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PT.

500

may appeal.

Powers to

frame rules

under

8. 32 of

19 & 20 Vict. c. 108.

COMPANIES ACT, 1867.

Act is dissatisfied with the determination or direction
of a judge of a county court on any matter in such
winding-up, such party may appeal from the same to
the Vice-Chancellor named for that purpose by the
Lord Chancellor by general order: Provided that such
party shall, within thirty days after such determina-
tion or direction, give notice of such appeal to the
other party, or his attorney, and also deposit with the
registrar of the county court the sum of ten pounds as
security for the costs of the appeal; and the said court
of appeal may make such final or other decree or order
as it thinks fit, and may also make such order with
respect to the costs of the said appeal as such court
may think proper, and such orders shall be final.

XLIV. The county court judges appointed or to be and orders appointed by the Lord Chancellor from time to time to frame rules and orders for regulating the practice of the courts, and forms of proceedings therein, under the thirty-second section of an Act passed in the nineteenth and twentieth years of the reign of her present Majesty, chapter one hundred and eight, shall frame the rules and orders for regulating the practice of the county courts under this Act, and forms of proceedings therein, and from time to time may amend such rules, orders, and forms, and such rules, orders and forms, or amended rules, orders, and forms, certified under the hands of such judges, or of any three or more of them, shall be submitted to the Lord Chancellor, who may allow or disallow, or alter the same, and so from time to time; and the rules, orders, and forms, or amended rules, orders, and forms so allowed or altered, shall,

1

Winding-up.

from a day to be named by the Lord Chancellor, be in force in every county court.

See part II. of this App., ad fin.

the Scale o

of

XLV. The county court judges mentioned in last section shall be empowered to frame a scale costs and charges to be paid to counsel and attorneys with respect to all proceedings in a winding-up under this Act, and from time to time to amend such scale; and such scale or amended scale, certified under the hands of such judges, or any three or more of them, shall be submitted to the Lord Chancellor, who from time to time may allow, or disallow, or alter the same, and the scale or amended scale so allowed or altered shall, from a day to be named by the Lord Chancellor, be in force in every county court.

See part II. of this App., ad fin.

501

costs to be

framed by the judges.

tion of

and high

winding up

of com

panies.

XLVI The registrars and high bailiffs of the county Remuneracourts shall be remunerated for the duties to be per- registrars formed by them under this Act, by receiving, for their bailiffs in own use, such fees as may be from time authorized to be taken by any orders to be made by the Commissioners of the Treasury, with the consent of the Lord Chancellor; and the Commissioners of the Treasury are hereby authorized and empowered, with such consent as aforesaid, from time to time to make such orders: Provided that it shall be lawful for the said commissioners, with the like consent as aforesaid, by an order to direct that after the date named in the order any registrar or high bailiff shall, in lieu of

PT.

502

Not to exempt

from provi

sions of

COMPANIES ACT, 1867.

receiving such fees, be paid such fixed or fluctuating allowance as may in each case be thought just, and after such date the said fees shall be accounted for and paid over by such registrar or high bailiff in such manner as may be directed in the order.

See part II. of this App., al fin.

Saving.

XLVII. Nothing in this Act contained shall exempt companies any company from the second or third provisions of the one hundred and ninety-sixth section of the principal Act restraining the alteration of any provision in any Act of Parliament or charter.

8. 196 of 25 & 26

Vict. c. 89.

JOINT STOCK COMPANIES ARRANGEMENT
ACT, 1870, 33 & 34 Vict. c. 104.

An Act to facilitate compromises and arrangements be-
tween creditors and shareholders of Joint Stock and
other Companies in Liquidation.

[10th August, 1870.]

WHEREAS it is expedient to amend the law relating to the liquidation of joint stock and other companies:

Be it enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:

1. This Act may be cited as "The Joint Stock Com- Short title. panies Arrangement Act, 1870."

compromise

Court of

may order

of creditors,

cide as to

2. Where any compromise or arrangement shall be Where proposed between a company which is, at the time of proposed the passing of this Act or afterwards, in the course of Chancery being wound up, either voluntarily or by or under the a meeting supervision of the court, under the Companies Acts, &c. to de1862 and 1867, or either of them, and the creditors of such comsuch company, or any class of such creditors, it shall be lawful for the court, in addition 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

promise.

504

Interpretation.

Act and
Companies
Act to
be read

together

Joint Stock Companies Arrangement Act, 1870. 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.

In the case of a life assurance company which has absorbed i a number of other companies, the court has no data on which it can estimate the amounts of the claims of the individual creditors of the respective companies, so as to ascertain the statutory majority, and the Act consequently cannot be applied. Albert Life Assurance Co., 6 Ch. 381.

3. The word " company" in this Act shall mear any company liable to be wound up under "The Com panies Act, 1862."

4. This Act shall be read and construed as part of "The Companies Act, 1862."

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