Page images
PDF
EPUB

dator, the conditions or contracts of sale shall be settled and approved of by the judge, unless he shall otherwise direct; and the judge may, if he thinks fit, direct such conditions and contracts, and the abstract of the title to the property, to be submitted to one of the conveyancing counsel of the court, under the 2nd of the Consolidated General Orders (f), and may, on any sale by public auction, fix a reserved bidding; and, unless on account of the small amount of the purchase monies or other cause, it shall, having regard to the amount of the security given by the official liquidator, be thought proper that the purchase monies shall be paid to him, all conditions and contracts of sale shall provide that the purchase monies shall be paid by the respective purchasers into the bank of England, to the account of the official liquidator of the company.

(e) See sects. 94, 95, 103, ante, pp. 111, 155.

(f) See Morgan's Chancery Acts and Orders, pp. 355, 356.

CALLS (g).

33. Every application to the judge to make any call on the contributories or any of them, for any purpose authorized by the said act, shall be made by summons, stating the proposed amount of such call; and such summons shall be served, four clear days at the least before the day appointed for making the call, on every contributory proposed to be included in such call; or if the judge shall so direct, notice of such intended call may be given by advertisement (h).

(g) See sects. 102, 120, ante, pp. 153, 163. (h) See forms, Nos. 33-35, post.

34. When any order for a call has been made, a copy thereof shall be forthwith served upon each of the contributories included in such call, together with a notice from the official liquidator specifying the amount or balance due from such contributory (having regard to the provisions of the said act) in respect of such call; but such order need not be

advertized unless, for any special reason, the judge shall so direct (i).

(i) See forms, Nos. 36, 37, post.

35. At the time of making an order for a call, the further proceedings relating thereto shall be adjourned to a time subsequent to the day appointed for the payment thereof, and afterwards from time to time so long as may be necessary; and at the time appointed by any such adjournment, or upon a summons to enforce payment of the call, duly served, and upon proof of the service of the order (k) and notice of the amount due, and non-payment, an order may be made for such of the contributories who have made default, or of such of them against whom it shall be thought proper to make such order, to pay the sum which by such former order and notice they were respectively required to pay, or any less sum which may appear to be due from them respectively.

(k) See forms, Nos. 38, 39, 42, post.

PAYMENT IN OF MONIES AND DEPOSIT OF

SECURITIES (1).

36. If any official liquidator shall not pay all the monies received by him into the bank of England, to the account of the official liquidator of the company, within seven days next after the receipt thereof, unless the judge shall have otherwise directed, such official liquidator shall be charged in his account with 10s. for every 100l., and a proportionate sum for any larger amount, retained in his hands beyond such period, for every seven days during which the same shall have been so retained, and the judge may, for any such retention, disallow the salary or remuneration of such official liquidator.

(1) See sects. 103, 104, ante, pp. 156, 157.

37. All bills, notes and other securities payable to the company or the official liquidator thereof

shall, as soon as they shall come to the hands of such official liquidator, be deposited by him in the bank of England for the purpose of being presented by the bank for acceptance and payment, or for payment only, as the case may be.

38. All orders for payment of calls, balances or other monies due from any contributory or other person shall direct the same to be paid into the bank of England, to the account of the official liquidator of the company, unless, on account of the smallness of the amount or other cause, it shall, having regard to the amount of the security given by the official liquidator, be thought proper to direct payment thereof to the official liquidator. Provided that where any such order has been made directing payment of a specific sum into the bank of England, in case it shall be thought proper for the purpose of enabling the official liquidator to issue execution or take other proceedings to enforce the payment thereof, or for any other reason, an order may, either before service of such former order or after the time thereby fixed for payment, be made, without notice, for payment of the same sum to the official liquidator.

39. At the time of the service of any order for payment into the bank of England, the official liquidator shall give to the party served a notice, to the purport or effect set forth in form No. 40 in the third schedule hereto, for the purpose of informing him how the payment is to be made; and before the time fixed for such payment the official liquidator shall furnish the cashier of the bank of England with a certificate, to the purport or effect set forth in form No. 41 in the third schedule hereto, to be signed by such cashier, and delivered to the party paying in the money therein mentioned.

40. For the purpose of enforcing any order for payment of money into the bank of England an affidavit of the official liquidator, to the purport or effect set forth in form No. 43 in the third schedule hereto, shall be sufficient evidence of the ment thereof.

nonpay

41. All monies, bills, notes and other securities paid and delivered into the bank of England shall be placed to the credit of the account of the official liquidator of the company; and orders for any such payment and delivery shall direct the same accordingly.

DELIVERY OUT OF SECURITIES, AND PAYMENT OUT

AND INVESTMEnt of monies (m).

42. All bills, notes and other securities delivered into the bank of England shall be delivered out upon a request signed by the official liquidator, and countersigned by the chief clerk of the judge; and monies placed to the account of the official liquidator shall be paid out upon cheques or orders, signed by the official liquidator, and countersigned by the chief clerk of the judge.

(m) See sects. 103, 104, ante, pp. 155, 156.

43. All or any part of the money for the time being standing to the credit of the account of the official liquidator at the bank of England, and not immediately required for the purposes of the winding-up, may be invested in the purchase of Bank £3 per Cent. Annuities, Reduced £3 per Cent. Annuities, New £3 per Cent. Annuities, or New £2:10s. per Cent. Annuities, in the name of the official liquidator, or in the purchase of exchequer bills. All such investments shall be made by the bank of England, upon a request signed by the official liquidator, and countersigned by the chief clerk of the judge, and which request shall be a sufficient authority for debiting the account with the purchase money; and such exchequer bills, and in case of an exchange thereof any new exchequer bills, shall be retained by or deposited with the bank of England, in the name and on behalf of the official liquidator; and such annuities or exchequer bills shall not afterwards be sold or transferred or otherwise dealt with except upon a direction for that

purpose, signed by the official liquidator, and countersigned by the chief clerk of the judge, or under an order to be made by the judge (n).

(n) See form, No. 44, post.

44. All dividends and interest to accrue due upon any such annuities shall from time to time be received by the bank of England, under a power of attorney to be executed by the official liquidator, and placed to the credit of the account of such official liquidator; and such of the exchequer bills as shall from time to time be in course of payment, shall be delivered by the bank of England to one of their cashiers, who is to receive the interest due thereon, and exchange the same for new bills, in case such new bills are issued, or otherwise to receive the principal and interest due on such of the said bills, so in course of payment, as cannot be exchanged, and pay the said interest, or principal and interest, as the case may be, into the bank of England to the credit of the account of the official liquidator of the company.

MEETINGS OF CREDITORS OR CONTRIBUTORIES.

45. When the judge shall direct a meeting of the creditors or contributories of the company to be summoned under the 91st or 149th section (o) of the said act, the official liquidator shall give notice in writing, seven clear days before the day appointed for such meeting, to every creditor or contributory, of the time and place appointed for such meeting, and of the matter upon which the judge desires to ascertain the wishes of the creditors or contributories; or, if the judge shall so direct, such notice may be given by advertisement, in which case the object of the meeting need not be stated, and it shall not be necessary to insert such advertisement in the London Gazette.

(o) Ante, pp. 109, 178.

46. The votes of the creditors or contributories of the company at any meeting summoned by the

« EelmineJätka »