116
Circumstances un-
THE HONGKONG GOVERNMENT GAZETTE, 18TH MARCH, 1865.
would have been liable to contribute if she had not married, and he shall be deemed to be a Contributory accordingly.
Winding-up by Court.
LXXVIII. A Company under this Ordinance may be wound up by the Supreme may be wound up by Court exercising Jurisdiction in Equity under the following circumstances; (that is,
to say,)
Court.
Company when
deemed unable to pay its
its Debts.
Application
for
winding-up to be made by Petition.
Power of Court.
Commencement of
(1.) Whenever the Company has passed a special Resolution requiring the Com-
pany to be wound up by the Court:
(2.) Whenever the Company does not commence its Business within a Year from
its Incorporation, or suspends its Business for the Space of a whole Year:
(3.) Whenever the Members are reduced in number to less than «Seven: (4.) Whenever the Company is unable to pay its Debts:
(5.) Whenever the Court is of opinion that it is just and equitable that the
Company should be wound up.
LXXIX. A Company under this Ordinance shall be deemed to be unable to pay Debts,
(1.) Whenever a Creditor, by Assignment or otherwise, to whom the Company is indebted, at Law or in Equity, in a Sum exceeding Two Hundred Dollars then due, has served on the Company, by leaving the same at their registered Office, a Demand under his Hand requiring the Company to pay the Sum so due, and the Company has for the Space of three Weeks succeeding the Ser- vice of such Demand, neglected to pay such Sum, or to secure or compound for the same to the reasonable satisfaction of the Creditor:
(2.) Whenever Execution or other Process issued on a Judgment, Decree, or Order obtained in any Court in favor of any Creditor, at Law or in Equity, in any Proceeding instituted by such Creditor against the Company, is returned unsatisfied in whole or in part:
(3.) Whenever it is proved to the satisfaction of the Court that the Company is
unable to pay its Debts.
LXXX. Any Application to the Court for the winding-up of a Company under this Ordinance shall be by Petition; it may be presented by the Company, or by any one or more Creditor or Creditors, Contributory or Contributories of the Company, or by all or any of the above Parties, together or separately; and every Order which may be made on any such Petition shall operate in favour of all the Creditors and all the Contributories of the Company in the same manner as if it had been made upon the joint Petition of a Creditor and a Contributory.
LXXXI. The Chief Justice may do in Chambers any act which the Court is hereby authorized to do.
LXXXII. A Winding-up of a Company by the Court shall be deemed to commence winding-up by Court. at the Time of the Presentation of the Petition for the Winding-up.
Court may grant Injunction.
LXXXIII. The Court may, at any Time after the Presentation of a Petition for winding-up a Company under this Ordinance, and before making an Order for wind- ing-up the Company, upon the application of the Company, or of any Creditor or Contributory of the Company, restrain further Proceedings in any Action, Suit, or Proceeding against the Company, upon such Terms as the Court thinks fit; the Cours may also at any Time after the Presentation of such Petition, and before the Firs Appointment of Liquidators appoint provisionally an Official Liquidator of the Estate and Effects of the Company.
Courso to be pur- LXXXIV. Upon hearing the Petition the Court may dismiss the same with of Put on without Costs, may adjourn the Ilearing conditionally or unconditionally, and may
make any Interim Order, or any other Order that it deems just.
sued by Court оп hearing Petition.
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