1964_COMPANIES_ORDINANCE — Page 146

256

CAP. 32]

Disqualification for appointment as receiver.

1929 c. 23, s. 306.

Disqualification of undischarged bankrupts.

[cf. 1948 c. 38. s. 367]

Power to appoint Official Receiver as receiver for debenture holders or creditors. 1929 c. 23, s. 307.

Receivers and managers appointed out of

court.

1948 c. 38. s. 369.

Companies

[1984 Ed.

(3) There shall be paid in respect of proceedings under this Ordinance, where no fee is otherwise fixed, such fees as the Chief Justice may, with the approval of the Legislative Council, direct, and he may direct by whom and in what manner the same are to be collected and accounted for.

PART VI

(Amended, 6 of 1984, s. 208)

RECEIVERS AND MANAGERS

297. (1) A body corporate shall not be qualified for appointment as receiver of the property of a company.

(2) Any body corporate which acts as receiver as aforesaid shall be liable to a fine of $5,000 (Amended, 22 of 1950, Schedule and 6 of 1984, s. 259)

297A. No person being an undischarged bankrupt shall be qualified for appointment as receiver or manager of the property of a company on behalf of debenture holders, and if such person acts as such receiver or manager, he shall be guilty of an offence and liable

(a) on conviction upon indictment to a fine of $50,000 and to imprisonment for 2 years; and

(b) on summary conviction to a fine of $10,000 and to imprisonment for 6 months.

(Added, 6 of 1984, s. 209)

298. Where an application is made to the court to appoint a receiver on behalf of the debenture holders or other creditors of a company which is being wound up by the court, the Official Receiver may be so appointed.

298A. (1) A receiver or manager of the property of a company appointed under the powers contained in any instrument, or a holder of debentures of the company, may apply to the court for directions in relation to any particular matter arising in connexion with the performance of the functions of such receiver or manager, and on any such application the court may give such directions, or may make such order declaring the rights of persons before the court or otherwise, as the court thinks just.

(2) A receiver or manager of the property of a company appointed as aforesaid shall, to the same extent as if he had been appointed by order of a court, be personally liable on any contract entered into by him in the performance of his functions, except in so far as the contract otherwise provides, and entitled in respect of that liability to indemnity out of the assets; but nothing in this subsection shall be taken as limiting any right to indemnity which he would have had if he had been appointed by the court.