list of contributories, and any trustee, receiver, banker, agent, or officer of the company to pay, deliver, convey, surrender, or transfer forthwith, or within such time as the court directs, to the liquid stor any money, property, or books and papers in his hands to which the company is primâ facie entitled.

160.-(1) The court may, at any time after making a winding-up order, make au order on any contributory for the time being rettied on the list of contributories to pay. in manner directed by the order, any money due from him or from the estate of the person whom he represents to the company, exclusive of any money payable by him or the estate by virtue of any call in pursuance of this Ordinance,

(2) The court in making such an order may, in the case of an unlimited company, allow to the contributory by way of set-off any money due to bin or 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 may, 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) But in the case of any company, whether limited or unlimited, when all the creditors are paid in full, any money dne on any account whatever to a contributory from the company may be allowed to him by way of set-off against any subsequent call.

161-(1) The court may, at any time after making a winding-up order, and either before or after it has ascer- tained the sufficiency of the assets of the company, make calls on and order payment thereof by all or any of the contributories for the time being settled on the list of the contributories 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 adjust- ment of the rights of the contributories among themselves.

(2) In making a call the court may take into considera- tion the probability that some of the contributories may partly or wholly fail to pay the call.

162.--(1) The court may order any contributory, pur- chaser or other person from whom money is due to the company to pay the same into such Bank as the court may direct to the account of the liquidator instead of to the liquidator, and any such order may be enforced in the same manner as if it had directed payment to the liquidator.

(2) All moneys and securities paid or delivered into such Bank in the event of a winding up by the court shall be subject in all respects to the orders of the court.