Companies.
duty or any penalty in respect thereof, unless he had notice or, but for his negligence, might have discovered, that the debenture was not duly stamped, but in any such case the company shall be liable to pay the proper stamp duty and penalty.
[CAP. 32
(6) Where any debentures which have been redeemed before the date of the commencement of this Ordinance are re-issued subsequently to that date, the re-issue of the debentures shall not prejudice any right or priority which any person would have had under or by virtue of any mortgage or charge created before the date of the commencement of this Ordinance, if section 106 of the Companies Ordinance (58 of 1911) 1911, as originally enacted, had been enacted in this Ordinance instead of this section.
[76
performance
78. A contract with a company to take up and pay for any debentures of the company may be enforced by an order of specific performance.
[77 for
to subscribe
debentures. ibid. s. 76.
of certain
of assets
priority to claims under
the charge. c. 23, s. 78.
19 & 20 Geo. 5,
79. (1) Where, in the case of a company registered in this Colony, either a receiver is appointed on behalf of the holders of any debentures of the 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 V relating to preferential payments to be paid in priority to all other debts, shall be paid 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.
(2) The period of time mentioned in the said provisions of Part V 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.
[78
59
Companies.
duty or any penalty in respect thereof, unless he had notice or, but for his negligence, might have discovered, that the debenture was not duly stamped, but in any such case the company shall be liable to pay the proper stamp duty and penalty.
[CAP. 32
(6) Where any debentures which have been redeemed before the date of the commencement of this Ordinance are re-issued subsequently to that date, the re-issue of the deben- tures shall not prejudice any right or priority which any person would have had under or by virtue of any mortgage or charge created before the date of the commencement of this Ordinance, if section 106 of the Companies Ordinance, (58 of 1911.) 1911, as originally enacted, had been enacted in this Ordinance instead of this section.
[76
performance
78. A contract with a company to take up and pay for Specific any debentures of the company may be enforced by an order of contracts for specific performance.
[77 for
to subscribe
debentures. ibid. s. 76.
of certain
of assets
priority to claims under
the charge. c. 23, 3. 78.
19 & 20. Geo. 5,
79. (1) Where, in the case of a company registered Payment in this Colony, either a receiver is appointed on behalf of debts out the holders of any debentures of the company secured by subject to a floating charge, or possession is taken by or on behalf charge in 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 V relating to preferential payments to be paid in priority to all other debts, shall be paid 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.
(2) The period of time mentioned in the said provisions of Part V shall be reckoned from the date of the appoint- ment of the receiver or of possession being taken as afore- said, 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.
[78
59
!
!
!
No comments yet.
Private notes are available after approval.