720
Mode of determining price.
Certain attachments,
and execu-
tions to be void.
Fraudulent preference.
say,
ORDINANCE No. 1 OF 1865.
Companies, &c. (Part IV. Winding-up.)
or one of them, and left at the registered office of the company not later than seven days after the date of the meeting at which such special resolution was passed, such dissentient member may require the liquidators to do one of the following things as the liquidators may prefer; that is to either to abstain from carrying such resolution into effect, or to purchase the interest held by such dissentient member at a price to be determined in manner hereinafter mentioned, such purchase money to be paid before the company is dissolved, and to be raised by the liquidators in such manner as may be determined by special resolution: No special resolution shall be deemed invalid for the purposes of this section by reason that it is passed antecedently to or concurrently with any resolution for winding up the company, or for appointing liquidators; but if an order be made within a year for winding up the company by or subject to the supervision of the Court, such resolution shall not be of any validity unless it is sanctioned by the Court.
151. (150.) The price to be paid for the purchase of the interest of any dissentient member may be determined by agreement, but if the parties dispute about the same, such dispute shall be settled by arbitration, and for the purposes of such arbitration the provisions of "The Companies Clauses Consolidation Act, 1845," (Imperial) with respect to the settlement of disputes by arbitration, shall be incorporated with this Ordinance; and in the construction of such provisions this Ordinance shall be deemed to be the special Act, and "the Company" shall mean the company that is being wound up, [Amended by Ordinance No. 2 of 1866] and any appointment by the said incorporated provisions directed to be made under the hand of the secretary, or any two of the directors, may be made under the hand of the liquidator, if only one, or any two or more of the liquidators if more than one.
152. (151.) Where any company is being wound up by the Court or subject to the supervision of the Court, any attachment, distress, or execution put in force against the estate or effects of the company after the commencement of the winding-up shall be void to all intents.
153. (152.) Any such conveyance, mortgage, delivery of goods, payment, execution, or other act relating to property as would, if made or done by or against any individual, be deemed in the event of his bankruptcy to have been made or done by way of undue or fraudulent preference of his creditors, shall, if made or done by or against any company, be
720
Mode of determining price.
Certain attachments,
and execu-
tions to be void.
Fraudulent preference.
say,
ORDINANCE No. 1 OF 1865.
Companies, &c. (Part IV. Winding-up.)
or one of them, and left at the registered office of the company not later than seven days after the date of the meeting at which such special reso- lution was passed, such dissentient member may require the liquidators to do one of the following things as the liquidators may prefer; that is to either to abstain from carrying such resolution into effect, or to purchase the interest held by such dissentient member at a price to be determined in manner hereinafter mentioned, such purchase money to be paid before the company is dissolved, and to be raised by the liquidators in such manner as may be determined by special resolution: No special resolution shall be deemed invalid for the purposes of this section by reason that it is passed antecedently to or concurrently with any resolu- tion for winding up the company, or for appointing liquidators; but if an order be made within a year for winding up the company by or subject to the supervision of the Court, such resolution shall not be of any validity unless it is sanctioned by the Court.
151. (150.) The price to be paid for the purchase of the interest of any dissentient member may be determined by agreement, but if the parties dispute about the same, such dispute shall be settled by arbitration, and for the purposes of such arbitration the provisions of "The Companies Clauses Consolidation Act, 1845," (Imperial) with respect to the settle- ment of disputes by arbitration, shall be incorporated with this Ordinance; and in the construction of such provisions this Ordinance shall be deemed to be the special Act, and "the Company" shall mean the company that is being wound up, [Amended by Ordinance No. 2 of 1866] and any appoint- ment by the said incorporated provisions directed to be made under the hand of the secretary, or any two of the directors, may be made under the hand of the liquidator, if only one, or any two or more of the liquidators if more than one.
152. (151.) Where any company is being wound up by the Court or subject to the supervision of the Court, any attachment, distress, or execution put in force against the estate or effects of the company after the commencement of the winding-up shall be void to all intents.
153. (152.) Any such conveyance, mortgage, delivery of goods, payment, execution, or other act relating to property as would, if made or done by or against any individual, be deemed in the event of his bank- ruptcy to have been made or done by way of undue or fraudulent preference of his creditors, shall, if made or done by or against any company, be
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