SUPERVISION.

When a company is in voluntary liquidation the Court may make an order directing that the voluntary winding-up shall continue subject to the supervision of the Court. [Sect. 147.]

Any such order must be advertised in the Gazette within twelve days of its date.

This order is obtained by petition, which must be served both upon the liquidator and the company.

The making of any such order is entirely within the discretion of the Court, but it will have regard to the wishes of the creditors and contributories.

When a voluntary winding-up is invalid through any irregularity the Court has no power to make a supervision order. [Patent Floor Cloth Co., 8 Eq. 664.]

On the presentation of a petition for a supervision order the Court has the same powers as to restraining actions, &c., as in the case of a compulsory winding-up. [Sect. 149.]

When a supervision order is made the liquidator may, subject to any restrictions imposed by the Court, exercise all his powers without the sanction or intervention of the Court in the same manner as if the company were being wound up altogether voluntarily. [Sect. 151.]

The Court may and usually does continue the voluntary liquidators as official liquidators. [Sect. 152.]

The effect of this order is to enable the liquidator to obtain the assistance of the Court whenever he requires it, and enables the creditors or contributories to apply for an inspection of the books of the company (sect. 156) and to require the liquidator to bring in and pass his accounts. [Imperial Land Co. of Marseilles, 1882, W. N. 173.]

At the same time the expense attendant on continual applications at Chambers in a compulsory winding-up is avoided, and the assets of the company remain under the sole control of the liquidator.

APPENDIX No. 1.

LIST OF FORMS.

1. MEMORANDUM OF ASSOCIATION (COMMON FORM.)

2. MEMORANDUM OF ASSOCIATION (MISCELLANEOUS OBJECT FORMS). (a.) BANK.

(b.) Share Dealers and FinaNCIAL AGENTS.

(c.) GENERAL SHARE TRUST.

(d.) FOREIGN RAILWAY.

(e.) DRAINAGE COMPANY.

(f.) ELECTRIC LIGHT AND POWER.

(g.) COLONIZATion and Emigration.

(h.) MINING.

(j.) RIVER STEAMBOAT.

(k.) WHOLESALE CONFECTIONERS.

(1.) FISH COMPANY.

(m.) DAIRY COMPANY.

(n.) LAUNDRY COMPANY.

(p.) CO-OPERATIVE SOCIETY.

(9.) HOTEL COMPANY.

(r.) Patent Company.

3. ARTICLES OF ASSOCIATION. COMMON FORM.

4. APPLICATION FOR SHARES.

5. SCRIP CERTIFICATE.

6. DEBENTURES.

(a.) CREATING GENERAL CHARGE.

(b.) CREATING NO CHARGE.

7. WINDING UP. FORMS OF PETITIONS FOR COMPULSORY ORDER& (a.) PETITION BY JUDGMENT CREDITOR.

(b.) PETITION BY SIMPLE CONTRACT CREDITOR.
(c.) PETITION BY COMPANY ITSELF.

I.-MEMORANDUM OF ASSOCIATION.-COMMON FORM.

2. The registered office of the company will be situate in England.

3. The objects for which the company is established are:(a.) To carry on the business of an

its branches.

Company in all

(b.) To purchase, lease, hire, or otherwise acquire any lands, tenements, warehouses, storehouses, plant, machinery, or other property, and to erect and construct any buildings, plant, machinery, or things necessary or convenient for the carrying out of any of the purposes of the company.

(c.) To purchase and acquire any other business or businesses of the like character to the business or businesses to be transacted by the company, or any interest therein, and to pay for the same in cash or in shares or debentures of the

company, or partly in one of such modes and partly in the other or others.

(d.) To sell, lease, or otherwise dispose of, or mortgage upon such terms as may be thought expedient, any of the said premises, plant, machinery, book debts and stock, together with the said business or businesses or any part or parts thereof [and any patent rights connected therewith], and the goodwill thereof, and the works belonging thereto or connected therewith respectively, and any lands, houses, or other buildings acquired or erected by the company [and to grant licenses of user of the patent rights and privileges belonging to the company].

(e.) To invest the capital of the company for any of the purposes aforesaid, and in building on or otherwise improving or adding to the marketable value of the lands or other property from time to time acquired by the company, and to make, maintain, and use such works as the company may think necessary or expedient for any of the purposes aforesaid.

(f.) To distribute among its members in specie any property of the company, or any proceeds of sale, or disposal of any property of the company; but so that no distribution, amounting to a reduction of capital, be made, except with the sanction (if any) for the time being required by law.

(g.) To amalgamate, unite, or co-operate, either generally or to or for any limited extent or period, determinable, continuous, or otherwise, with any corporation, company, or persons already or hereafter to be established for, or engaged in objects similar or analogous to those of the company, or to any of them, relative to the carrying on the business of the company, or any part thereof, and for such purpose to make and enter into any contracts, agreements, or arrangements for partnership or for sharing profits or uniformity of interests or otherwise, and to subscribe towards or otherwise acquire and hold shares, stocks, and obligations, mortgage bonds, or debentures in or charged on the capital or undertaking of any corporation or company already formed or hereafter to be formed.

(h.) To purchase or otherwise acquire and undertake all or any part of the business, property, and liabilities of any other company or corporation or individual or partnership