A.D. 1865.]
COMPANIES.
95
25 & 26 Vict.
[No. 1.
The company may, by an extraordinary resolution, delegate to its creditors, or to any committee of its creditors, the power of appointing liquidators or any of them and of supplying any vacancies among liquidators, or may, by a like resolution, enter into any arrangement with respect to the powers to be exercised by the liquidators and the manner in which they are to be exercised.
power when binding on company
(2.) Any act done by the creditors in pursuance of such delegated power shall have the same effect as if it had been done by the company.
173. Any arrangement entered into between a company about to be wound up voluntarily, or in the course of being wound up voluntarily, and its creditors shall be binding on the company if sanctioned by an extraordinary resolution, and on the creditors if acceded to by three-fourths in number and value of the creditors, subject to such right of appeal as is hereinafter mentioned.
174. Any creditor or contributory of a company that has in manner aforesaid entered into any arrangement with its creditors may, within three weeks from the date of the completion of such arrangement, appeal to the Court against such arrangement, and the Court may thereupon, as it thinks just, amend, vary, or confirm the same.
175.-(1.) Where a company is being wound up voluntarily, the liquidators or any contributory of the company may apply to the Court to determine any question arising in the matter of the winding-up, or to exercise, as respects the enforcing of calls or any other matter, all or any of the powers which the Court might exercise if the company were being wound up by the Court.
(2.) The Court in the case aforesaid, if satisfied that the determination of such question, or the required exercise of power, will be just and beneficial, may accede, wholly or partially, to such application, on such terms and subject to such conditions as the Court thinks fit, or it may make such other order or decree on such application as the Court thinks just.
176. (1.) Where a company is being wound up voluntarily, the liquidators may from time to time, during the continuance of the winding-up, summon general meetings of the company for the purpose of obtaining the sanction of the company by special resolution or extraordinary resolution, or for any other purposes they think fit.
(2.) In the event of the winding-up continuing for more than one year, the liquidators shall summon a general meeting of the company at the end of the first year and of each succeeding year from the commencement of the winding-up, or as soon thereafter as may be convenient, and shall lay before such meeting an account showing their acts and dealings, and the manner in which the winding-up has been conducted during the preceding year, and creditors.
Page 45
Page 46
ť
A.D. 1865.]
COMPANIES.
·
95
25 & 26 Vet.
[No. 1.
iton, delegate to its creditors, or to any committee of its creditors, the liquidators. of appointing liquidators or any of them and of supplying any c. 89 s. 135. vacancies among liquidators, or may, by a like resolution, enter into any arrangement with respect to the powers to be exercised by the liquida- tors and the manner in which they are to be exercised.
power
power
when binding on company
(2.) Any act done by the creditors in pursuance of such delegated shall have the same effect as if it had been done by the company. 173. Any arrangement entered into between a company about to be Arrangement wound up voluntarily, or in the course of being wound up voluntarily, and its creditors shall be binding on the company if sanctioned by an extraordinary resolution, and on the creditors if acceded to by three- fourths in number and value of the creditors, subject to such right of appeal as is hereinafter mentioned.
174. Any creditor or contributory of a company that has in manner aforesaid entered into any arrangement with its creditors may, within three weeks from the date of the completion of such arrangement, ap- peal to the Court against such arrangement, and the Court may there- upon, as it thinks just, amend, vary, or confirm the same.
175.-(1.) Where a company is being wound up voluntarily, the liquidators or any contributory of the company may apply to the Court to determine any question arisin
in the matter of the winding-up, or to exercise, as respects the enforcing of calls or any other matter, all or any of the powers which the Court might exercise if the company were being wound up by the Court.
(2.) The Court in the case aforesaid, if satisfied that the determination of such question, or the required exercise of power, will be just and beneficial, may accede, wholly or partially, to such application, on such terms and subject to such conditions as the Court thinks fit, or it may make such other order or decree on such application as the Court thinks just.
176. (1.) Where a company is being wound up voluntarily, the liquidators may from time to time, during the continuance of the winding-up, summon general meetings of the company for the purpose of obtaining the sanction of the company by special resolution or ex- traordinary resolution, or for any other purposes they think fit.
(2.) In the event of the winding-up continuing for more than one year, the liquidators shall summon a general meeting of the company at the end of the first year and of each succeeding year from the commence- ment of the winding-up, or as soon thereafter as may be convenient, and shall lay before such meeting an account showing their acts and dealings. and the manner in which the winding-up has been conducted during the preceding year,
and creditors.
Ib. s. 136.
Right of creditor or contributory to appeal.
Ib. s. 137.
Power to apply to
the Court.
1h. s. 138.
Power of liquidators to call general meetings.
Ib. s. 139.
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