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THE HONGKONG GOVERNMENT GAZETTE, 18TH MARCH, 1865.

LXXXV. When an Order has been made for winding-up a Company under this Actions and Suits liance no Suit, Action or other Proceeding shall be proceeded with or commenced der for winding-up. inst the Company except with the Leavo of the Court, and subject to such Terms us the Court may impose.

to be stayed after Or-

LXXXVI. When an Order has been made for winding-up a Company under this Copy of Order to be Olinance, a Copy of such Order shall forthwith be forwarded by the Company to the forwarded to Regis- Registrar, who shall make a Minute thereof in his Books relating to the Company.

trar.

LXXXVII. The Court may at any Time after an Order has been made for winding Power of Court to up a Company, upon the Application by Motion of any Creditor or Contributory of the stay Proceedings. Company, and upon Proof to the satisfaction of the Court that all Proceedings in relation tasach Winding-up ought to be stayed, make an Order staying the same, either altogether or for a limited Time, on such Terms and subject to such Conditions as it deems fit.

LXXXVIII.

Share Capital of Com -

When an Order has been made for winding-up a Company limited Effect of Order on by Guarantee and having a Capital divided into Shares, any Share Capital that may pany limited by Gua-

at have been called up shall be deemed to be Assets of the Company, and to be a Debt rantee. of the nature of a Specialty due to the Company from cach Member to the extent of any Sums that may be unpaid on any Shares held by him, and payable at such Time as may be appointed by the Court.

Creditors or Contri-

LXXXIX. The Court may as to all Matters relating to the Winding-up, have Court may have regard to the Wishes of the Creditors or Contributories, as proved to it by any suffi- card to Wistros of rient Evidence, and may, if it thinks it expedient, direct Meetings of the Creditors of butories. Contributorics to be summoned, hold, and conducted in such inanner as the Court directs, for the purpose of ascertaining their Wishes, and may appoint a Person to act as Chairman of any such Mecting, and to report the result of such Meeting to the Court: In the case of Creditors, regard is to be had to the Value of the Debts due to each Creditor, and in the case of Contributorics to the Number of Votes conferred on cach Contributory by the Regulations of the Company.

1

Official Liquidators.

XC. For the purpose of conducting the Proceedings in winding-up a Company, Appointment of Olli- and assisting the Court therein, there may be appointed a Person or Persons to be cial Liquidator. #alled an Official Liquidator or Official Liquidators; and the Court may appoint such Person or Persons, either provisionally or otherwise as it thinks fit, to the Office of Official Liquidator or Official Liquidators; in all cases if more Persons than One are appointed to the Office of Official Liquidator, the Court shall declare whether any Act hereby required or authorized to be done by the Official Liquidator is to be done by all

or any One or more of such Persons. The Court may also determine whether any and what security is to be given by any Official Liquidator on his Appointment; if Official Liquidator is appointed, or during any Vacancy in such Appointment, all the Property of the Company shall be deemed to be in the Custody of the Court.

Vacancies, and Com-

XCI. Any Official Liquidator may resign or be removed by the Court on due Resignations, Re- Cause shown: And any Vacancy in the Office of an Official Liquidator appointed by the worl Court shall be filled by the Court: There shall be paid to the Official Liquidator such pensation. Salary or Remuneration, by way of Per-centage or otherwise, as the Court may direct; and if more Liquidators than One are appointed such Remuneration shall be distributed amongst them in such Proportions as the Court directs.

XCII. The Official Liquidator or Liquidators shall be described by the Style of Style and Duties of the Official Liquidator or Official Liquidators of the particular Company in respect oficial Liquidator. which he is or they are appointed, and not by his or their individual Name or Names;

e or they shall take into his or their Custody, or under his or their Control, all the

Property, Effects, and Things in Action to which the Company is or appears to be

titled, and shall perform such Duties in refence to the Winding-up of the Company

s may be imposed by the Court.

XCIII. The Official Liquidator shall have power, with the Sanction of the Court, Powers of Official ✨ do the following Things:

To bring or defend any Action, Suit, or other Legal Proceeding, in the Name and

on behalf of the Company:

Liquidator.