122
THE HONGKONG GOVERNMENT GAZETTE, 18TH MARCH, 1865.
Effect of winding-
up on Stare Capital
by Guarantee.
(6.) When several Liquidators are appointed, every Power hereby given may be exercised by such One or more of them, as may be determined at the time of their Appointment, or in default of such Determination by any Number not less than Two:
(7.) The Liquidators may, without the Sanction of the Court, exercise all Powers
by this Ordinance given to the Official Liquidator:
(8.) The Liquidators may exercise the Powers hereinbefore given to the Court of settling the List of Contributories of the Company, and any List so settled shall be prima facie Evidence of the Liability of the Persons named therein to be Contributories:
(9.) The Liquidators may at any time after the passing of the Resolution for wind- ing-up the Company, and before they have ascertained the Sufficiency of the Assets of the Company, call on all or any of the Contributories for the time being settled on the List of Contributories to the Extent of their Liability to pay all or any Sums they deem necessary to satisfy the Debts and Liabilities of the Company, and the Costs, Charges, and Expenses of winding it up, and for the Adjustment of the Rights of the Contributories amongst themselves, and the Liquidators may in making a Call take into consideration the Proba- bility that some of the Contributories upon whom the same is made may partly or wholly fail to pay their respective Portions of the same:
(10.) The Liquidators shall pay the Debts of the Company, and adjust the Rights
of the Contributories amongst themselves.
CXXIII. Where a Company limited by Guarantee, and having a Capital divided of Company limited into Shares, is being wound-up voluntarily, any Share Capital that may not have been called up shall be deemed to be Assets of the Company, and to be a Specialty Debt due from each Member to the Company 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 Li- quidators.
to delegate authority ·
tors.
Power of Company CXXIV. A Company about to be wound-up voluntarily, or in the course of to appoint Liquida- being wound-up voluntarily, may, by an Extraordinary Resolution, delegate to its Creditors, or to any Committee of its Creditors, the Power of appointing Liquidators or any of them, and supplying any Vacancies in the appointment of Liquidators, or may by a like Resolution enter into any Arrangement with respect to the Powers to be exercised by the Liquidators, and the Manner in which they are to be exercised; and uny Act done by the Creditors, in pursuance of such delegated Power, shall have the same Effect as if it had been done by the Company.
Arrangement when binding on Creditors.
or
Power of Creditor
Contributory
appeal.
to
Power for Liquida-
in voluntary Winding-
CXXV. Any Arrangement entered into between a Company about to be wound up voluntarily, or in the course of being wound-up voluntarily, and its Creditors, shall be binding on the Company if sanctioned by an Extraordinary Resolution, and on the Creditors if acceded to by Three-fourths in Number and Value of the Creditors, subject to such Right of Appeal as is hereinafter mentioned.
CXXVI. Any Creditor or Contributory of a Company that has in manner afore 1 said entered into any Arrangement with its Creditors may, within Three Weeks from the Date of the Completion of such Arrangement, appeal to the Court against such Arrangement, and the Court may thereupon, as it thinks just, amend, vary, or confirm the same.
CXXVII. Where a Company is being wound up voluntarily the Liquidators or any tors or Contributories Contributory of the Company may apply to the Court to determine any Question arising up to apply to Court. in the matter of such Winding-up, or to exercise, as respects the enforcing of Calls, or in respect of any other Matter, all or any of the Powers which the Court might exercise if the Company were being wound up by the Court; and the Court in the case aforesaid, if satisfied that the Determination of such Question, or the required Exercise of Power, wi!! be just and beneficial, may accede, wholly or partially, to such Application, on such Terms and subject to such Conditions as the Court thinks fit, or it may make such other Order, or Decrce on such Application as the Court thinks just.
Power of Liquida-
Meeting.
CXXVIII. Where a Company is being wound up voluntarily the Liquidators may tors to call General from Time to Time, during the Continuance of such Winding-up, summon
General Meetings of the Company for the purpose of obtaining the Sanction of the Company by
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