LIMITED LIABILITY WINDINGUP COMPANIES BILL.

Auckland Star, Volume I, Issue 148, 30 June 1870, Page 2

LIMITED LIABILITY WINDINGUP COMPANIES BILL.

Whereas it is expedient to simplify and render less expensive tho mode of winding up companies formed under " Tho Mining Companies Limited Liability let, 1865 " and "The Mining Conyanies Limited Liability Act Amendment ' c . 1869 :"

Be it therefore enact,,-! by the General Assembly of Aew Zealand in Parliament assembled, cud by the authority of the same, as follow:: : —

1, The short title of this Act shall be 'The Limited Liability Compmiies Winding up Act, 1870."

2. Upon any order or decree underthis Act, or.any other Act b*i..g made for the winding-up of any such eo-Uj.-ariy, ifc shall be the duty of the Official /gent in the first place to ascertain the a nount of the debts or liabilities of such 'company, and to estimate the costs and fixpehses of winding up such company, including, the posts of realising, collecting,,, and distributing the assets thereof, his own and all other fees payable in respect thereof.

I 3. Upon ascertaining tho total amount !of such liabilities, costs,.an:i expensesj-the Official Agent shall prepare a schedule1 of contributions, showing therein the names of all the shareholders in the said company liable to contribute, and against their names respectively the amount payable by them for unpaid calls, aid also the proportionate amount required to be contributed by ehch, in order to liquidate the total estimated liabilities, costs,'and expenses, togetber with a fair estimated " amount to cover what contributions may be irrecoverable. . ,', , ~ , . 4, The Official Agent shall thereupon post to the address of every .person, liable to contribute, a statement cf the amount he is estimated to be liable to contribute, together with a notice that on a day therein named, not sooner than twentyone days from the date of such notice,' objections to tho scheme of contribution will be -liear&Abefore the District Court Judge for the district, or if there be no such Judge/then before the Resident Magistrate or two Justices of the Peace acting in and for the district inwhich such company was carrying on business.

5. On the day named, or 'any adjourn-, ment thereof, any person named on the said schedule may appearj and object to his name being placed on such schedule of contributions, or to the amount for

which he is so placed

6. On hearing such objections, and any evidence in support thereof, and of the Official Agent,' and any evidence he may produce, the Judge, Resident Magistrate, or Justices, as the case may be, may amend the schedule, and shall thereupon settle and determine the same, and annex thereto an order upon all persons therein named to pay the amounts therein stated, which order shall have the effiect and may be enforced in the same manner'as a judgment of the District Court' or of a Resident Magistrate. 7. Should the amount recovered by.the, Official Agent under such order as aforesaid prove insufficient to liquidate the liabilities of the company, together with the costs and expenses as aforesaid, he may prepare a further schedule of contribution from the same -.. contributories, which shall be fixed,.settled,ordered, and enforced in like manner,as the previous contribution ; but to such further contribution no contributory shall be entitled to object, save as to amount charged against him. . • - :/:,...'• .-,;• 8. The remuneration of, the Official Agent shall be five per cent, on the amount paid by him of. the liabilities of the company woundup, instead of on, the: amount collected by nim ; and the :renumeration of the Official Auditor shall, be three pounds three shillings in respect of each company wound up, in respect of which the Official Agent's accounts shall ;be audited by him. ..,.,,.. .. . 9. Sections thirty-eight and thirty-nine, and the proviso in section thirty-five, j_?f ;"The Mining Companies Limited. Liability Act, 1865," are hereby repealed, A , 10. Upon a petition by a itt number and value of the shareholders of i any company formed under " The Mining Companies Limited Liability Act 1865," or "The Mining Companies Limited Liability Act Amendment Act, 1869,', requesting the' company to be wound up by the Official Agent, or by any person therein named, it shall be lawful (provided the signature of such petition by a majority in number and value be verified by' the oath of two directors of such company) for the District Court Judge, .Resident Magistrate, or any (wo Justices of the Peace acting within the di^P* within which the said company carried'on business, to issue-an order or decree for; the winding-up of such company by the Official Agent, or by the person named in such petition, who shall in such case,be deemed to be a duly appointed. Official Agent. ' ' '