the-ordinances-of-the-legislative-counci-1890v2 — Page 285

COMPANIES. [ 30 OF 1886. ] 875



No. 30 OF 1886.
An Ordinance entitled An Ordinance to amend the nances
[ See Ordi
No. 1
Companies Ordinances 1865 to 1886. of 1865 , No.
3 of 1866,
[12th January, 1887.] No. 1 of 1877,
No. 14 of


WHE HEREASit is desirable that certain imperial acts amend- 1881; wide.No.
ing the law relating to joint stock companies should
25 of 1890. ]

be introduced into the Colony :
* * **




PART I.
Preliminary.
1. This ordinance may be cited for all purposes as The Short title
Companies Ordinance, 1886 and shall so far as is consistent and construc
with the tenor thereof be construed as one with The Companies
Ordinances 1865 to 1881 and all ordinances amending the same
and the said ordinances and this ordinance may be referred to
as The Companies Ordinances 1865 to 1886 .
PART II ,
Joint stock companies arrangement.
2. Where any compromise or arrangement shall be proposed Where com
between a company which is, at the time of the passing of this promise
proposed .
ordinance or afterwards , in the course of being wound up, either Courtmay
voluntarily or by or under the supervision of the Supreme ing ofacred
Court, under The Companies Ordinances 1865 to 1886 or any of itors,&e asc.,to
decid to
them, and the creditors of such company, or any class of such such com

creditors, it shall be lawful for the Court, in addition to any promise.
(33 & 34 V. c.
other of its powers , on the application in a summary way of 104, S. 2.
any creditor or the liquidator, to order that ameeting of such
be summoned in such manner
creditors or class of creditors shall
as the Court shall direct, and if a majority in number represent
ing three fourths in value of such creditors or class of creditors
present either in person or by proxy at such meeting shall
agree to any arrangement or compromise, such arrangement or
compromise shall, if sanctioned by an order of the Court, be
binding on all such creditors or class of creditors, as the case
may be, and also on the liquidator and contributories of the said
company.
3. The word company in the last section shall mean any Interpreta .
company
1865 .
liable to be wound up under The Companies Ordinance,' s tion:
[ 1bid. s. 3. ]