1912_COMPANIES_ORDINANCE__1911 — Page 89

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COMPANIES.

Voluntary Winding Up.

175. A company may be wound up voluntarily—

No. 58 of 1911.

2163

Circum- stances in

wound up

(1) when the period (if any) fixed for the duration of the com- which com- pany by the articles expires, or the event (if any) occurs, on the pany may be occurrence of which the articles provide that the company is to be voluntarily. dissolved, and the company in general meeting has passed a resolu- tion requiring the company to be wound up voluntarily;

(2) if the company resolves by special resolution that the com- pany be wound up voluntarily ;

(3) if the company resolves by extraordinary resolution to the effect that it cannot by reason of its liabilities continue its business, and that it is advisable to wind up.

8 Edw. 7

c. 69 s. 182.

176. A voluntary winding up shall be deemed to commence at the Commence- time of the passing of the resolution authorising the winding up.

ment of

voluntary winding up.

ib. s. 183.

voluntary winding up on status of

177. When a company is wound up voluntarily the company Effect of shall, from the commencement of the winding up, cease to carry on its business, except so far as may be required for the beneficial winding up thereof :

Provided that the corporate state and corporate powers of the company shall, notwithstanding anything to the contrary in its articles, continue until it is dissolved.

company. ib. s. 184.

178. When a company has resolved by special or extraordinary Notice of resolution to wind up voluntarily, it shall give notice of the resolu- tion by advertisement in the Gazette.

resolution to wind up voluntarily. ib. s. 185.

179. The following consequences shall ensue on the voluntary Conse- winding up of a company :-

quences of voluntary

ib. s. 186.

(i) the property of the company shall be applied in satisfaction of winding up. its liabilities pari passu, and, subject thereto, shall, unless the articles otherwise provide, be distributed among the members according to their rights and interests in the company

(ii) the company in general meeting shall appoint one or more liquidators for the purpose of winding up the affairs and distributing the assets of the company, and may fix the remuneration to be paid to him or them;

(iii) on the appointment of a liquidator all the powers of the directors shall cease, except so far as the company in general meet- ing, or the liquidator, sanctions the continuance thereof;