1950_COMPANIES_ORDINANCE — Page 134

САР. 32]

Companies.

[s. 218 cont.] effect that they have made a full inquiry into the affairs of the company, and that, having so done, they have formed the opinion that the company will be able to pay its debts in full within a period, not exceeding twelve months, from the commencement of the winding up.

Provisions

applicable to members'

winding up. ibid. s. 231.

Power of

company to appoint and

fix remunera-

tion of

liquidators.

19 & 20 Geo. 5,

c. 23, s. 232.

Power to

fill vacancy

in office of

(2) A declaration made as aforesaid shall have no effect for the purposes of this Ordinance unless it is delivered to the Registrar for registration before the date. mentioned in subsection (1).

(3) A winding up in the case of which a declaration has been made and delivered in accordance with this section is in this Ordinance referred to as a members' voluntary winding up, and a winding up in the case of which a declara- tion has not been made and delivered as aforesaid is in this Ordinance referred to as a creditors' voluntary winding up. [219

Provisions applicable to a Members' Voluntary

Winding Up.

219. The provisions contained in the five sections of this Ordinance next following shall apply in relation to а members' voluntary winding up.

[220

220. (1) The company in general meeting shall appoint one or more liquidators for the purpose of winding up the affairs and distributing the assets of the company, and may fix the remuneration to be paid to him or them.

(2) On the appointment of a liquidator all the powers of the directors shall cease, except so far as the company in general meeting, or the liquidator, sanctions the con- tinuance thereof.

[221

221. (1) If a vacancy occurs by death, resignation, or otherwise in the office of liquidator appointed by the com- 19 & 20 Geo. 5, pany, the company in general meeting may, subject to any arrangement with its creditors, fill the vacancy.

liquidators.

c. 23, s. 233.

(2) For that purpose a general meeting may be con- vened by any contributory or, if there were more liquidators than one, by the continuing liquidators.

(3) The meeting shall be held in manner provided by this Ordinance or by the articles, or in such manner as may, on application by any contributory or by the continuing liquidators, be determined by the court.

[222

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