712
Notice of resolution to wind-up voluntarily.
Consequence of voluntary winding-up.
ORDINANCE No. 1 of 1865.
Companies, &c. (Part IV, Winding-up).
121. (120.) Notice of any special resolution or extraordinary resolution passed for winding-up a company voluntarily shall be given by advertisement in the Hongkong Government Gazette.
122. (121.) The following consequences shall ensue upon the voluntary winding-up of a company :
(1.) The property of the company shall be applied in satisfaction of its liabilities pari passu, and, subject thereto, shall, unless it be otherwise provided by the regulations of the company, be distributed amongst the members according to their rights and interest in the company:
(2.) Liquidators shall be appointed for the purpose of winding-up the affairs of the company and distributing the property:
(3.) The company in general meeting shall appoint such persons or person as it thinks fit to be liquidators or a liquidator, and may fix the remuneration to be paid to them or him:
(4.) If one person only is appointed, all the provisions herein contained in reference to several liquidators shall apply to him:
(5.) Upon the appointment of the liquidators all the power of the directors shall cease, except in so far as the company in general meeting or the liquidators may sanction the continuance of such powers:
(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 primâ facie evidence of the liability of the persons named therein to be contributories:
712
Notice of resolution to wind-up voluntarily.
Consequence of voluntary winding-up.
ORDINANCE No. 1 of 1865.
Companies, &c. (Part IV, Winding-up).
121. (120.) Notice of any special resolution or extraordinary resoluton passed for winding-up a company voluntarily shall be given by advertisement in the Hongkong Government Gazette.
122. (121.) The following consequences shall ensue upon the voluntary winding-up of a company :
(1.) The property of the company shall be applied in satisfaction of its liabilities pari passu, and, subject thereto, shall, unless it be otherwise provided by the regulations of the company, be distributed amongst the members according to their rights and interest in the company:
(2.) Liquidators shall be appointed for the purpose of winding- up the affairs of the company and distributing the property:
(3.) The company in general meeting shall appoint such persons or person as it thinks fit to be liquidators or a liquidator, and may fix the remuneration to be paid to
them or him:
(4.) If one person only is appointed, all the provisions herein contained in reference to several liquidators shall apply
to him:
(5.) Upon the appointment of the liquidators all the power of the directors shall cease, except in so far as the company in general meeting or the liquidators may sanction the continuance of such powers:
(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 primû facie evidence of the liability of the persons named
therein to be contributories:
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