23164-1911-Supplementary-Bill-re-published--Companies — Page 49

Provision as

to married women, 7b, s. 128.

Circum- stances in which com- pany may be wound up by

court,

b. s. 129.

Company when

deemed un- able to pay its debts. Ib. s. 130.

two months

Provisions

as to applica- tions for

winding up. 8 Edw. 7 c. 69 A. 137.

858

(2) there may be proved against the estate of the bankrupt the estimated value of his liability to future calls as well as calls already made.

129.-(1) The husband of a female contributory married before the first day of January, 1883, shall, during the continuance of the marriage, be liable, as respects any liability attaching to any shares acquired by her before that date, to contribute to the assets of the company the same sum as she would have been liable to contribute if she had not married, and he shall be a contributory accordingly.

(2) Subject as aforesaid, nothing in this Ordinance shall affect the provisions of the Married Women's Property Ordinance, 1906, the Married Women's Property Amendment Ordinance, 1907.

or

Winding up by Court,

130. A company may be wound up by the court----

(7) if the company has by special resolution resolved

that the company be wound up by the court: (i) if default is made in filing the statutory report

or in holding the statutory meeting : (i) if the company does not commence its business within a year from its incorporation, or suspends its business for a whole year :

(iv) if the number of members is reduced, in the ease of a private company, below two, or, in the case of any other company, below seven : (e) if the company is unable to pay its debts: (vi) if the court is of opinion that it is just and equi-

table that the empany should be wound up.

131. A company shall be deemed unable to pay its debts-

(i) if a creditor, by assignment or otherwise, to whom the company is indebted in a sum ex- ceeding five hundred dollars then due, has served on the company, hy leaving the same at its registered office, a demand under bis hand requiring the coms any to pay the sum so due and the company has for [three weeks] thereaf- ter neglected to pay the sum, or to secure or compound for it to the reasonable satisfaction of the creditor; or

(ii) if exccution or other process issued on a judg- ment decree or order of any court in favour of a creditor of the company is returned unsatis- fied in whole or in part; or

(iii) if it is proved to the satisfaction of the court that the company is unable to pay its debts, and, in determining whether a company is unable to pay its debts, the court shall take into account the contingent and prospective liabilities of the company.

132.-(1) An application to the court for the winding up of a company shall be by petition, presented subject to the provisions of this section either by the company, or by any creditor or creditors (including any contingent or prospective roditor or creditors), contributory or tributories, or by all or any of those parties, together or separately: Provided that -

con-

(a) A contributory shall not be entitled to present a petition for winding up a company unless-

(1) either the number of members is re- duced, in the case of a private company, below two, or, in the case of any other company, below seven; or

(ii) the shares in respect of which he is a contributory, or some of them, either were originally allotted to him or have been held by him, and registered in his name, for at least six months during the eighteen mouths before the commencement of the winding up, or have.devolved on him through the deathof a former holder; and