Companies.
another person, any assignment of office made in pursuance of the said provision shall, notwithstanding anything to the contrary contained in the said provision, be of no effect unless and until it is approved by a special resolution of the company.
Avoidance of Provisions in Articles or Contracts relieving Officers from Liability.
[150
[CAP. 32
of officers and 19 & 20 Geo. 5, as to liability auditors.
c. 23, s. 152.
150. Subject as hereinafter provided, any provision, whether contained in the articles of a company or in any contract with a company or otherwise, for exempting any director, manager or officer of the company, or any person (whether an officer of the company or not) employed by the company as auditor from, or indemnifying him against, any liability which by virtue of any rule of law would otherwise attach to him in respect of any negligence, default, breach of duty or breach of trust of which he may be guilty in relation to the company shall be void: Provided that-
(a) in relation to any such provision which is in force at the date of the commencement of this Ordinance, this section shall have effect only on the expiration of a period of six months from that date; and
(b) nothing in this section shall operate to deprive any person of any exemption or right to be indemnified in respect of anything done or omitted to be done by him while any such provision was in force; and
(c) notwithstanding anything in this section, a company may, in pursuance of any such provision as aforesaid, indemnify any such director, manager, officer or auditor against any liability incurred by him in defending any proceedings, whether civil or criminal, in which judgment is given in his favour or in which he is acquitted or in connexion with any application under section 343 in which relief is granted to him by the court.
Arrangements and Reconstructions.
[151
151. (1) Where a compromise or arrangement is proposed between a company and its creditors or any class of them, or between the company and its members or any class of them, the court may, on the application in a summary way, order a meeting of the creditors or class of creditors, or of the members or class of members, to be called, held and conducted in such manner as the court directs.
Power to compromise with creditors and members. 19 & 20 Geo. 5. c. 23, s. 153.
113
Companies.
another person, any assignment of office made in pursuance of the said provision shall, notwithstanding anything to the contrary contained in the said provision, be of no effect unless and until it is approved by a special resolution of the com- pany.
Avoidance of Provisions in Articles or Contracts
relieving Officers from Liability.
[150
[CAP. 32
of officers and 19 & 20 Geo. 5,
as to liability
auditors.
c. 23, s. 152.
150. Subject as hereinafter provided, any provision, Provisions whether contained in the articles of a company or in any contract with a company or otherwise, for exempting any director, manager or officer of the company, or any person (whether an officer of the company or not) employed by the company as auditor from, or indemnifying him against, any liability which by virtue of any rule of law would otherwise attach to him in respect of any negligence, default, breach of duty or breach of trust of which he may be guilty in relation to the company shall be void: Provided that-
(a) in relation to any such provision which is in force at the date of the commencement of this Ordinance, this section shall have effect only on the expiration of a period of six months from that date; and (b) nothing in this section shall operate to deprive any person of any exemption or right to be indemnified in respect of anything done or omitted to be done by him while any such provision was in force; and (c) notwithstanding anything in this section, a company may, in pursuance of any such provision as afore- said, indemnify any such director, manager, officer or auditor against any liability incurred by him in defending any proceedings, whether civil or criminal, in which judgment is given in his favour or in which he is acquitted or in connexion with any application under section 343 in which relief is granted to him by the court.
Arrangements and Reconstructions.
[151
151. (1) Where a compromise or arrangement is pro- posed between a company and its creditors or any class of them, or between the company and its members or any class of them, the court may, on the application in a summary
Power to with creditors 19 & 20 Geo. 5.
compromise
and members.
c. 23, s. 153.
113
if*
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