228322-1936-Companies-Winding-up-Rules-1936 — Page 39

THE HONG KONG GOVERNMENT GAZETTE, DECEMBER 31, 1936. 1199

Unclaimed Funds and Undistributed Assets in the

Hands of a Liquidator.

undistributed

into

183.--(1) All money in the hands or under the control Payment of of a liquidator of a Company representing unclaimed and unclaim- dividends, which for six months from the date when the ed money dividend became payable have remained in the hands or under Companies the control of the Liquidator, shall forthwith, on the Liquidation expiration of the six months, be paid into the Companies Liquidation Account.

(2) In a voluntary winding-up or a winding-up under the supervision of the Court all other money in the hands or under the control of a Liquidator of a Company, representing unclaimed or undistributed assets, which under sub-section 1 of section 271 of the Ordinance, the Liquidator is to pay into the Companies Liquidation Account, shall be ascertained as on the date to which the statement of receipts and pay- ments sent in to the Registrar of Companies is brought down, and the amount to be paid to the Companies Liquidation Account shall be the minimum balance of such money which the Liquidator has had in his hands or under his control during the six months immediately preceding the date to which the statement is brought down, less such part (if any) thereof as the Official Receiver may authorise him to retain for the immediate purposes of the liquidation. Such amount shall be paid into the Companies Liquidation Account within fourteen days from the date to which the statement of account is brought down.

(3) Notwithstanding anything in this Rule, any moneys representing unclaimed or undistributed assets or dividends in the hands of the Liquidator at the date of the dissolution of the Company shall forthwith be paid by him into the Companies Liquidation Account.

Account. R. 196.

(4) A Liquidator whose duty it is to pay into the Com- Form 105. panies Liquidation Account money representing unclaimed or undistributed assets of the Company shall pay in the same through the Official Receiver and shall be entitled to a certificate of receipt for the money so paid in Form 105.

(5) In a voluntary winding-up or a winding-up under the supervision of the Court money invested or deposited at interest by a Liquidator shall be deemed to be money under his control, and when such money forms part of the minimum balance pay- able into the Companies Liquidation Account pursuant to clause (2) of this Rule, the Liquidator shall realise the investment or withdraw the deposit, and shall pay the pro- ceeds into the Companies Liquidation Account, provided that where the money is invested in Government securities, or such securities as the Court may direct, such securities, may, with the permission of the Court, be transferred to the control of the Official Receiver instead of being forthwith realised and the proceeds thereof paid into the Companies Liquidation Account. In the latter case, if and when the money represented by the securities is required wholly or in part for the purposes of the liquidation, the Official Receiver may realise the securities wholly or in part and pay the pro- ceeds of realisation into the Companies Liquidation Account and deal with the same in the same way as other monies paid into the said Account may be dealt with.