2134
No. 58 of 1911.
COMPANIES.
Specific performance of contract for debentures. 8 Edw. 7 c 69 s. 105.
Payments of certain debts out of assets subject to floating charge in priority to claim under the charge. ib. s. 107.
Certain companies to publish statement in schedule. ib. s. 108.
**
(b) any power to issue debentures in the place of any debentures paid off or otherwise satisfied or extinguished, reserved to a company by its debentures or the securities for the same.
107. A contract with a company to take up and pay for any debentures of the company may be enforced by an order for specific performance.
108. (1) Where either a receiver is appointed on behalf of the holders of any debentures of a company secured by a floating charge, or possession is taken by or on behalf of those debenture holders of any property comprised in or subject to the charge, then, if the company is not at the time in course of being wound up, the debts which in every winding-up are, under the provisions of Part IV of this Ordinance relating to preferential payments, to be paid in priority to all other debts, shall be paid forthwith out of any assets coming to the hands of the receiver or other person taking possession as aforesaid in priority to any claim for principal or interest in respect of the debentures.
(2) The periods of time mentioned in the said provisions of Part IV of this Ordinance shall be reckoned from the date of the appointment of the receiver or of possession being taken as aforesaid, as the case may be.
(3) Any payments made under this section shall be recouped as far as may be out of the assets of the company available for payment of general creditors.
Statement to be published by Banking and certain other Companies.
109. (1) Every company being a limited banking company or an insurance company or a deposit, provident, or benefit society shall, before it commences business, and also on the first Monday in February and the first Tuesday in August in every year during which it carries on business, make a statement in the form C in the 1st schedule or as near thereto as circumstances will admit.
(2) A copy of the statement shall be put up in a conspicuous place in the registered office of the company, and in every branch office or place where the business of the company is carried on.
* As amended by No. 50 of 1911 and No. 17 of 1912.
Page 60
Page 61
2134
No. 58 of 1911.
COMPANIES.
Specific per- formance of contract for debentures. 8 Edw. 7 e 69 s. 105.
Payments of certain debts out of assets subject to floating charge in priority to claim under the charge. ib. s. 107.
Certain companies to publish statement in
schedule. ib. s. 108.
**
(b) any power to issue debentures in the place of any debentures paid off or otherwise satisfied or extinguished, reserved to a com- pany by its debentures or the securities for the same.
107. A contract with a company to take up and pay for any de- bentures of the company may be enforced by an order for specific performance.
108. (1) Where either a receiver is appointed on behalf of the holders of any debentures of a company secured by a floating charge, or possession is taken by or on behalf of those debenture holders of any property comprised in or subject to the charge, then, if the company is not at the time in course of being wound up, the debts which in every winding-up are, under the provisions of Part IV of this Ordinance relating to preferential payments, to be paid in priority to all other debts, shall be paid forthwith out of any assets coming to the hands of the receiver or other person taking possession as aforesaid in priority to any claim for principal or interest in res- pect of the debentures.
(2) The periods of time mentioned in the said provisions of Part IV of this Ordinance shall be reckoned from the date of the appoint- ment of the receiver or of possession being taken as aforesaid, as the case may be.
(3) Any payments made under this section shall be recouped as far as may be out of the assets of the company available for payment of general creditors.
Statement to be published by Banking and certain other Companies.
109.-(1) Every company being a limited banking company or an insurance company or a deposit, provident, or benefit society shall, before it commences business, and also on the first Monday in February and the first Tuesday in August in every year during which it carries on business, make a statement in the form C in the 1st schedule or as near thereto as circumstances will admit.
(2) A copy of the statement shall be put up in a conspicuous place in the registered office of the company, and in every branch office or place where the business of the company is carried on.
* As amended by No. 50 of 1911 and No. 17 of 1912.
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