SOCIETIES.
No. 47 of 1911.
2049
(a) The property of the society within the Colony shall forthwith vest either in the Official Receiver in bankruptcy or, if any other officer be appointed for the purpose of winding up by the Governor in the notification of the order, then in such officer.
(b) The Official Receiver in bankruptcy or such other officer shall proceed to wind up the affairs of the society, and, after satisfying and providing for all the debts and liabilities of the society and the costs of the winding-up, shall divide the surplus assets (if any) of the society amongst the members according to the rules of such society (if any), or if there are no such rules applicable to such case, then equally; but, if by reason of the great number of members, or the difficulty of ascertaining the persons entitled to such assets, or if from any other cause such a division as aforesaid is in the opinion of the Official Receiver or such other officer as aforesaid impracticable, he shall prepare and submit to a Judge for his approval a scheme for the application of such surplus assets to purposes for the benefit of that portion of the public to which the members of the society more particularly belonged, or of the public generally.
(c) Such scheme when submitted for approval may be amended by the Judge in such way as he shall think proper under the circumstances of the case.
(d) The approval of the Judge to such scheme or amended scheme shall be denoted by the endorsement thereon of a memorandum of such approval signed by the Judge, and by the same being sealed with the seal of the Court, and thereupon the surplus assets the subject of such scheme shall be held and applied by the Official Receiver or such other officer as aforesaid upon the terms and to the purposes thereby prescribed.
1911.
(e) For the purpose of the winding-up the Official Receiver or such other officer shall have all the powers which are vested in the Official Receiver by the Bankruptcy Ordinance, 1891, for the purpose of the discovery of the property of a debtor and the realization thereof, and also all such powers as are by the Companies Ordinance, No. 58 of 1911, vested in the Official Liquidator; and all the provisions of the Bankruptcy Ordinance and of the Companies Ordinance so far as they relate to the discovery and realization of the property of a debtor and to the winding-up of a company, shall, mutatis mutandis, apply to the winding-up of the affairs of a society under this Ordinance.
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Page 6
SOCIETIES.
No. 47 of 1911.
2049
(a) The property of the society within the Colony shall forthwith vest either in the Official Receiver in bankruptcy or, if any other officer be appointed for the purpose of winding up by the Governor in the notification of the order, then in such officer.
(b) The Official Receiver in bankruptcy or such other officer shall proceed to wind up the affairs of the society, and, after satisfying and providing for all the debts and liabilities of the society and the costs of the winding-up, shall divide the surplus assets (if any) of the society amongst the members according to the rules of such society (if any), or if there are no such rules applicable to such case, then equally; but, if by reason of the great number of members, or the difficulty of ascertaining the persons entitled to such assets, or if from any other cause such a division as aforesaid is in the opinion of the Official Receiver or such other officer as aforesaid impracticable, he shall prepare and submit to a Judge for his approval a scheme for the application of such surplus assets to purposes for the benefit of that portion of the public to which the members of the society more particularly belonged, or of the public generally.
(c) Such scheme when submitted for approval may be amended by the Judge in such way as he shall think proper under the circum-
stances of the case.
(d) The approval of the Judge to such scheme or amended scheme shall be denoted by the endorsement thereon of a memorandum of such approval signed by the Judge, and by the same being sealed with the seal of the Court, and thereupon the surplus assets the subject of such scheme shall be held and applied by the Official Receiver or such other officer as aforesaid upon the terms and to the purposes thereby prescribed.
1911.
(e) For the purpose of the winding-up the Official Receiver or such other officer shall have all the powers which are vested in the Official Receiver by the Bankruptcy Ordinance, 1891, for the pur- No. 7 of 1891. pose of the discovery of the property of a debtor and the realization thereof, and also all such powers as are by the Companies Ordinance, No. 58 of 1911, vested in the Official Liquidator; and all the provisions of the Bankruptcy Ordinance and of the Companies Ordinance so far as they relate to the discovery and realization of the property of a debtor and to the winding-up of a company, shall, mutatis mutandis, apply to the winding-up of the affairs of a society under this Ordi-
nance.
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