ORDINANCE No. 1 OF 1865.
Companies, &c. (Part IV. Winding-up.)
(3.) In any Foreign Parts out of Her Majesty's Dominions before a Judge or Magistrate, his signature being authenticated by the official seal of the Court to which he is attached, or by a public notary, or before a British Minister, Consul or Vice-Consul.
Voluntary Winding-up of Company.
118. (117.) A company under this Ordinance may be wound up voluntarily,
(1.) Whenever the period, if any, fixed for the duration of the company by the articles of association expires, or whenever the event, if any, occurs, upon the occurrence of which it is provided by the articles of association that the company is to be dissolved, and the company in general meeting has passed a resolution requiring the company to be wound up voluntarily:
(2.) Whenever the company has passed a special resolution requiring the company to be wound up voluntarily:
(3.) Whenever the company has passed an extraordinary resolution to the effect that it has been proved to their satisfaction that the company cannot by reason of its liabilities continue its business, and that it is advisable to wind up the same:
For the purposes of this Ordinance any resolution shall be deemed to be extraordinary which is passed in such manner as would, if it had been confirmed by a subsequent meeting, have constituted a special resolution, as hereinbefore defined.
711
Circumstances under which company may be wound up voluntarily.
Commencement of voluntary winding-up.
Effect of voluntary winding-up on status of company.
119. (118.) A voluntary winding-up shall be deemed to commence at the time of the passing of the resolution authorizing such winding-up.
120. (119.) Whenever a company is wound up voluntarily the company shall, from the date of the commencement of such winding-up, cease to carry on its business, except in so far as may be required for the beneficial winding-up thereof, and all transfers of shares except transfers made to or with the sanction of the liquidators, or alteration in the status of the members of the company taking place after the commencement of such winding-up shall be void, but its corporate state and all its corporate powers shall, notwithstanding it is otherwise provided by its regulations, continue until the affairs of the company are wound up.
ORDINANCE No. 1 OF 1865.
Companies, &c. (Part IV. Winding-up.)
(3.) In any Foreign Parts out of Her Majesty's Dominions before a Judge or Magistrate, his signature being authenticated by the official seal of the Court to which he is attached, or by a public notary, or before a British Minister, Consul or Vice-Consul.
Voluntary Winding-up of Company.
118. (117.) A company under this Ordinance may be wound up voluntarily,
(1.) Whenever the period, if any, fixed for the duration of the company by the articles of association expires, or whenever the event, if any, occurs, upon the occurrence of which it is provided by the articles of association that the company is to be dissolved, and the company in general meeting has passed a resolution requiring the company to be wound up voluntarily :
(2.) Whenever the company has passed a special resolution
requiring the company to be wound up voluntarily: (3.) Whenever the company has passed an extraordinary resolution to the effect that it has been proved to their satisfaction that the company cannot by reason of its liabilities continue its business, and that it is advisable to wind up the same:
For the purposes of this Ordinance any resolution shall be deemed to be extraordinary which is passed in such manner as would, if it had been confirmed by a subsequent meeting, have constituted a special resolution, as hereinbefore defined.
711
Circum- stances under which
company may be wound up voluntarily.
Commen. cement of voluntary winding-up.
Effect of
voluntary
on status of company.
119. (118.) A voluntary winding-up shall be deemed to commence at the time of the passing of the resolution authorizing such winding-up. 120. (119.) Whenever a company is wound up voluntarily the company shall, from the date of the commencement of such winding-up, winding-up cease to carry on its business, except in so far as may be required for the beneficial winding-up thereof, and all transfers of shares except transfers made to or with the sanction of the liquidators, or alteration in the status of the members of the company taking place after the commencement of such winding-up shall be void, but its corporate state and all its corporate powers shall, notwithstanding it is otherwise provided by its regulations, continue until the affairs of the company are wound up.
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