ORDINANCE No. 1 of 1865.
Companies, &c. (Part IV. Winding-up.)
140. (139.) Where an order is made for a winding-up subject to the supervision of the Court, the liquidators appointed to conduct such winding-up may, subject to any restrictions imposed by the Court, exercise all their powers, without the sanction or intervention of the Court, in the same manner as if the company were being wound up altogether voluntarily; but, save as aforesaid, any order made by the Court for a winding-up, subject to the supervision of the Court, shall for all purposes, including the staying of actions, suits, and other proceedings, be deemed to be an order of the Court for winding up the company by the Court, and shall confer full authority on the Court to make calls, or to enforce calls made by the liquidators, and to exercise all other powers which it might have exercised if an order had been made for winding up the company altogether by the Court, and in the construction of the provisions whereby the Court is empowered to direct any act or thing to be done to, or in favour of, the Official Liquidators, the expression "Official Liquidators" shall be deemed to mean the liquidators conducting the winding-up, subject to the supervision of the Court.
Effect of order of Court for winding-up subject to supervision.
717
Appointment in certain cases of voluntary liquidators to compulsorily.
141. (140.) Where an order has been made for the winding-up of a company subject to the supervision of the Court, and such order is afterwards superseded by an order directing the company to be wound up compulsorily, the Court may in such last-mentioned order, or in any subsequent order, appoint the voluntary liquidators or any of them, either provisionally or permanently, and either with or without the addition of any other persons, to be Official Liquidators.
Supplemental Provisions.
142. (141.) Where any company is being wound up by the Court or subject to the supervision of the Court, all dispositions of the property, effects and things in action of the company, and every transfer of shares, or alteration in the status of the members of the company made between the commencement of the winding-up and the order for winding-up, shall, unless the Court otherwise orders, be void.
Office of Official Liquidators.
Dispositions after the commencement of the winding-up avoided.
The books of the company to be primâ facie evidence.
143. (142.) Where any company is being wound up, all books, accounts, and documents of the company and of the liquidators shall, as between the contributories of the company, be primâ facie evidence of the truth of all matters purporting to be therein recorded.
ORDINANCE No. 1 or 1865.
Companies, &c. (Part IV. Winding-up.)
140. (139.) Where an order is made for a winding-up subject to the supervision of the Court, the liquidators appointed to conduct such winding-up may, subject to any restrictions imposed by the Court, exercise all their powers, without the sanction or intervention of the Court, in the same manner as if the company were being wound up altogether volun- tarily; but, save as aforesaid, any order made by the Court for a winding- up, subject to the supervision of the Court, shall for all purposes, including the staying of actions, suits, and other proceedings, be deemed to be an order of the Court for winding up the company by the Court, and shall confer full authority on the Court to make calls, or to enforce calls made by the liquidators, and to exercise all other powers which it might have exercised if an order had been made for winding up the company altogether by the Court, and in the construction of the provisions whereby the Court is empowered to direct any act or thing to be done to, or in favour of, the Official Liquidators, the expression Official Liquidators shall be deemed to mean the liquidators conducting the winding-up, subject to the super- vision of the Court.
Effect of
717
order of Court for winding. up subject to supervision.
Appointment in certain cases of voluntary
141. (140.) Where an order has been made for the winding-up of a company subject to the supervision of the Court, and such order is after- wards superseded by an order directing the company to be wound up liquidators to compulsorily, the Court may in such last-mentioned order, or in any subsequent order, appoint the voluntary liquidators or any of them, either provisionally or permanently, and either with or without the addition of any other
persons, to be Official Liquidators.
Supplemental Provisions.
"
142. (141.) Where any company is being wound up by the Court or subject to the supervision of the Court, all dispositions of the property, effects and things in action of the company, and every transfer of shares, or alteration in the status of the members of the company made between the commencement of the winding-up and the order for winding-up, shall, unless the Court otherwise orders, be void.
office of Official Liqui dators,
Dispositions after the
commence- ment of the
winding-up
avoided.
The books of the company to be primâ facie
143. (142.) Where any company is being wound up, all books, accounts, and documents of the company and of the liquidators shall, as between the contributories of the company, be primâ facie evidence of the evidence. truth of all matters purporting to be therein recorded.
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