Page images
PDF
EPUB

APPENDIX.

STATUTES.

The court, after

adjudication, may

order any treasurer, &c., or so

licitor or agent of the bankrupt, to deliver to the offcial assignee, or to

the Bank of England, all mo

nies and securities power, which he is not by law entitled to retain as against the bankrupt or his assignees.

in his custody or

If any person dis

obey any rule or order of the court duly made, the court to commit him to prison, there to remain

until he conform, or Lord Chancel

or until the court

lor shall otherwise order.

The court may

direct the assignees company adjudged bankrupt to petition the Court of Chancery for di

of the estate of a

mination under such fiat, voluntarily discover to such court or the assignees any part of the estate of such company or body not before come to the knowledge of the assignees, shall be allowed five pounds per centum thereupon, and such further reward as the major part in value of the creditors present at any meeting called for that purpose shall think fit to be paid out of the estate recovered on such discovery.

XVIII. And be it enacted, That, after the adjudication of bankruptcy under any fiat already issued or hereafter to be issued shall have been advertised in the London Gazette, it shall be lawful for the court authorized to act in the prosecution of such fiat to order any treasurer or other officer, or any attorney or solicitor, or other agent of the company or body, or person or persons, adjudged bankrupt under such fiat, to pay and deliver over to the official assignee appointed under such fiat, or to the Bank of England, or any of the branches thereof, to the credit of the accountant in bankruptcy, according to the rules now or hereafter in force with respect to payments into the Bank of England of monies due to any bankrupt's estate, all monies or securities for money in his custody, possession, or power, as such officer or agent, and which he is not by law entitled to retain as against the bankrupt or bankrupts, or his or their assignees.

XIX. And it is hereby declared and enacted, That if any person shall disobey any rule or order of the court authorized to act in the prosecution of any fiat in bankruptcy, duly made by such court for enforcing any of the purposes and provisions of this act, or of any other act relating to bankruptcy or insolvency, now or hereafter to be in force, or made or entered into by consent of such person for carrying into effect any of such purposes or provisions, it shall and may be lawful for such court, by warrant under hand and seal, to commit the person so offending to the Queen's Prison, or to the common gaol of any county, city, or place where he shall be found or where he shall usually reside, there to remain without bail or mainprize until such person shall have fulfilled the duty required by such rule or order, or until such court or the Lord Chancellor shall make order to the contrary.

XX. And be it enacted, That it shall be lawful for the court authorized to act in the prosecution of any such fiat in bankruptcy to direct the creditors' assignees of the estate and effects of any such com pany or body to apply to the High Court of Chancery, by petition in a summary way to the Lord Chancellor or the Master of the Rolls, rections for wind- praying that all such orders and directions may be given as shall be

ing up the affairs of the company, upon which petition an order of reference may be made, and accounts taken, and upon the confirmation of the Master's report a receiver may be appointed.

necessary for the final winding up and settling the affairs of such company or body, and to compel a just contribution from all the members of such company or body towards the full payment of all the debts and liabilities of such company or body, and of the costs of winding up and finally settling the affairs of such company or body; and that upon the hearing of such petition it shall be lawful for the said High Court of Chancery to refer it to one of the Masters of the High Court of Chancery to take all such accounts and make all such inquiries as shall be required for the purpose of ascertaining what sum of money in the whole, and what sums of money as proportionate parts of the whole, or what sum or sums of money from time to time on account, will (having regard to the deed of settlement of such company, and the calls, contributions, debts, or demands actually paid by the several and respective members thereof, and also having

regard to any proceedings in the court of bankruptcy, or any district court of bankruptcy), be necessary and proper to be raised by calls or contributions from the respective members of such company or body for the payment and satisfaction of all the debts and liabilities of such company or body, and also of all the costs of winding up and settling the affairs of the said company; and that the high Court of Chancery, upon confirmation of the Master's report made upon any such reference, or upon making such reference, or otherwise, may order the payment of the several and respective sums of money which by such report are found necessary and proper to be paid, and may refer it to the Master to appoint a receiver to collect and receive such sums of money, and either to pay the same into the Bank of England, in the name and to the account of the Accountant-General of the high Court of Chancery, to the credit of such company or body, and may, upon the petition of such assignees, order such sums of money to be paid in or towards satisfaction of the debts which by the proceedings in bankruptcy shall have been found to be due to the creditors of such company or body, and all persons having claims and demands thereon, and also in satisfaction of costs, or may order such receiver to pay such sums of money in satisfaction of such debts, claims, and demands, and costs, in the first instance.

XXI. And be it enacted, That if it shall appear that any individual members of such company or body have claims against each other in respect of the affairs or transactions of such company or body, it shall be lawful for the Court of Chancery, upon the petition of any member of such company or body, alleging that he hath any such claim against any other member of the said company or body, to make all such orders as shall be just for the purpose of finally settling and determining such claim, and may order the payment of such sum of money (if any) as shall appear to be due in respect of any such claim. XXII. And whereas the law is defective in the means of making the members of joint-stock companies contributaries for paying their debts in full, and in the means of giving relief where execution may have been had in respect of a debt due from any such company against one or a very few members of such company, and also in the means of adjusting the rights of the members of any such company amongst themselves, and finally winding up the affairs of such company; be it enacted, That it shall be lawful for the Lord Chancellor, with the advice and consent of the Master of the Rolls and the ViceChancellors for the time being, or any two of them, from time to time, and as often as circumstances shall require, to make and prescribe such rules and orders touching and concerning the form and mode of proceeding to be had and taken in the Court of Chancery for settling and enforcing the contribution to be paid by any member or members for the time being of any such company, or any former member or members thereof, or any real or personal representative, or other persons liable in that behalf, and the practice to be observed by such court in or relating to such proceeding, or any matters incident thereto, and the form and mode of proceeding to be had and taken before any one of the Masters of the said court, primarily or by reference from the said court, in any matter for or relating to contribution, as shall from time to time seem necessary and proper for the advancement of justice in such cases, and for adjusting and determining the rights and equities of the parties concerned, and for suing for and get

f

[blocks in formation]

APPENDIX.

STATUTES.

The act 41 G. 3, (U. K.), c. 90, to extend to decrees

or orders made by the Court of Chan

cery in any suit under this act.

Decrees or orders made under this

act by the Court of

Chancery may be

registered in Scot tion may be had as upon a decree interponed upon a

land, and execu

bond, with a clause

of registration.

Previous to passing the last examination the

court shall inquire

into the cause of the failure of a

company, and after

the last examination shall cause a copy of the balance sheet to be transmitted to the Board of Trade, and certify the cause of the failure, and any spe

ting in the assets, and for ascertaining and discharging the liabilities of such companies, and requiring the creditors thereof to claim their debts, and finally winding up the affairs thereof, with as little delay, expense, and uncertainty as possible: Provided always, that such rules and orders shall be laid before both Houses of Parliament within one month from the making thereof, if Parliament be then sitting, or, if Parliament be not then sitting, within one month from the commencement of the then next session of Parliament; and every rule and order so made shall be binding and obligatory, and be of like force and effect as if the provisions contained therein had been expressly enacted by Parliament.

XXIII. And be it enacted, That an act passed in the forty-first year of the reign of King George the Third, intituled " An Act for the more speedy and effectual Recovery of Debts due to his Majesty, his Heirs and Successors, in right of the Crown of the United Kingdom of Great Britain and Ireland, and for the better Administration of Justice within the same," shall extend to decrees or orders made by the said Court of Chancery in any suit, proceeding, or matter under or by virtue of this act.

XXIV. And be it enacted, That, on production of an office copy of any decree or order of the Court of Chancery made in any proceeding under or by virtue of this act, and of an affidavit that application has been duly made to the person mentioned in such decree or order for payment of the sum thereby ordered to be paid by him, and that default has been made in payment thereof, to one of the principal clerks of the Court of Session in Scotland, or his deputy, for registration there, such decree or order shall thereupon be registrable and registered there in like manner as a bond executed according to the law of Scotland, with a clause of registration therein contained, and execution shall and may pass upon a decree to be interponed thereto in like manner as execution passes upon a decree interponed to such bond, and shall have the like effect upon and against the person named in such decree or order of the said Court of Chancery as if he had executed such bond.

XXV. And be it enacted, That, previous to passing the last examination under a fiat against any such company or body adjudged bankrupt, it shall be the duty of the court authorized to act in the prosecution of such fiat, to inquire, by the examination of such person or persons as such court shall think fit, into the cause of the failure of such company or body; and after the passing of such last examination, or after the time allowed by such court for that purpose shall have elapsed, such court shall cause a copy of the balance sheet filed in the court under such fiat to be transmitted to the committee of Privy Council for Trade and Plantations, and such court shall at the same time certify in writing to the said committee what, in the cial circumstances, opinion of such court, was the cause of the failure of such company or body, and shall have liberty to state any special circumstances relating to the formation or management of the affairs of such company or body, and shall cause to be annexed to such certificate a copy of the examination of any person or persons taken under such fiat, and which such court shall deem material, relating to the formation or management of the affairs of such company or body.

and annex a copy of any examinations deemed material.

After the court

shall have certi

XXVI. And be it enacted, That, after the court shall have certified to the committee of Privy Council for Trade and Plantations the cause of Trade the cause of the failure of any such company or body adjudged bankrupt, it

fied to the Board

shall and may be lawful for her Majesty, her heirs and successors, upon the recommendation of the said committee, by any instrument in writing under her or their great seal of Great Britain, or privy seal, to signify her or their pleasure for revoking and making void, and thereby to revoke and make void, all the powers, privileges, and advantages at any time, by any charter or letters-patent or act of Parliament, granted to such company or body, and to determine the same; and thereupon the said powers, privileges, and advantages shall accordingly be revoked, and the same company or body shall be determined, without any inquisition, scire facias, or any matter or thing to make void or determine the same, anything in such charter or letters-patent or act of Parliament contained to the contrary notwithstanding.

XXVII. And be it enacted, That, after the court shall have certified to the committee of Privy Council for Trade and Plantations the cause of the failure of any such company or body adjudged bankrupt, the said committee may, whenever it shall think fit, cause all the papers relating to such failure, and to the formation and management of such company or body, and to the conduct of any of the directors or other officers of the said company or body therein, or to any or either of such matters, to be laid before her Majesty's Attorney-General, who shall direct whether any and what proceedings shall be taken thereupon against any person who was a director or other officer of such company or body, or any other person; and any prosecution or other proceeding which shall be thereupon directed by the AttorneyGeneral shall be conducted by or under the direction of the commissioners of her Majesty's Treasury.

XXVIII. Provided always, and be it enacted, That, until the determination of such company or body by her Majesty, her heirs or successors, such company or body, and the persons who were officers thereof at the time of such determination, shall respectively be considered as subsisting, and as continuing such officers as aforesaid, for all the purposes for which the same was originally constituted, and that, notwithstanding such determination as aforesaid, the same shall be considered as subsisting and continuing respectively so long and so far as may be necessary for the winding up of the concerns of such company or body under the fiat issued against such company or body. XXIX. And be it enacted, That, notwithstanding the determination of any company or body incorporated or associated within the meaning of this act, as the case may be, by any other means than as last aforesaid, such company or body, and the persons who were officers thereof at the time of such determination, shall respectively be considered as subsisting, and as continuing such officers as aforesaid, for all the purposes of this act, so long and so far as any matters relating to such company or body shall remain unsettled.

XXX. And be it enacted, That, if any person, being a member of any such company or body which shall be adjudged bankrupt, shall, after and with knowledge of an act of bankruptcy within the meaning of this act committed by such company or body, or in contemplation of the bankruptcy of such company or body, have destroyed, altered, mutilated, or falsified any of the books, papers, writings, or securities of such company or body, or made or been privy to the making of any false or fraudulent entry in any book of account or other document, with intent to defraud the creditors of such company or body, or to defeat the object of this or any other statute relating

[blocks in formation]

APPENDIX.

STATUTES.

Construction of the act.

Commencement of act.

Act may be amended, &c. this session.

to bankrupts, every such person shall be deemed to be guilty of a misdemeanour, and being convicted thereof shall be liable to be imprisoned in any common gaol or house of correction for any term not exceeding three years, with or without hard labour.

XXXI. And be it enacted, That, in construing this act, all powers given or duties directed to be performed by the Lord Chancellor may be performed by the Lord Keeper or Lords Commissioners of the Great Seal; and every word importing the singular number only shall extend and be applied to several persons or things as well as one person or thing, and bodies corporate as well as individuals; and every word importing the plural number shall extend and be applied to one person or thing as well as several persons or things; and every word importing the masculine gender only shall extend and be applied to a female as well as a male; and the words "fiat in bankruptcy" shall mean also and include any commission of bankrupt; unless (in the cases above specified) a different construction shall be provided, or the construction be repugnant to the subject-matter

or context.

XXXII. And be it enacted, That this act shall commence and take effect on the first day of November next.

XXXIII. And be it enacted, That this act may be amended or repealed by any act to be passed in this present session of Parliament.

SCHEDULE TO WHICH THE FOREGOING
ACT REFERS.

SCHEDULE (A).

No. 1.

Declaration of Insolvency by incorporated or associated Commer cial or Trading Company.

By virtue of a resolution duly passed in that behalf, on the

day of at a board of directors of [here state the name or style of the company], duly summoned for that purpose, it is hereby declared, that the said company [or, "society," &c., as the case may be] is unable to meet its engage

ments.

Dated this

day of

[ocr errors]

in the year

[Common seal of the company, or, if the company here
no common seal, the signature of the chairman of the
board of directors who was present at the passing of
the resolution.]

Witness G. H., attorney [or, "solicitor"] of the
Court of
and attorney [or, "solicitor "] of
the said company, and attesting witness to the execution
hereof as such attorney [or, "solicitor"].

« EelmineJätka »