ORDINANCE No. 1 OF 1877.
Companies.
of the company, and every subscriber of the memorandum of association, who knowingly authorizes or permits such default, shall be liable to the same penalty.
Winding-up.
39. Whenever any compromise or arrangement is proposed between a company, which is in course of being wound-up, and its creditors or any class of its creditors, the Court upon the application in a summary way of any creditor, or of the liquidator, may, in addition to its other powers, order that a meeting of such creditors or class of creditors be summoned in such manner as the Court directs, and if at such meeting a majority in number, present in person or by proxy, and representing three-fourths in value of such creditors or class of creditors, agree to any compromise or arrangement, such compromise or arrangement, if sanctioned by an order of the Court, shall be binding on all such creditors or class of creditors, and on the liquidator and contributories of the company.
40. No contributory of a company under the principal Ordinance shall be capable of presenting a petition for winding-up such company unless the members of the company are reduced in number to less than seven, or unless the shares in respect of which he is a contributory, or some of them, either were originally allotted to him or have been held by him, and registered in his name, for a period of at least six months during the eighteen months previously to the commencement of the winding-up, or have devolved upon him through the death of a former holder:
Provided that where a share has, during the whole or any part of the six months, been held by or registered in the name of the wife of a contributory either before or after her marriage, or by or in the name of any trustee or trustees for such wife or for the contributory, such share shall, for the purposes of this section, be deemed to have been held by and registered in the name of the contributory.
41. Nothing in this Ordinance contained shall empower any company to alter any provision contained in any Ordinance relating to the company; or, without the sanction of the Governor, to alter any provision contained in any Letters Patent relating to the company.
1455
To facilitate compromises in winding-up.
[33 & 34 Vic. c. 104.]
Contributory when not qualified to present winding-up petition.
[30 & 31 Vic. c. 131 s. 40.]
Not to empower companies to alter provisions of Ordinance or Letters Patent.
[sec. 47.]
ORDINANCE No. 1 OF 1877.
Companies.
of the company, and every subscriber of the memorandum of association, who knowingly authorizes or permits such default, shall be liable to the same penalty.
Winding-up.
39. Whenever any compromise or arrangement is proposed between a company, which is in course of being wound-up, and its creditors or any class of its creditors, the Court upon the application in a summary way of any creditor, or of the liquidator, may, in addition to its other powers, order that a meeting of such creditors or class of creditors be summoned in such manner as the Court directs, and if at such meeting a majority in number, present in person or by proxy, and representing three-fourths in value of such creditors or class of creditors, agree to any compromise or arrangement, such compromise or arrange- ment, if sanctioned by an order of the Court, shall be binding on all such creditors or class of creditors, and on the liquidator and contributories of the company.
40. No contributory of a company under the principal Ordinance shall be capable of presenting a petition for winding-up such company unless the members of the company are reduced in number to less than seven, or unless the shares in respect of which he is a contributory, or some of them, either were originally allotted to him or have been held by him, and registered in his name, for a period of at least six months during the eighteen months previously to the commencement of the winding-up, or have devolved upon him through the death of a former holder:
Provided that where a share has, during the whole or any part of the six months-been held by or registered in the name of the wife of a contributory either before or after her marriage, or by or in the name of any trustee or trustees for such wife or for the contributory, such share shall-for the purposes of this section, be deemed to have been held by and registered in the name of the contributory.
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41. Nothing in this Ordinance contained shall empower any company to alter any provision contained in any Ordinance relating to the company; or, without the sanction of the Governor, to alter any provision contained in any Letters Patent relating to the company.
1455
To facilitate compromises in winding- up.
[33 & 34 Vic. č. 104.]
Contributory when not
qualified to present winding up petition. [30 & 31 Vic. c. 131 s. 40.]
Not to empower companies to alter provi
Ordinance or Letters Patent. [sec. 47.]
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