ORDINANCE No. 1 of 1865.
Companies, &c. (Part IV, Winding-up.)
81. (80.) The Chief Justice may do in Chambers any act which the Court is hereby authorized to do.
82. (81.) A winding-up of a company by the Court shall be deemed to commence at the time of the presentation of the petition for the winding-up.
83. (82.) 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 winding-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 Court may also at any time after the presentation of such petition, and before the first appointment of liquidators appoint provisionally an Official Liquidator of the estate and effects of the company.
84. (83.) Upon hearing the petition the Court may dismiss the same with or without costs, may adjourn the hearing conditionally or unconditionally, and may make any interim order, or any other order that it deems just.
Power of Court.
703.
Commencement of winding-up by Court.
Court may grant injunction.
Course to be pursued by Court on hearing petition.
Actions and suits to be
85. (84.) When an order has been made for winding-up a company under this Ordinance no suit, action or other proceeding shall be proceeded with or commenced against the company except with the leave of the Court, and subject to such terms as the Court may impose.
order for winding-up.
to be forwarded to Registrar.
86. (85.) When an order has been made for winding-up a company under this Ordinance, a copy of such order shall forthwith be forwarded by the company to the Registrar, who shall make a minute thereof in his books relating to the company.
87. (86.) The Court may at any time after an order has been made for winding-up a company, upon the application by motion of any creditor or contributory of the company, and upon proof to the satisfaction of the Court that all proceedings in relation to such 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.
88. (87.) When an order has been made for winding-up a company limited by guarantee and having a capital divided into shares, any share capital that may not have been called up shall be deemed to be assets of the company, and to be a debt of the nature of a specialty due to the company.
Power of Court to stay proceedings.
Effect of order on share capital of company limited by guarantee.
Page 25
Page 26
ORDINANCE No. 1 of 1865.
Companies, &c. (Part IV, Winding-up.)
81. (80.) The Chief Justice may do in Chambers any act which the Court is hereby authorized to do.
82. (81.) A winding-up of a company by the Court shall be deemed to commence at the time of the presentation of the petition for the wind- ing-up.
83. (82.) The Court may, at any time after the presentation of a petition for winding-up a company under this Ordinance, and before naking an order for winding-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 Court may also at any time after the presentation of such petition, and before the first appointment of liquidators appoint provisionally an Official Liquidator of the estate and effects of the company.
84. (83.) Upon hearing the petition the Court may dismiss the same with or without costs, may adjourn the hearing conditionally or unconditionally, and may make any interim order, or any other order that it d ems just.
Power of Court.
703.
Commence. ment of wind- ing-up by Court.
Court may grant injune- tion.
Course to be pursued by Court on hear- ing petition.
Actions and suits to be
85. (84.) When an order has been made for winding-up a company under this Ordinance no suit, action or other proceeding shall be proceeded stayed after with or commenced against the company except with the leave of the Court, and subject to such terms as the Court may impose.
order for winding-up.
to be for- warded to Registrar.
86. (85.) When an order has been made for winding-up a company Copy of order under this Ordinance, a copy of such order shall forthwith be forwarded by the company to the Registrar, who shall make a minute thereof in his books relating to the company.
87. (86.) The Court may at any time after an order has been made for winding-up a company, upon the application by motion of any creditor or contributory of the company, and upon proof to the satisfaction of the Court that all proceedings in relation to such 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.
88. (87.) When an order has been made for winding-up a company limited by guarantee and having a capital divided into shares, any share capital that may not have been called up shall be deemed to be assets of the company,
and to be a debt of the nature of a specialty due to the com-
Power of Court to stay proceedings.
Effect of order on share capital of company limited by guarantee.
Page 25Page 26
No comments yet.
Private notes are available after approval.