2166
No. 58 of 1911.
Arrange-
ment when
binding on creditors.
COMPANIES.
powers to be exercised by the liquidators, and the manner in which they are to be exercised.
(2) Any act done by creditors in pursuance of any such delegated power shall have the same effect as if it had been done by the company.
184.—(1) Any arrangement entered into between a company about to be, or in the course of being, wound up voluntarily and its creditors shall, subject to any right of appeal under this section, 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.
8 Edw. 7
Power of
liquidator to
accept
shares, etc.,
as considera-
tion for sale
of property
ib. s. 192.
(2) Any creditor or contributory may, within 3 weeks from the completion of the arrangement, appeal to the Court against it, and the Court may thereupon, as it thinks just, amend, vary, or confirm the arrangement.
185.—(1) Where a company is proposed to be, or is in course of being, wound up altogether voluntarily, and the whole or part of its business or property is proposed to be transferred or sold to another company (in this section called the transferee company), the liquidator of the first-mentioned company (in this section called the transferor company) may, with the sanction of a special resolution of that company, conferring either a general authority on the liquidator or an authority in respect of any particular arrangement, receive in compensation or part compensation for the transfer or sale, shares, policies, or other like interests in the transferee company, for distribution among the members of the transferor company, or may enter into any other arrangement whereby the members of the transferor company may, in lieu of receiving cash, shares, policies, or other like interests, or in addition thereto, participate in the profits of or receive any other benefit from the transferee company.
(2) Any sale or arrangement in pursuance of this section shall be binding on the members of the transferor company.
(3) If any member of the transferor company who did not vote in favour of the special resolution at either of the meetings held for passing and confirming the same expresses his dissent therefrom in writing addressed to the liquidator, and left at the registered office
As amended by No. 16 of 1912.
2166
No. 58 of 1911.
Arrange-
ment when
binding on creditors.
COMPANIES.
powers to be exercised by the liquidators, and the manner in which they are to be exercised.
(2) Any act done by creditors in pursuance of any such delegated power shall have the same effect as if it had been done by the
company.
184.—(1) Any arrangement entered into between a company about to be, or in the course of being, wound up voluntarily and its creditors shall, subject to any right of appeal under this section, be e. 69 s. 191. binding on the company if sanctioned by an extraordinary resolu- tion, and on the creditors if acceded to by three fourths in number and value of the creditors.
8 Edw. 7
Power of
liquidator to
accept
shares, etc.,
as considera- tion for sale
of property
ib. s. 192.
*
(2) Any creditor or contributory may, within 3 weeks from the completion of the arrangement, appeal to the Court against it, and the Court may thereupon, as it thinks just, amend, vary, or confirm the arrangement.
185. -(1) Where a company is proposed to be, or is in course of being, wound up altogether voluntarily, and the whole or part of its business or property is proposed to be transferred or sold to another company (in this section called the transferee company), the liquidator of the first-mentioned company (in this section called the of company. transferor company) may, with the sanction of a special resolution of that company, conferring either a general authority on the liquidator or an authority in respect of any particular arrangement, receive in compensation or part compensation for the transfer or sale, shares, policies, or other like interests in the transferee con- pany, for distribution among the members of the transferor company, or may enter into any other arrangement whereby the members of the transferor company may, in lieu of receiving cash, shares, policies, or other like interests, or in addition thereto, participate in the profits of or receive any other benefit from the transferee company.
(2) Any sale or arrangement in pursuance of this section shall be binding on the members of the transferor company.
(3) If any member of the transferor company who did not vote in favour of the special resolution at either of the meetings held for passing and confirming the same expresses his dissent therefrom in writing addressed to the liquidator, and left at the registered office
As amended by No. 16 of 1912.
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