COMPANIES.
No. 58 of 1911.
2145
company by her before that date, to contribute to the assets of the the same sum as she would have been liable to contribute if she had not married, and he shall be a contributory accordingly.
(2) Subject as aforesaid, nothing in this Ordinance shall affect the provisions of the Married Women's Property Ordinance, 1906.
Winding up by Court.
130. A company may be wound up by the Court-
No. 5 of 1906.
Circumstances in which company may be wound up by Court.
(i) if the company has by special resolution resolved that the company be wound up by the Court;
(ii) if default is made in filing the statutory report or in holding the statutory meeting;
(iii) if the company does not commence its business within a year from its incorporation, or suspends its business for a whole year;
(iv) if the number of members is reduced, in the case of a private company, below 2, or, in the case of any other company below 7;
(v) if the company is unable to pay its debts;
(vi) if the Court is of opinion that it is just and equitable that the company should be wound up.
8 Edw. 7 c. 69 s. 129.
Company when deemed unable to pay its debts.
131. A company shall be deemed unable to pay its debts-
(i) if a creditor, by assignment or otherwise, to whom the company is indebted in a sum exceeding 500 dollars then due, has served on the company, by leaving the same at its registered office, a demand under his hand requiring the company to pay the sum so due and the company has for 2 months thereafter neglected to pay the sum, or to secure or compound for it to the reasonable satisfaction of the creditor; or
(ii) if execution or other process issued on a judgment, decree, or order of any Court in favour of a creditor of the company is returned unsatisfied in whole or in part; or
(iii) if it is proved to the satisfaction of the Court that the company is unable to pay its debts, and, in determining whether a company is unable to pay its debts, the Court shall take into account the contingent and prospective liabilities of the company.
132.—(1) An application to the Court for the winding up of a company shall be by petition, presented subject to the provisions of this section either by the company, or by any creditor or creditors.
Provisions as to applications for winding up.
ib. s. 137.
COMPANIES.
No. 58 of 1911.
2145
company
by her before that date, to contribute to the assets of the the same sum as she would have been liable to contribute if she had not married, and he shall be a contributory accordingly.
(2) Subject as aforesaid, nothing in this Ordinance shall affect the. provisions of the Married Women's Property Ordinance, 1906.
Winding up by Court.
130. A company may be wound up by the Court-
No. 5 of 1906.
Circum- stances in
(i) if the company has by special resolution resolved that the which com- company be wound up by the Court;
(ii) if default is made in filing the statutory report or in holding the statutory meeting;
(iii) if the company does not commence its business within a year from its incorporation, or suspends its business for a whole
year;
(iv) if the number of members is reduced, in the case of a private company, below 2, or, in the case of any other company below 7 ;
(v) if the company is unable to pay its debts;
(vi) if the Court is of opinion that it is just and equitable that
the company should be wound up.
pany may be wound up by Court.
8 Edw. 7
c. 69 s. 129.
Company when
its debts.
131. A company shall be deemed unable to pay its debts- (i) if a creditor, by assignment or otherwise, to whom the cou- deemed un- pany is indebted in a sum exceeding 500 dollars then due, has able to pay served on the company, by leaving the same at its registered office, ib. s. 120. a demand under his hand requiring the company to pay the sum so due and the company has for 2 months thereafter neglected to pay the sum, or to secure or compound for it to the reasonable satisfaction of the creditor; or
(ii) if execution or other process issued on a judgment, decree, or order of any Court in favour of a creditor of the company is returned unsatisfied in whole or in part; or
(iii) if it is proved to the satisfaction of the Court that the company is unable to pay its debts, and, in determining whether a company is unable to pay its debts, the Court shall take into account the contingent and prospective liabilities of the company.
132.—(1) An application to the Court for the winding up of a Provisions company shall be by petition, presented subject to the provisions of as to applica this section either by the company, or by any creditor or creditors winding up.
tions for
ib. s. 137.
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