2068
No. 58 of 1911.
COMPANIES.
Specific performance of contract for debentures. 8 Edw. 7, c. 69, s. 105.
Payments out of assets subject to floating charge in priority to claim under the charge.
(5) Nothing in this section shall prejudice----
(a) the operation of any judgment or order of a court of competent jurisdiction pronounced or made before the commencement of this Ordinance as between the parties to the proceedings in which the judgment was pronounced or the order made, and any appeal from any such judgment or order shall be decided as if this Ordinance had not been passed;
or
(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 holder 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 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.
8 Edw. 7, c. 69, s. 107.
(2) The periods of time mentioned in the said provisions of Part IV 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.
*As amended by Law Rev. Ord., 1924.
2068
No. 58 of 1911.
COMPANIES.
Specific per-
formance of contract for debentures. 8 Edw. 7, c. 69, s. 105.
Payments of
out of assets
subject to floating charge in priority to claim under the charge.
(5) Nothing in this section shall prejudice----
(a) the operation of any judgment or order of a court of competent jurisdiction pronounced or made before the com- mencement of this Ordinance as between the parties to the proceedings in which the judgment was pronounced or the order made, and any appeal from any such judgment or order shall be decided as if this Ordinance had not been passed;
Or
(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 certain debts of the holder 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 relating to e. 69, 107. 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.
8 Edw. 7,
*
(2) The periods of time mentioned in the said provisions of Part IV 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 re- couped as far as may be out of the assets of the company available for payment of general creditors.
*As amended by Law Rev. Ord., 1924.
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