Arai 17, 1858.]*
The Hongkong Government Gazette.
10
Power of Court to
Interdict.
LXXXIV. The Court may, at any Time after the Presentation of a Petition for winding-up a Com- and either before or after making an Order for winding-up the same, upon the Application by Motion grant Injunction or any Creditor or Contributory of such Company, restrain further Proceedings in any Action or Suit nst the Company, or appoint a Receiver of the Estate and Effects of the Company; it may also, by Notice or Advertisement, require all Creditors to present and prove their Claims within a certain Time, or
precluded from the Benefit of any Distribution which may be made before such Claim is proved. LXXXV. The Court may, at any Time after an Order or Decree has been made for winding-up a pany, upon the Application by Motion of any Creditor or Contributory of the Company, and of to the Satisfaction of the Court that all Proceedings in relation to such Winding-up ought to be taved, make an Order staying the same, either altogether or for a limited Time, on such Terms and
ect to such Conditions as it deems fit.
upon
LXXXVI. As soon as the Creditors are satisfied, the Court shall proceed to adjust the Rights of De Contributories amongst themselves; and to distribute any Surplus that may remain amongst the Parties
titled thereto, and for the Purposes of such Adjustment it may make Calls tent of their Liability for Payment of such Sums as it deems necessary; and it may, in making a Call, on the Contributories to the ke into consideration the Probability that some of the Contributories upon whom the samne is made y partly or wholly fail to pay their respective Portions of the same.
Power of Court to stay Proceedings.
Power of Court to adjust Rights of Con-
tributors.
Power of Court to
LXXXVII. The Court may make such Order as to the Priority and Payment out of the Estate of the Company of the Costs, Charges, and Expenses incurred in winding-up any Company as it thinks just. order Costs,
LXXXVIII. For the Purpose of conducting the Proceedings in winding-up a Company, and assisting e Court therein, there shall be appointed a Person or Persons to be called an Official Liquidator or Ocial Liquidators; and such Appointment shall be made as follows; that is to say,
In Cases within the Jurisdiction of the Court of Chancery in England or Ireland, or of the Court of Session in Scotland, or of the Court of the Stannaries, the Court having Jurisdiction may, after requiring due Security, appoint such Persons or Person, either provisionally or otherwise, as it thinks fit, to the Office of Official Liquidators; it may from Time to Time remove any Person or Persons so appointed, and fill up any Vacancy occasioned by such Removal or by the Death or Resignation of any such Appointee or Appointees; if One Person only is appointed, he shall have all the Powers hereby given to several Liquidators; if more Persons than One are appointed, the Court shall declare whether any Act hereby required or authorized to be done by the Official Liquidators may be done by all or any One or more of such Persons:
In Cases within the Jurisdiction of any Court of Bankruptcy, the Official Assignee to be named by the Court shall be the Official Liquidator; but it shall be lawful, in Cases where the Winding-up takes place at the Suit of a Creditor, for the major Part in Value of the Creditors assembled at a Meeting to be held for the Purpose, and in Cases where the Winding-up takes place at the Suit of a Contributory, for the major Part in Value of the Contributories assembled at a Meeting to be held for the Purpose, to appoint an Official Liquidator to act concurrently with the Official Liqui- dator so named by the Court.
Appointment Official Liquidators.
of
LXXXIX. The Official Liquidators or Liquidator shall be described by the Style of the Official Style and Duties of Laidators or Official Liquidator of the particular Company in respect of which they or he are or is Official Liquidators. arbinted, and not by their or his individual Names or Name; they or he shall take into their or his
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stody all the Property, Effects, and Things in Actions of the Company, and shall perform such Duties reference to the winding-up of the Company as may be imposed by the Court.
XC. The Official Liquidators shall have Power, with the Sanction of the Court, to do the following Powers of Official Things
Liquidators.
To bring or defend any Action, Suit, or Prosecution, or other legal Proceeding, Civil or Criminal, in
the Name and on behalf of the Company:
To carry on the Business of the Company, so far as may be necessary for the beneficial Winding-up
of the same:
To sell the Real and Personal and Heritable and Moveable Property, Effects, and Things in Action of the Company by Public Auction or Private Contract, with Power, if they think fit, to transfer the whole thereof to any Person or Company, or to sell the same in Parcels :
To execute, in the Name and on behalf of the Company, all Deeds, Receipts, and other Documents
they may think necessary, and for that Purpose to use, when necessary, the Company's Seal: To refer Disputes to Arbitration, and compromise any Debts or Claims:
To prove, claim, rank, and draw a Dividend, in the Matter of the Bankruptcy or Insolvency or Sequestration of any Contributory, for any Balance against the Estate of such Contributory, and Lake and receive Dividends in respect of such Balance, in the Matter of Bankruptcy or Insolvency or Sequestration, as a separate Debt due from such Bankrupt or Insolvent, and rateably with the other separate Creditors:
To draw, accept, make, and endorse any Bill of Exchange or Promissory Note, and also to raise upon the Security of the Assets of the Company from Time to Time any requisite Sum or Sums of Money; and the drawing, accepting, making or endorsing of every such Bill of Exchange or Pro- missory Note as aforesaid on behalf of the Company shall have the same Effect with respect to the Liability of such Company as if such Bill or Note had been drawn, accepted, made, or endorsed by such Company in the course of carrying on the Business thereof:
To do and execute all such other Things as may be necessary for winding-up the Affairs of the Com-
pany and distributing its Assets.
XCI. The Official Liquidators may, with the Approval of the Court, appoint a Solicitor or Law, Appointment of So- *ent, and such Clerks or Officers as may be necessary to assist them in the Performance of their Duties: licitor to Official Li-
ere shall be paid to such Solicitor or Law Agent, Clerks, and Officers, such Remuneration, by way of Jess or otherwise, as may be allowed by the Court.
quidators.
XCII There shall be paid to the Official Liquidators such Salary or Remuneration, by way of Per- tage or otherwise, as the Court directs.
of
Remuneration Official Liquidators.
Dissolution of Com-
XCIII. When the Affairs of the Company have been completely wound-up, the Court shall make an ror Decree declaring the Company to be dissolved from the Date of such Order or Decree, and the pany. pany shall be dissolved accordingly.
XCIV. Any Order or Decree so made shall be reported by the Official Liquidators to the Registrar *t Stock Companies, who shall make a Minute accordingly in his Books of the Dissolution of such
pany.
Minute of Dissolution Registrar to make of Company.
Power of
Lord
Britain to make Rules.
XCV. In England, the Lord Chancellor of Great Britain, with the Advice and Consent of the er of the Rolls and any One of the Vice-Chancellors for the Time being, or with the Advice and Chancellor of Great at of any Two of the Vice-Chancellors, may, as often as Circumstances require, make such Rules ning the Mode of proceeding to be had for winding-up a Company in the Court of Chancery as may Time to Time seem necessary; but, until such Rules are made, the general Practice of the Court of ary, including the Practice hitherto in use in winding-up Companies, shall, so far as the same is e, and not inconsistent with this Act, apply to all Proceedings for winding-up a Company, and al Liquidators shall be considered as occupying in all respects the Place of an Official Manager.
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