1964_COMPANIES_ORDINANCE — Page 87

(

1984 Ed.]

Companies

[CAP. 32

197

175. [Repealed, 27 of 1971, s. 15]

(ii) WINDING UP BY THE COURT

Jurisdiction

176. The High Court shall have jurisdiction to wind up any company.

(Replaced, 6 of 1984, s. 129)

Cases in which Company may be wound up by Court

177. (1) A company may be wound up by the court if-

(a) the company has by special resolution resolved that the company be wound up by the court;

(b) the company does not commence its business within a year from its incorporation, or suspends its business for a whole year;

(c) the number of members is reduced below 2;

(d) the company is unable to pay its debts;

(e) the event, if any, occurs on the occurrence of which the memorandum or articles provide that the company is to be dissolved;

(f) the court is of opinion that it is just and equitable that the company should be wound up.

(2) On the application of the Registrar for the winding up of a company, the company may be wound up by the court if it appears to the court-

(a) that the company is being carried on for an unlawful purpose or any purpose lawful in itself but one which cannot be carried out by a company; or

(b) that throughout a period of not less than 6 months ending on the date of the winding-up petition the company has not had at least 2 directors; or

(c) that throughout the period referred to in paragraph (b) the company has not had a secretary; or

(d) that the company has failed to pay the annual registration fee payable under the Eighth Schedule; or

(e) without prejudice to paragraphs (a) to (d), that the company has been persistently in breach of its obligations under this Ordinance.

(3) A company registered before the commencement* of the Companies (Amendment) Ordinance 1984 may by special resolution

Jurisdiction to wind up companies.

Circumstances in which company may be wound up by court.

[cf. 1948 c. 38, s. 222.]

Eighth Schedule.

(6 of 1984.) [31.8.84.]