94
Effect of winding-up on share capital of company limited by guarantee. Vict. c. 89 s. 134.
Delegation of authority to appoint No. 1.] THE ORDINANCES OF HONGKONG : [A.D. 1865.
affairs of the company and distributing its property;
(3.) the company in general meeting shall appoint such persons or person as it thinks fit to be liquidators or a liquidator, and may fix the remuneration to be paid to them or him;
(4.) if one person only is appointed, all the provisions herein contained in reference to several liquidators shall apply to him;
(5.) on the appointment of the liquidators all the power of the directors shall cease, except in so far as the company in general meeting or the liquidators may sanction the continuance of such powers;
(6.) when several liquidators are appointed, every power hereby given may be exercised by such one or more of them as may be determined at the time of their appointment, or, in default of such determination, by any number not less than two;
(7.) the liquidators may, without the sanction of the Court, exercise all the powers by this Ordinance given to the official liquidator;
(8.) the liquidators may exercise the powers hereinbefore given to the Court of settling the list of contributories of the company, and any list so settled shall be prima facie evidence of the liability of the persons named therein to be contributories;
(9.) the liquidators may, at any time after the passing of the resolution for winding up the company and before they have ascertained the insufficiency 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 may 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 among themselves, and the liquidators may, in making a call, take into consideration the probability that some of the contributories on whom the same is made may partly or wholly fail to pay their respective portions of the same; and
(10.) the liquidators shall pay the debts of the company, and adjust the rights of the contributories among themselves.
171. 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.
172.-(1.) A company about to be wound up voluntarily, or in the course of being wound up voluntarily, may, by an extraordinary resolution,
94
Effect of winding-up ou share
capital of company limited by
guarant Vict.
c. 89 s. 134.
Delegation of authority to appoint
No. 1.] THE ORDINANCES OF HONGKONG : [A.D. 1865.
affairs of the company and distributing its property;
(3.) the company in general meeting shall appoint such persons or person as it thinks fit to be liquidators or a liquidator, and may fix the remuneration to be paid to them or him;
(4.) if one person only is appointed, all the provisions herein contained
in reference to several liquidators shall apply to him; (5.) on the appointment of the liquidators all the power of the directors shall cease, except in so far as the company in general meeting or the liquidators may sanction the continuance of such powers; (6.) when several liquidators are appointed, every power hereby given may be exercised by such one or more of them as may be deter- mined at the time of their appointment, or, in default of such deter- mination, by any number not less than two;
(7.) the liquidators may, without the sanction of the Court, exercise all the powers by this Ordinance given to the official liquidator (8.) the liquidators may exercise the powers herein before given to the Court of settling the list of contributories of the company, and any list so settled shall be prima facie evidence of the liability of the persons named therein to be contributories; (9.) the liquidators may, at any time after the passing of the resolu
tion for winding up the company and before they have ascertained the insufficiency of the assets of the company, call on all or any of the contributories for the time being settled on the list of contri- butories to the extent of their liability to pay all or any sums they inay deem necessary to satisfy the debts and liabilities of the com- pany and the costs, charges, and expenses of winding it up, and for the adjustment of the rights of the contributories among themselves, and the liquidators may, in making a call, take into consideration the probability that some of the contributories on whom the same is made may partly or wholly fail to pay their respective portions of the same; and (10.) the liquidators shall pay
the debts of the company, and adjust the rights of the contributories among themselves.
171. 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 com- pany 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.
172.-(1.) A company about to be wound up voluntarily, or in the course of being wound up voluntarily, may, by an extraordinary resolu-
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