Companies.
given, or, if an application to the court by the dissenting shareholder is then pending, after that application has been disposed of, transmit a copy of the notice to the transferor company and pay or transfer to the transferor company the amount or other consideration representing the price payable by the transferee company for the shares which by virtue of this section that company is entitled to acquire, and the transferor company shall thereupon register the transferee company as the holder of those shares.
(3) Any sums received by the transferor company under this section shall be paid into a separate bank account, and any such sums and any other consideration so received shall be held by that company on trust for the several persons entitled to the shares in respect of which the said sums or other consideration were respectively received.
(4) In this section the expression dissenting shareholder includes a shareholder who has not assented to the scheme or contract and any shareholder who has failed or refused to transfer his shares to the transferee company in accordance with the scheme or contract.
PART V.
WINDING UP.
(i) PRELIMINARY.
Modes of Winding Up.
[154
[CAP. 32
154. (1) The winding up of a company may be either
Modes of
(a) by the court; or
(b) voluntary; or
(c) subject to the supervision of the court.
(2) The provisions of this Ordinance with respect to winding up apply, unless the contrary appears, to the winding up of a company in any of those modes. [155
Contributories.
155. (1) In the event of a company being wound up, every present and past member shall be liable to contribute to the assets of the company to an amount sufficient for payment of its debts and liabilities, and the costs, charges, and
winding up. 19 & 20 Geo. 5, c. 23, s. 156.
Liability as of present members.
contributories
and past
c. 23. s. 157.
19 & 20 Geo. 5,
117
Page 105
Page 106
Companies.
given, or, if an application to the court by the dissenting shareholder is then pending, after that application has been disposed of, transmit a copy of the notice to the transferor company and pay or transfer to the transferor company the amount or other consideration representing the price payable by the transferee company for the shares which by virtue of this section that company is entitled to acquire, and the transferor company shall thereupon register the transferee company as the holder of those shares.
(3) Any sums received by the transferor company under this section shall be paid into a separate bank account, and any such sums and any other consideration so received shall be held by that company on trust for the several persons entitled to the shares in respect of which the said sums or cther consideration were respectively received.
(4) In this section the expression dissenting share- holder includes a shareholder who has not assented to the scheme or contract and any shareholder who has failed or refused to transfer his shares to the transferee company in accordance with the scheme or contract.
PART V.
WINDING UP.
(i) PRELIMINARY.
Modes of Winding Up.
[154
[CAP. 32
154. (1) The winding up of a company may be either Modes of
(a) by the court; or
(b) voluntary; or
(c) subject to the supervision of the court.
(2) The provisions of this Ordinance with respect to winding up apply, unless the contrary appears, to the winding up of a company in any of those modes. [155
Contributories.
155. (1) In the event of a company being wound up, every present and past member shall be liable to contribute to the assets of the company to an amount sufficient for pay- ment of its debts and liabilities, and the costs, charges, and
winding up. 19 & 20 Geo. 5, c. 23, s. 156.
Liability as of present members.
contributories
and past
c. 23. s. 157.
19 & 20 Geo. 5,
117
Page 105Page 106
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