ORDINANCE No. 1 OF 1865.
Companies, &c. (Part IV. Winding-up.)
deemed, in the event of such company being wound up under this Ordinance, to have been made or done by way of undue or fraudulent preference of the creditors of such company, and shall be invalid accordingly; and for the purposes of this section the presentation of a petition for winding up a company shall, in the case of a company being wound up by the Court or subject to the supervision of the Court, and a resolution for winding-up the company shall, in the case of a voluntary winding-up, be deemed to correspond with the act of bankruptcy in the case of an individual; and any conveyance or assignment made by any company formed under this Ordinance of all its estate and effects to trustees for the benefit of all its creditors shall be void to all intents.
154. (153.) Where, in the course of the winding-up of any company under this Ordinance, it appears that any past or present director, manager, official or other liquidator, or any officer of such company, has misapplied or retained in his own hands or become liable or accountable for any moneys of the company, or been guilty of any misfeasance or breach of trust in relation to the company, the Court may, on the application of any liquidator, or of any creditor or contributory of the company, notwithstanding that the offence is one for which the offender is criminally responsible, examine into the conduct of such director, manager, or other officer, and compel him to repay any moneys so misapplied or retained, or for which he has become liable or accountable, together with interest at such rate as the Court thinks just, or to contribute such sums of money to the assets of the company by way of compensation in respect of such misapplication, retainer, misfeasance, or breach of trust, as the Court thinks just.
155. (154.) If any director, officer, or contributory of any company ordered to be wound up under this Ordinance destroys, mutilates, alters, or falsifies any books, papers, writings, or securities, or makes or is privy to the making of any false or fraudulent entry in any register, book of account, or other document belonging to the company with intent to defraud or deceive any person, every person so offending shall be deemed to be guilty of a misdemeanour, and upon being convicted shall be liable to imprisonment for any term not exceeding two years, with or without hard labour.
156. (155.) Where any order is made for winding up a company by the Court or subject to the supervision of the Court, if it appear in the
Power of Court to assess
721
damages against delinquent directors and officers.
Penalty on falsification of books.
Prosecution of delinquent directors in
ORDINANCE No. 1 OF 1865.
Companies, &c. (Part IV. Winding-up.)
deemed, in the event of such company being wound up under this Ordi- nance, to have been made or done by way of undue or fraudulent preference of the creditors of such company, and shall be invalid accordingly; and for the purposes of this section the presentation of a petition for winding up a company shall in the case of a company being wound up by the Court or subject to the supervision of the Court, and a resolution for wind- ing up the company shall in the case of a voluntary winding-up, be deemed to correspond with the act of bankruptcy in the case of an individual; and any conveyance or assignment made by any company formed under this Ordinance of all its estate and effects to trustees for the benefit of all its creditors shall be void to all intents.
154. (153.) Where, in the course of the winding-up of any company under this Ordinance, it appears that any past or present director, manager, official or other liquidator, or any officer of such company, has misapplied or retained in his own hands or become liable or accountable for any moneys of the company, or been guilty of any misfeasance or breach of trust in relation to the company, the Court may, on the application of any liquidator, or of any creditor or contributory of the company, notwithstanding that the offences is one for which the offender is criminally responsible, examine into the conduct of such director, manager, or other officer, and compel him to repay any moneys so misapplied or retained, or for which he has become liable or accountable, together with interest after such rate as the Court thinks just, or to contribute such sums of money to the assets of the company by way of compensation in respect of such misapplication, retainer, misfeasance, or breach of trust, as the Court thinks just.
155. (154.) If any director, officer, or contributory of any company ordered to be wound up under this Ordinance destroys, mutilates, alters, or falsifies any books, papers, writings, or securities, or makes or is privy to the making of any false or fraudulent entry in any register, book of account, or other document belonging to the company with intent to defraud or deceive any person, every person so offending shall be deemed to be guilty of a misdemeanour, and upon being convicted shall be liable to imprisonment for any term not exceeding two years, with or without hard labour.
156. (155.) Where any order is made for winding up a company by the Court or subject to the supervision of the Court, if it appear in the
Power of Court to assess
721
damages against del in- quent directors and officers.
Penalty on falsification of books.
Prosecution of delinquent directors in
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