the-ordinances-of-the-legislative-counci-1890v4 — Page 232

ORDINANCE No. 30 OF 1886. 2049


Companies.


No. 30 of 1886.

An Ordinance entitled An Ordinance to amend the Companies See Ordi
nances No 1of
Ordinances 1865 to 1886. 1865, Nos. 2
& 3 of 1866,
No. of 1877,
[ 12th January, 1887. ] No. 14 of
1881, No. 3 of
HEREAS it is desirable that certain imperial acts amending the 1883 and No.
25 of1890. ]
W
law relating to joint stock companies should be introduced into
the Colony Be it enacted by the Governor of Hongkong, with the advice
of the Legislative Council thereof, as follows :

PART I.

Preliminary.


1. This Ordinance may be cited for all purposes as The Companies Short title
and construc
Ordinance, 1886 and shall so far as is consistent with the tenor thereof tion.

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 between Where com
promise
a company which is , at the time of the passing of this Ordinance or proposed,
Court may
afterwards, in the course of being wound up, either voluntarily or by or order a meet
ing of cred
under the supervision of the Supreme Court, under The Companies itors, &c. , to
decide as to
Ordinances 1865 to 1886 or any of them , and the creditors of such company , such com
promise.
or any class of such creditors , it shall be lawful for the Court , in addition [33 & 34 V. c.
104 , s. 2. ]
to any other of its powers , on the application in a summary way of any
creditor or the liquidator, to order that a meeting of such creditors or
class of creditors shall be summoned in such manner as the Court shall

direct, and if a majority in number representing 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 company Interpreta
tion.
liable to be wound up under The Companies Ordinance, 1865. [Ibid. s. 3. ]