704
Court may have regard to wishes of creditors or contributories.
Appointment of Official Liquidator.
Resignations, removals, filling up vacancies, and compensation.
Style and duties of Official Liquidator.
ORDINANCE No. 1 OF 1865.
Companies, &c., (Part IV. Winding-up.)
pany from each 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.
89. (88.) The Court may as to all matters relating to the winding-up, have regard to the wishes of the creditors or contributories, as proved to it by any sufficient evidence, and may, if it thinks it expedient, direct meetings of the creditors or contributories to be summoned, held, and conducted in such manner as the Court directs, for the purpose of ascertaining their wishes, and may appoint a person to act as chairman of any such meeting, 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 contributories to the number of votes conferred on each contributory by the regulations of the company.
Official Liquidators.
90. (89.) For the purpose of conducting the proceedings in winding-up a company, and assisting the Court therein, there may be appointed a person or persons to be called 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 no 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.
91. (90.) Any Official Liquidator may resign or be removed by the Court on due cause shown: And any vacancy in the office of an Official Liquidator appointed by the Court shall be filled by the Court: There shall be paid to the Official Liquidator such salary or remuneration, by way of percentage 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.
92. (91.) The Official Liquidator or Liquidators shall be described by the style of the Official Liquidator or Official Liquidators of the particular company in respect of which he is or they are appointed, and not by his
704
Court may have regard to wishes of creditors or contribu- tories.
Appointment of Official Liquidator.
Resignations, removals, filling up vacancies,
and compen- sation.
Style and duties of Official Liqui
dator.
ORDINANCE No. 1 OF 1865.
Companies, &c., (Part IV. Winding-up.)
pany from each 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.
89. (88.) The Court may as to all matters relating to the winding- up, have regard to the wishes of the creditors or contributories, as proved to it by any sufficient evidence, and may, if it thinks it expedient, direct meetings of the creditors or contributories to be summoned, held, and conducted in such manner as the Court directs, for the purpose of ascertaining their wishes, and may appoint a person to act as chairman of any such meeting, 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 duc to each creditor, and in the case of contributories to the number of votes conferred on each contributory by the regulations of the company.
Official Liquidators.
90. (89.) For the purpose of conducting the proceedings in winding- up a company, and assisting the Court therein, there may be appointed a person or persons to be called 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 no 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.
91. (90.) Any Official Liquidator may resign or be removed by the Court on due cause shown: And any vacancy in the office of an Official Liquidator appointed by the Court shall be filled by the Court: There shall be paid to the Official.Liquidator such salary or remuneration, by way of percentage 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.
92. (91.) The Official Liquidator or Liquidators shall be described by the style of the Official Liquidator or Official Liquidators of the particular company in respect of which he is or they are appointed, and not by his
No comments yet.
Private notes are available after approval.