ORDINANCE No. 1 of 1865.
Companies, &c. (Part IV. Winding-up.)
(9.) The liquidators may at any time after the passing of the resolution for winding-up the company, and before they have ascertained the sufficiency of the assets of the company, call on all or any of the contributories for the time being settled on the list of contributories to the extent of their liability to pay all or any sums they deem necessary to satisfy the debts and liabilities of the company, and the costs, charges, and expenses of winding it up, and for the adjustment of the rights of the contributories amongst themselves, and the liquidators may in making a call take into consideration the probability that some of the contributories upon whom the same is made may partly or wholly fail to pay their respective portions of the same:
(10.) The liquidators shall pay the debts of the company, and adjust the rights of the contributories amongst themselves.
713
winding-up on share
company limited by guarantee.
123. (122.) Where a company limited by guarantee, and having a capital divided into shares, is being wound-up voluntarily, any share capital that may not have been called up shall be deemed to be assets of the company, and to be a specialty debt due from each member to the company 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 liquidators.
vacancies in
Power of
delegate authority to appoint liquidators.
124. (123.) A company about to be wound up voluntarily, or in the course of being wound up voluntarily, may, by an extraordinary resolution, delegate to its creditors, or to any committee of its creditors, the power of appointing liquidators or any of them, and supplying any vacancies in the appointment of liquidators, or may by a like resolution enter into any arrangement with respect to the powers to be exercised by the liquidators, and the manner in which they are to be exercised; and any act done by the creditors, in pursuance of such delegated power, shall have the same effect as if it had been done by the company.
125. (124.) Any arrangement entered into between a company about to be wound up voluntarily, or in the course of being wound up voluntarily, and its creditors, shall be binding on the company if sanctioned by an extraordinary resolution, and on the creditors if acceded to by three
Arrangement when binding on creditors,
Page 35
Page 36
ORDINANCE No. 1 of 1865.
Companies, &c. (Part IV. Winding-up.)
(9.) The liquidators may at any time after the passing of the resolution for winding-up the company, and before they have ascertained the sufficiency of the assets of the company, call on all or any of the contributories for the time being settled on the list of contributories to the extent of their liability to pay all or any sums they deem necessary to satisfy the debts and liabilities of the company, and the costs, charges, and expenses of winding it up, and for the adjustment of the rights of the contributories amongst themselves, and the liquidators may in making a call take into consideration the proba- bility that some of the contributories upon whom the same is made may partly or wholly fail to pay their respective portions of the same :
(10.) The liquidators shall pay the debts of the company, and adjust the rights of the contributories amongst them- selves.
713
winding-up on share
company limited by guarantee.
123. (122.) Where a company limited by guarantee, and having Effect of a capital divided into shares, is being wound-up voluntarily, any share capital that may not have been called up shall be deemed to be assets of capital of the company, and to be a specialty debt due from each member to the company 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 liquidators.
vacancies in
Power of
delegate authority to appoint liquidators.
124. (123.) A company about to be wound up voluntarily, or in the course of being wound up voluntarily, may, by an extraordinary resolution, company to delegate to its creditors, or to any committee of its creditors, the power of appointing liquidators or any of them, and supplying any vacancies in the appointment of liquidators, or may by a like resolution enter into any arrangement with respect to the powers to be exercised by the liquidators, and the manner in which they are to be exercised; and any act done by the creditors, in pursuance of such delegated power, shall have the same effect as if it had been done by the company.
+
125. (124.) Any arrangement entered into between a company about to be wound up voluntarily, or in the course of being wound
up voluntarily, and its creditors, shall be binding on the company if sanctioned by an extraordinary resolution, and on the creditors if acceded to by three
Arrangement when binding on creditors,
Page 35Page 36
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