Law

Companies Act 1948

United Kingdom · statute

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In force since 1948-06-30, as the publisher states.

Copy read on 2026-11-09. The page it was read from

Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.

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Contents: 481 provisions
  1. Title and introductory text
  2. 1 Mode of forming incorporated company.
  3. 2 Requirements with respect to memorandum.
  4. 3 Stamp and signature of memorandum.
  5. 4 Restriction on alteration of memorandum.
  6. 5 Mode in which and extent to which objects of company may be altered.
  7. 6 Articles prescribing regulations for companies.
  8. 7 Regulations required in case of unlimited company or company limited by guarantee.
  9. 8 Adoption and application of Table A.
  10. 9 Printing, stamp, and signature of articles.
  11. 10 Alteration of articles by special resolution.
  12. 11 Statutory forms of memorandum and articles.
  13. 12 Registration of memorandum and articles.
  14. 13 Effect of registration.
  15. 14 Power of company to hold lands.
  16. 15 Conclusiveness of certificate of incorporation.
  17. 16 Registration of unlimited company as limited.
  18. 17 Prohibition of registration of companies by undesirable names.
  19. 18 Change of name.
  20. 19 Power to dispense with “limited ” in name of charitable and other companies.
  21. 20 Effect of memorandum and articles.
  22. 21 Provision as to memorandum and articles of companies limited by guarantee.
  23. 22 Alterations in memorandum or articles increasing liability to contribute to share capital not to bind existing members without consent.
  24. 23 Power to alter conditions in memorandum which could have been contained in articles.
  25. 24 Copies of memorandum and articles to be given to members.
  26. 25 Issued copies of memorandum to embody alterations.
  27. 26 Definition of member.
  28. 27 Membership of holding company.
  29. 28 Meaning of “private company ”.
  30. 29 Consequences of default in complying with conditions constituting a company a private company.
  31. 30 Statement in lieu of prospectus to be delivered to registrar by company on ceasing to be private company.
  32. 31 Members severally liable for debts where business carried on with fewer than seven, or in case of private company two, members.
  33. 32 Form or contracts.
  34. 33 Bills of exchange and promissory notes.
  35. 34 Execution of deeds abroad.
  36. 35 Power for company to have official seal for use abroad.
  37. 36 Authentication of documents.
  38. 37 Dating of prospectus.
  39. 38 Matters to be stated and reports to be set out in prospectus.
  40. 39 Exclusion of foregoing section and relaxation of Fourth Schedule in case of certain prospectuses.
  41. 40 Expert's consent to issue of prospectus containing statement by him.
  42. 41 Registration of prospectus.
  43. 42 Restriction on alteration of terms mentioned in prospectus or statement in lieu of prospectus.
  44. 43 Civil liability for mis-statements in prospectus.
  45. 44 Criminal liability for mis-statements in prospectus.
  46. 45 Document containing offer of shares or debentures for sale to be deemed prospectus.
  47. 46 Interpretation of provisions relating to prospectuses.
  48. 47 Prohibition of allotment unless minimum subscription received.
  49. 48 Prohibition of allotment in certain cases unless statement in lieu of prospectus delivered to registrar.
  50. 49 Effect of irregular allotment.
  51. 50 Applications for, and allotment of, shares and debentures.
  52. 51 Allotment of shares and debentures to be dealt in on stock exchange.
  53. 52 Return as to allotments.
  54. 53 Power to pay certain commissions, and prohibition of payment of all other commissions, discounts, &c.
  55. 54 Prohibition of provision of financial assistance by company for purchase of or subscription for its own, or its holding company's, shares.
  56. 55 Construction of references to offering shares or debentures to the public.
  57. 56 Application of premiums received on issue of shares.
  58. 57 Power to issue shares at a discount.
  59. 58 Power to issue redeemable preference shares.
  60. 59 Power of company to arrange for different amounts being paid on shares.
  61. 60 Reserve liability of limited company.
  62. 61 Power of company limited by shares to alter its share capital.
  63. 62 Notice to registrar of consolidation of share capital, conversion of shares into stock, &c.
  64. 63 Notice of increase of share capital.
  65. 64 Power of unlimited company to provide for reserve share capital on re-registration.
  66. 65 Power of company to pay interest out of capital in certain cases.
  67. 66 Special resolution for reduction of share capital.
  68. 67 Application to court for confirming order, objections by creditors, and settlement of list of objecting creditors.
  69. 68 Order confirming reduction and powers of court on making such order.
  70. 69 Registration of order and minute of reduction.
  71. 70 Liability of members in respect of reduced shares.
  72. 71 Penalty for concealing name of creditor, &c.
  73. 72 Rights of holders of special classes of shares.
  74. 73 Nature of shares.
  75. 74 Numbering of shares.
  76. 75 Transfer not to be registered except on production of instrument of transfer.
  77. 76 Transfer by personal representative.
  78. 77 Registration of transfer at request of transferor.
  79. 78 Notice of refusal to register transfer.
  80. 79 Certification of transfers.
  81. 80 Duties of company with respect to issue of certificates.
  82. 81 Certificate to be evidence of title.
  83. 82 Evidence of grant of probate.
  84. 83 Issue and effect of share warrants to bearer.
  85. 84 Penalty for personation of shareholder.
  86. 85 Offences in connection with share warrants in Scotland.
  87. 86 Provisions as to registers of debenture holders.
  88. 87 Rights of inspection of register of debenture holders and to copies of register and trust deed.
  89. 88 Liability of trustees for debenture holders.
  90. 89 Perpetual debentures.
  91. 90 Power to re-issue redeemed debentures in certain cases.
  92. 91 Saving, in case of re-issued debentures, of rights of certain mortgagees.
  93. 92 Specific performance of contracts to subscribe for debentures.
  94. 93 Validity of debentures to bearer in Scotland.
  95. 94 Payment of certain debts out of assets subject to floating charge in priority to claims under the charge.
  96. 95 Registration of charges created by companies registered in England.
  97. 96 Duty of company to register charges created by company.
  98. 97 Duty of company to register charges existing on property acquired.
  99. 98 Register of charges to be kept by registrar of companies.
  100. 99 Endorsement of certificate of registration on debentures.
  101. 100 Entries of satisfaction and release of property from charge.
  102. 101 Rectification of register of charges.
  103. 102 Registration of enforcement of security.
  104. 103 Copies of instruments creating charges to be kept by company.
  105. 104 Company's register of charges.
  106. 105 Right to inspect copies of instruments creating mortgages and charges and company's register of charges.
  107. 106 Application of Part III to charges created, and property subject to charge acquired, by company incorporated outside England.
  108. 107 Registered office of company.
  109. 108 Publication of name by company.
  110. 109 Restrictions on commencement of business.
  111. 110 Register of members.
  112. 111 Index of members.
  113. 112 Provisions as to entries in register in relation to share warrants.
  114. 113 Inspection of register and index.
  115. 114 Consequences of failure to comply with requirements as to register owing to agent's default.
  116. 115 Power to close register.
  117. 116 Power of court to rectify register.
  118. 117 Trusts not to be entered on register in England.
  119. 118 Register to be evidence.
  120. 119 Power for company to keep dominion register.
  121. 120 Regulations as to dominion register.
  122. 121 Stamp duties in case of shares registered in dominion registers.
  123. 122 Power to extend provisions as to dominion registers to other countries.
  124. 123 Provisions as to branch registers of dominion companies kept in the United Kingdom.
  125. 124 Annual return to be made by company having a share capital.
  126. 125 Annual return to be made by company not having a share capital.
  127. 126 Time for completion of annual return.
  128. 127 Documents to be annexed to annual return.
  129. 128 Certificates to be sent by private company with annual return.
  130. 129 Exemption, in certain cases, of private companies from requirements of s.127.
  131. 130 Statutory meeting and statutory report.
  132. 131 Annual general meeting.
  133. 132 Convening of extraordinary general meeting on requisition.
  134. 133 Length of notice for calling meetings.
  135. 134 General provisions as to meetings and votes.
  136. 135 Power of court to order meeting.
  137. 136 Proxies.
  138. 137 Right to demand a poll.
  139. 138 Voting on a poll.
  140. 139 Representation of corporations at meetings of companies and of creditors.
  141. 140 Circulation of members' resolutions, &c.
  142. 141 Extraordinary and special resolutions.
  143. 142 Resolutions requiring special notice.
  144. 143 Registration and copies of certain resolutions and agreements.
  145. 144 Resolutions passed at adjourned meetings.
  146. 145 Minutes of proceedings of meetings of company and of directors and managers.
  147. 146 Inspection of minute books.
  148. 147 Keeping of books of account.
  149. 148 Profit and loss account and balance sheet.
  150. 149 General provisions as to contents and form of accounts.
  151. 150 Obligation to lay group accounts before holding company.
  152. 151 Form of group accounts.
  153. 152 Contents of group accounts.
  154. 153 Financial year of holding company and subsidiary.
  155. 154 Meaning of “holding company ” and “subsidiary ”.
  156. 155 Signing of balance sheet.
  157. 156 Accounts and auditors' report to be annexed to balance sheet.
  158. 157 Directors report to be attached to balance sheet.
  159. 158 Right to receive copies of balance sheets and auditors' report.
  160. 159 Appointment and remuneration of auditors.
  161. 160 Provisions as to resolutions relating to appointment and removal of auditors.
  162. 161 Disqualifications for appointment as auditor.
  163. 162 Auditors' report and right of access to books and to attend and be heard at general meetings.
  164. 163 Construction of references to documents annexed to accounts.
  165. 164 Investigation of company's affairs on application of members.
  166. 165 Investigation of company's affairs in other cases.
  167. 166 Power of inspectors to carry investigation into affairs of related companies.
  168. 167 Production of documents, and evidence, on investigation.
  169. 168 Inspectors' report.
  170. 169 Proceedings on inspectors' report.
  171. 170 Expenses of investigation of company's affairs.
  172. 171 Inspectors' report to be evidence.
  173. 172 Appointment and powers of inspectors to investigate ownership of company.
  174. 173 Power to require information as to persons interested in shares or debentures.
  175. 174 Power to impose restrictions on shares or debentures.
  176. 175 Saving for solicitors and bankers.
  177. 176 Directors.
  178. 177 Secretary.
  179. 178 Prohibition of certain persons being sole director or secretary.
  180. 179 Avoidance of acts done by person in dual capacity as director and secretary.
  181. 180 Validity of acts of directors.
  182. 181 Restrictions on appointment or advertisement of director.
  183. 182 Share qualifications of directors.
  184. 183 Appointment of directors to be voted on individually.
  185. 184 Removal of directors.
  186. 185 Retirement of directors under age limit.
  187. 186 Duty of directors to disclose age to company.
  188. 187 Provisions as to undischarged bankrupts acting as directors.
  189. 188 Power to restrain fraudulent persons from managing companies.
  190. 189 Prohibition of tax-free payments to directors.
  191. 190 Prohibition of loans to directors.
  192. 191 Approval of company requisite for payment by it to director for loss of office, &c.
  193. 192 Approval of company requisite for any payment, in connection with transfer of its property, to director for loss of office, &c.
  194. 193 Duty of director to disclose payment for loss of office, &c, made in connection with transfer of shares in company.
  195. 194 Provisions supplementary to three foregoing sections.
  196. 195 Register of directors' shareholdings, &c.
  197. 196 Particulars in accounts of directors' salaries, pensions, &c.
  198. 197 Particulars in accounts of loans to officers, &c.
  199. 198 General duty to make disclosure for purposes of three foregoing sections.
  200. 199 Disclosure by directors of interests in contracts.
  201. 200 Register of directors and secretaries.
  202. 201 Particulars with respect to directors in trade catalogues, circulars, &c.
  203. 202 Limited company may have directors with unlimited liability.
  204. 203 Special resolution of limited company making liability of directors unlimited.
  205. 204 Provisions as to assignment of office by directors.
  206. 205 Provisions as to liability of officers and auditors.
  207. 206 Power to compromise, with creditors and members.
  208. 207 Information as to compromises with creditors and members.
  209. 208 Provisions for facilitating reconstruction and amalgamation of companies.
  210. 209 Power to acquire shares of shareholders dissenting from scheme or contract approved by majority.
  211. 210 Alternative remedy to winding up in cases of oppression.
  212. 211 Modes of winding up.
  213. 212 Liability as contributories of present and past members.
  214. 213 Definition of “contributory ”.
  215. 214 Nature of liability of contributory.
  216. 215 Contributories in case of death, of member.
  217. 216 Contributories in case of bankruptcy of member.
  218. 217 Provision as to married women.
  219. 218 Jurisdiction to wind up companies registered in England.
  220. 219 Transfer of proceedings from one court to another and statement of case by county court.
  221. 220 Jurisdiction to wind up companies registered in Scotland.
  222. 221 Power in Scotland to remit winding up to Lord Ordinary.
  223. 222 Circumstances in which company may be wound up by court.
  224. 223 Definition of inability to pay debts.
  225. 224 Provisions as to applications for winding up.
  226. 225 Powers of court on hearing petition.
  227. 226 Power to stay or restrain proceedings against company.
  228. 227 Avoidance of dispositions of property, &c, after commencement of winding up.
  229. 228 Avoidance of attachments, &c, in case of English company, and in case of effects in England of Scottish company.
  230. 229 Commencement of winding up by the court.
  231. 230 Copy of order to be forwarded to registrar.
  232. 231 Actions stayed on winding-up order.
  233. 232 Effect of winding-up order.
  234. 233 Official receiver in bankruptcy to be official receiver for winding-up purposes.
  235. 234 Appointment of official receiver by court in certain cases.
  236. 235 Statement of company's affairs to be submitted to official receiver.
  237. 236 Report by official receiver.
  238. 237 Power of court to appoint liquidators.
  239. 238 Appointment and powers of provisional liquidator.
  240. 239 Appointment, style, &c, of liquidators in England.
  241. 240 Provisions where person other than official receiver is appointed liquidator.
  242. 241 Provisions as to liquidators in Scotland.
  243. 242 General provisions as to liquidators.
  244. 243 Custody of company's property.
  245. 244 Vesting of property of company in liquidator.
  246. 245 Powers of liquidator.
  247. 246 Exercise and control of liquidator's powers in England.
  248. 247 Books to be kept by liquidator in England.
  249. 248 Payments of liquidator in England into bank.
  250. 249 Audit of liquidator's accounts in England.
  251. 250 Control of Board of Trade over liquidators in England.
  252. 251 Release of liquidators in England.
  253. 252 Meetings of creditors and contributories to determine whether committee of inspection shall be appointed.
  254. 253 Constitution and proceedings of committee of inspection.
  255. 254 Powers of Board of Trade in England where no committee of inspection.
  256. 255 Additional powers of committee of inspection in Scotland.
  257. 256 Power to stay winding up.
  258. 257 Settlement of list of contributories and application of assets.
  259. 258 Delivery of property to liquidator.
  260. 259 Payment of debts due by contributory to company and extent to which set-off allowed.
  261. 260 Power of court to make calls.
  262. 261 Payment into Bank of moneys due to company.
  263. 262 Order on contributory conclusive evidence.
  264. 263 Appointment in England of special manager.
  265. 264 Power to exclude creditors not proving in time.
  266. 265 Adjustment of rights of contributories.
  267. 266 Inspection of books by creditors and contributories.
  268. 267 Power to order costs of winding up to be paid out of assets.
  269. 268 Power to summon persons suspected of having property of company, &c.
  270. 269 Attendance of officers of company at meetings of creditors, &c, in Scotland.
  271. 270 Power in England to order public examination of promoters and officers.
  272. 271 Power to arrest absconding contributory.
  273. 272 Powers of court cumulative.
  274. 273 Delegation to liquidator of certain powers of court in England.
  275. 274 Dissolution of company.
  276. 275 Order for calls on contributories in Scotland.
  277. 276 Enforcement throughout United Kingdom of orders made in winding up.
  278. 277 Appeals from orders in Scotland.
  279. 278 Circumstances in which company may be wound up voluntarily.
  280. 279 Notice of resolution to wind up voluntarily.
  281. 280 Commencement of voluntary winding up.
  282. 281 Effect of voluntary winding up on business and status of company.
  283. 282 Avoidance of transfers, &c., after commencement of voluntary winding up.
  284. 283 Statutory declaration of solvency in case of proposal to wind up voluntarily.
  285. 284 Provisions applicable to a members' winding up.
  286. 285 Power of company to appoint and fix remuneration of liquidators.
  287. 286 Power to fill vacancy in office of liquidator.
  288. 287 Power of liquidator to accept shares, &c, as consideration for sale of property of company.
  289. 288 Duty of liquidator to call creditors' meeting in case of insolvency.
  290. 289 Duty of liquidator to call general meeting at end of each year.
  291. 290 Final meeting and dissolution.
  292. 291 Alternative provisions as to annual and final meetings in case of insolvency.
  293. 292 Provisions applicable to a creditors' winding up.
  294. 293 Meeting of creditors.
  295. 294 Appointment of liquidator.
  296. 295 Appointment of committee of inspection.
  297. 296 Fixing of liquidators' remuneration and cesser of directors' powers.
  298. 297 Power to fill vacancy in office of liquidator.
  299. 298 Application of s.287 to a creditors' voluntary winding up.
  300. 299 Duty of liquidator to call meetings of company and of creditors at end of each year.
  301. 300 Final meeting and dissolution.
  302. 301 Provisions applicable to every voluntary winding up.
  303. 302 Distribution of property of company.
  304. 303 Powers and duties of liquidator in voluntary winding up.
  305. 304 Power of court to appoint and remove liquidator in voluntary winding up.
  306. 305 Notice by liquidator of his appointment.
  307. 306 Arrangement when binding on creditors.
  308. 307 Power to apply to court to have questions determined or powers exercised.
  309. 308 Power of court in Scotland to stay proceedings against company.
  310. 309 Costs of voluntary winding up.
  311. 310 Saving for rights of creditors and contributories.
  312. 311 Power to order winding up subject to supervision.
  313. 312 Effect of petition for winding up subject to supervision.
  314. 313 Application of ss.227 and 228 to winding up subject to supervision.
  315. 314 Power of court to appoint or remove liquidators.
  316. 315 Effect of supervision order.
  317. 316 Debts of all descriptions may be proved.
  318. 317 Application of bankruptcy rules in winding up of insolvent English companies.
  319. 318 Ranking of claims in Scotland.
  320. 319 Preferential payments.
  321. 320 Fraudulent preference.
  322. 321 Liabilities and rights of certain fraudulently preferred persons.
  323. 322 Effect of floating charge.
  324. 323 Disclaimer of onerous property in case of company wound up in England.
  325. 324 Liability for rentcharge on company's land after disclaimer.
  326. 325 Restriction of rights of creditor as to execution or attachment in case of company being wound up in England.
  327. 326 Duties of sheriff as to goods taken in execution.
  328. 327 Effect of diligence within 60 days of winding up in case of Scottish company and in case of effects in Scotland of English company.
  329. 328 Offences by officers of companies in liquidation.
  330. 329 Penalty for falsification of books.
  331. 330 Frauds by officers of companies which have gone into liquidation.
  332. 331 Liability where proper accounts not kept.
  333. 332 Responsibility for fraudulent trading of persons concerned.
  334. 333 Power of court to assess damages against delinquent directors, &c.
  335. 334 Prosecution of delinquent officers and members of company.
  336. 335 Disqualification for appointment as liquidator.
  337. 336 Corrupt inducement affecting appointment as liquidator.
  338. 337 Enforcement of duty of liquidator to make returns, &c.
  339. 338 Notification that a company is in liquidation.
  340. 339 Exemption of certain documents from stamp duty on winding up of companies.
  341. 340 Books of company to be evidence.
  342. 341 Disposal of books and papers of company.
  343. 342 Information as to pending liquidations.
  344. 343 Unclaimed assets in England to be paid to Companies Liquidation Account.
  345. 344 Unclaimed dividends, &c, in Scotland to be lodged in bank.
  346. 345 Resolutions passed at adjourned meetings of creditors and contributories.
  347. 346 Meetings to ascertain wishes of creditors or contributories.
  348. 347 Judicial notice of signature of officers.
  349. 348 Special commission for receiving evidence.
  350. 349 Court may order examination of persons in Scotland.
  351. 350 Costs of application for leave to proceed against company being wound up in Scotland.
  352. 351 Affidavits, &c, in United Kingdom and dominions.
  353. 352 Power of court to declare dissolution of company void.
  354. 353 Registrar may strike defunct company off register.
  355. 354 Property of dissolved company to be bona vacantia.
  356. 355 Power of Crown to disclaim title to property vesting under foregoing section.
  357. 356 Liability for rentcharge on company's land after dissolution.
  358. 357 Attachment of debt due to contributory on winding up in stannaries court.
  359. 358 Preferential payments in stannaries cases.
  360. 359 Provisions as to mine club funds.
  361. 360 Companies Liquidation Account.
  362. 361 Investment of surplus funds on general account.
  363. 362 Separate accounts of particular estates.
  364. 363 Officers and remuneration.
  365. 364 Returns by officers in English winding up.
  366. 365 General rules and fees for winding up.
  367. 366 Disqualification of body corporate for appointment as receiver.
  368. 367 Disqualification of undischarged bankrupt from acting as receiver or manager.
  369. 368 Power in England to appoint official receiver as receiver for debenture holders or creditors.
  370. 369 Receivers and managers appointed out of court.
  371. 370 Notification that receiver or manager appointed.
  372. 371 Power of court to fix remuneration on application of liquidator.
  373. 372 Provisions as to information where receiver or manager appointed.
  374. 373 Special provisions as to statement submitted to receiver.
  375. 374 Delivery to registrar of accounts of receivers and managers.
  376. 375 Enforcement of duty of receivers and managers to make returns, &c.
  377. 376 Construction of references to receivers and managers.
  378. 377 Application of Act to companies formed and registered under former Companies Acts.
  379. 378 Application of Act to companies registered but not formed under former Companies Acts.
  380. 379 Application of Act to unlimited companies re-registered under former Companies Acts.
  381. 380 Provisions as to companies registered under the Joint Stock Companies Acts.
  382. 381 Exclusion of companies registered in Northern Ireland or Eire.
  383. 382 Companies capable of being registered.
  384. 383 Definition of joint stock company.
  385. 384 Requirements for registration by joint stock companies.
  386. 385 Requirements for registration by other than joint stock companies.
  387. 386 Authentication of statements of existing companies.
  388. 387 Registrar may require evidence as to nature of company.
  389. 388 Change of name for purposes of registration.
  390. 389 Addition of “limited ” to name.
  391. 390 Certificate of registration of existing companies.
  392. 391 Vesting of property on registration.
  393. 392 Saving for existing liabilities.
  394. 393 Continuation of existing actions.
  395. 394 Effect of registration under Part VIII.
  396. 395 Power to substitute memorandum and articles for deed of settlement.
  397. 396 Power of court to stay or restrain proceedings.
  398. 397 Actions stayed on winding-up order.
  399. 398 Meaning of unregistered company.
  400. 399 Winding up of unregistered companies.
  401. 400 Oversea companies may be wound up although dissolved.
  402. 401 Contributories in winding up of unregistered company.
  403. 402 Power of court to stay or restrain proceedings.
  404. 403 Actions stayed on winding-up order.
  405. 404 Provisions of Part IX cumulative.
  406. 405 Saving for enactments providing for winding up under former Companies Acts.
  407. 406 Application of ss.407 to 414.
  408. 407 Documents, &c, to be delivered to registrar by oversea companies carrying on business in Great Britain.
  409. 408 Power of oversea company to hold lands.
  410. 409 Return to be delivered to registrar by oversea company where documents, &c., altered.
  411. 410 Accounts of oversea company.
  412. 411 Obligation to state name of oversea company, whether limited, and country where incorporated.
  413. 412 Service on oversea company.
  414. 413 Office where documents to be filed.
  415. 414 Penalties.
  416. 415 Interpretation of ss. 407 to 414.
  417. 416 Special provisions as to delivery of documents by companies incorporated in Channel Islands or Isle of Man.
  418. 417 Dating of prospectus and particulars to be contained therein.
  419. 418 Exclusion of foregoing section and relaxation of Fourth Schedule in case of certain prospectuses.
  420. 419 Provisions as to expert's consent, and allotment.
  421. 420 Registration of prospectus.
  422. 421 Penalty for contravention of four foregoing sections.
  423. 422 Civil liability for mis-statements in prospectus.
  424. 423 Interpretation of provisions as to prospectuses.
  425. 424 Registration offices in England and Scotland.
  426. 425 Fees.
  427. 426 Inspection, production and evidence of documents kept by registrar.
  428. 427 Power of registrar in England to direct removal of documents to Public Record Office.
  429. 428 Enforcement of duty of company to make returns to registrar.
  430. 429 Prohibition of banking partnerships with more than ten members.
  431. 430 On registration of banking company with limited liability, notice to be given to customers.
  432. 431 Liability of bank of issue unlimited in respect of notes.
  433. 432 Privileges of banks making annual return.
  434. 433 Banking and certain other companies to publish periodical statement.
  435. 434 Prohibition of partnerships with more than twenty members.
  436. 435 Application of certain provisions of this Act to unregistered companies.
  437. 436 Form of registers, &c.
  438. 437 Service of documents on a company.
  439. 438 Penalty for false statements.
  440. 439 Penalty for improper use of word “limited ”.
  441. 440 Provision with respect to default fines and meaning of “officer in default ”.
  442. 441 Production and inspection of books where offence suspected.
  443. 442 Provisions as to summary proceedings.
  444. 443 Proceedings on indictment in Scotland against bodies corporate.
  445. 444 Application of fines.
  446. 445 Saving as to private prosecutors.
  447. 446 Saving for privileged communications.
  448. 447 Costs in actions by certain limited companies.
  449. 448 Power of court to grant relief in certain cases.
  450. 449 Power to enforce orders.
  451. 450 Jurisdiction of stannaries court.
  452. 451 Annual report by Board of Trade.
  453. 452 Authentication of documents issued by Board of Trade.
  454. 453 Orders and certificates of Board to be evidence.
  455. 454 Power to alter tables and forms.
  456. 455 Interpretation.
  457. 456 Amendments of other Acts.
  458. 457 Construction of references in other Acts to subsidiary companies as defined by, and companies registered under, the Companies Act, 1929.
  459. 458 Effect of provisions of former Companies Acts as to registration of charges on land and keeping books of account.
  460. 459 Repeal and savings.
  461. 460 Provisions as to winding-up proceedings commenced before 1st November, 1929.
  462. 461 Application to Northern Ireland.
  463. 462 Short title and commencement.
  464. FIRST SCHEDULE Tables A, B, C, D and E.
  465. SECOND SCHEDULE Form of Licence to hold Lands.
  466. THIRD SCHEDULE Form of Statement in lieu of Prospectus to be delivered to Registrar by a Private Company on becoming a Public Company and Reports to be set out therein.
  467. FOURTH SCHEDULE Matters to be specified in Prospectus and Reports to be set out therein.
  468. FIFTH SCHEDULE Form of Statement in lieu of Prospectus to be delivered to Registrar by a Company which does not issue a Prospectus or which does not go to Allotment on a Prospectus issued, and Reports to be set out therein.
  469. SIXTH SCHEDULE Contents and Form of Annual Return of a Company having a Share Capital.
  470. SEVENTH SCHEDULE Conditions as to Interests in Shares and Debentures of Exempt Private Company.
  471. EIGHTH SCHEDULE Accounts.
  472. NINTH SCHEDULE Matters to be expressly stated in Auditors' Report.
  473. TENTH SCHEDULE Orders in Course of Winding Up pronounced in Vacation in Scotland.
  474. ELEVENTH SCHEDULE Provisions of this Act which do not apply in the case of a Winding Up subject to Supervision of the Court.
  475. TWELFTH SCHEDULE Fees to be paid to the Registrar of Companies.
  476. THIRTEENTH SCHEDULE Form of Statement to be published by Banking and Insurance Companies and Deposit, Provident or Benefit Societies.
  477. FOURTEENTH SCHEDULE Provisions of this Act applied to Unregistered Companies.
  478. FIFTEENTH SCHEDULE Provisions Referred to in Section 438 of this Act.
  479. SIXTEENTH SCHEDULE Amendments of other Acts.
  480. SEVENTEENTH SCHEDULE Enactments Repealed.
  481. EIGHTEENTH SCHEDULE Enactments Saved.

Proposed changes to this act

No one has proposed a change to this act yet.

481 provisions

240 Provisions where person other than official receiver is appointed liquidator.

Where, in the winding up of a company by the court in England, a person other than the official receiver is appointed liquidator, that person— (a) shall not be capable of acting as liquidator until he has notified his appointment to the registrar of companies and given security in the prescribed manner to the satisfaction of the Board of Trade; (b) shall give the official receiver such information and such access to and facilities for inspecting the books and documents of the company and generally such aid as may be requisite for enabling that officer to perform his duties under this Act.

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241 Provisions as to liquidators in Scotland.

The following provisions with respect to the liquidators shall have effect in a winding up by the court in Scotland:— (a) the court may determine whether any and what security is to be given by a liquidator on his appointment; (b) a liquidator shall be described by the style of “the official liquidator ” of the particular company in respect of which he is appointed and not by his individual name; (c) where an order has been made for winding up a company subject to supervision and an order is afterwards made for winding up by the court, the court may by the last-mentioned or by any subsequent order appoint any person who is then liquidator, either provisionally or permanently, and either with or without any other person, to be liquidator in the winding up by the court.

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242 General provisions as to liquidators.

(1) A liquidator appointed by the court may resign or, on cause shown, be removed by the court. (2) Where a person other than the official receiver is appointed liquidator, he shall receive such salary or remuneration by way of percentage or otherwise as the court may direct, and, if more such persons than one are appointed liquidators, their remuneration shall be distributed among them in such proportions as the court directs. (3) A vacancy in the office of a liquidator appointed by the court shall be filled by the court. (4) If more than one liquidator is appointed by the court, the court shall declare whether any act by this Act required or authorised to be done by the liquidator is to be done by all or any one or more of the persons appointed. (5) Subject to the provisions of section three hundred and thirty-five of this Act, the acts of a liquidator shall be valid notwithstanding any defects that may afterwards be discovered in his appointment or qualification.

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243 Custody of company's property.

(1) Where a winding-up order has been made or where a provisional liquidator has been appointed, the liquidator or the provisional liquidator, as the case may be, shall take into his custody or under his control all the property and things in action to which the company is or appears to be entitled. (2) In a winding up by the court in Scotland, if and so long as there is no liquidator, all the property of the company shall be deemed to be in the custody of the court.

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244 Vesting of property of company in liquidator.

Where a company is being wound up by the court, the court may on the application of the liquidator by order direct that all or any part of the property of whatsoever description belonging to the company or held by trustees on its behalf shall vest in the liquidator by his official name, and thereupon the property to which the order relates shall vest accordingly, and the liquidator may, after giving such indemnity, if any, as the court may direct, bring or defend in his official name any action or other, legal proceeding which relates to that property or which it is necessary to bring or defend for the purpose of effectually winding up the company and recovering its property.

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245 Powers of liquidator.

(1) The liquidator in a winding up by the court shall have power, with the sanction either of the court or of the committee of inspection,—: (a) to bring or defend any action or other legal proceeding in the name and on behalf of the company; (b) to carry on the business-of the company so far as may be necessary for the beneficial winding up thereof; (c) to appoint a solicitor to assist him in the performance of his duties; (d) to pay any classes of creditors in full; (e) to make any compromise or arrangement with creditors or persons claiming to be creditors, or having or alleging themselves to have any claim, present or future, certain or contingent, ascertained or sounding only in damages against the company, or whereby the company may be rendered liable; (f) to compromise all calls and liabilities to calls, debts and liabilities capable of resulting in debts, and all claims, present or future, certain or contingent, ascertained or sounding only in damages, subsisting or supposed to subsist between the company and a contributory or alleged contributory or other debtor or person apprehending liability to the company, and all questions in any way relating to or affecting the assets or the winding up of the company, on such terms as may be agreed, and take any security for the discharge of any such call, debt, liability or claim and give a complete discharge in respect thereof. (2) The liquidator in a winding up by the court shall have power— (a) to sell the real and personal property and things in action of the company by public auction or private contract, with power to transfer the whole thereof to any person or company or to sell the same in parcels; (b) to do all acts and to execute, in the name and on behalf of the company, all deeds, receipts and other documents, and for that purpose to use, when necessary, the company's seal; (c) to prove, rank and claim in the bankruptcy, insolvency or sequestration of any contributory for any balance against his estate, and to receive dividends in the bankruptcy, insolvency or sequestration in respect of that balance, as a separate debt due from the bankrupt or insolvent, and rateably with the other separate creditors; (d) to draw, accept, make and indorse any bill of exchange or promissory note in the name and on behalf of the company, with the same effect with respect to the liability of the company as if the bill or note had been drawn, accepted, made or indorsed by or on behalf of the company in the course of its business ; (e) to raise on the security of the assets of the company any money requisite; (f) to take out in his official name letters of administration to any deceased contributory, and to do in his official name any other act necessary for obtaining payment of any money due from a contributory or his estate which cannot be conveniently done in the name of the company, and in all such cases the money due shall, for the purpose of enabling the liquidator to take out the letters of administration or recover the money, be deemed to be due to the liquidator himself; (g) to appoint an agent to do any business which the liquidator is unable to do himself; (h) to do all such other things as may be necessary for winding up the affairs of the company and distributing its assets. (3) The exercise by the liquidator in a winding up by the court of the powers conferred by this section shall be subject to the control of the court, and any creditor or contributory may apply to the court with respect to any exercise or proposed exercise of any of those powers. (4) In the case of a winding up in Scotland, the court may provide by any order that the liquidator may, where there is no committee of inspection, exercise any of the powers mentioned in paragraph (a) or paragraph (b) of subsection (1) of this section without the sanction or intervention of the court. (5) In a winding up by the court in Scotland, the liquidator shall, subject to general rules, have the same powers as a trustee on a bankrupt estate.

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246 Exercise and control of liquidator's powers in England.

(1) Subject to the provisions of this Act, the liquidator of a company which is being wound up by the court in England shall, in the administration of the assets of the company and in the distribution thereof among its creditors, have regard to any directions that may be given by resolution of the creditors or contributories at any general meeting or by the committee of inspection, and any directions given by the creditors or contributories at any general meeting shall in case of conflict be deemed to override any directions given by the committee of inspection. (2) The liquidator may summon general meetings of the creditors or contributories for the purpose of ascertaining their wishes, and it shall be his duty to summon meetings .at such times as the creditors or contributories, by resolution, either at the meeting appointing the liquidator or otherwise, may direct, or whenever requested in writing to do so by one tenth in value of the creditors or contributories as the case may be. (3) The liquidator may apply to the court in manner prescribed for directions in relation to any particular matter arising under the winding up. (4) Subject to the provisions of this Act, the liquidator shall use his own discretion in the management of the estate and its distribution among the creditors. (5) If any person is aggrieved by any act or decision of the liquidator, that person may apply to the court, and the court may confirm, reverse or modify the act or decision complained of, and make such order in the premises as it thinks just.

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247 Books to be kept by liquidator in England.

Every liquidator of a company which is being wound up by the court in England shall keep, in manner prescribed, proper books in which he shall cause to be made entries or minutes of proceedings at meetings, and of such other matters as may be prescribed, and any creditor or contributory may, subject to the control of the court, personally or by his agent inspect any such books.

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248 Payments of liquidator in England into bank.

(1) Every liquidator of a company which is being wound up by the court in England shall, in such manner and at such times as the Board of Trade, with the concurrence of the Treasury, direct, pay the money received by him to the Companies Liquidation Account at the Bank of England, and the Board shall furnish him with a certificate of receipt of the money so paid: Provided that, if the committee of inspection satisfy the Board of Trade that for the purpose of carrying on the business of the company or of obtaining advances, or for any other reason, it is for the advantage of the creditors or contributories that the liquidator should have an account with any other bank, the Board shall, on the application of the committee of inspection, authorise the liquidator to make his payments into and out of such other bank as the committee may select, and thereupon those payments shall be made in the prescribed manner. (2) If any such liquidator at any time retains for more than ten days a sum exceeding fifty pounds or such other amount as the Board of Trade in any particular case authorise him to retain, then, unless he explains the retention to the satisfaction of the Board, he shall pay interest on the amount so retained in excess at the rate of twenty per cent. per annum, and shall be liable to disallowance of all or such part of his remuneration as the Board may think just, and to be removed from his office by the Board, and shall be liable to pay any expenses occasioned' by reason of his default. (3) A liquidator of a company which is being wound up by the court in England shall not pay any sums received by him as liquidator into his private banking account.

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249 Audit of liquidator's accounts in England.

(1) Every liquidator of a company which is being wound up by the court in England shall, at such times as may be prescribed but not less than twice in each year during his tenure of office, send to the Board of Trade, or as they direct, an account of his receipts and payments as liquidator. (2) The account shall be in a prescribed form, shall be made in duplicate, and shall be verified by a statutory declaration in the prescribed form. (3) The Board shall cause the account to be audited, and for the purpose of the audit the liquidator shall furnish the Board with such vouchers and information as the Board may require, and the Board may at any time require the production of and inspect any books or accounts kept by the liquidator. (4) When the account has been audited, one copy thereof shall be filed and kept by the Board, and the other copy shall be delivered to the court for filing, and each copy shall be open to the inspection of any person on payment of the prescribed fee. (5) The liquidator shall cause the account when audited or a summary thereof to be printed, and shall send a printed copy of the account or summary by post to every creditor and contributory: Provided that the Board may in any case dispense with compliance with this subsection.

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250 Control of Board of Trade over liquidators in England.

(1) The Board of Trade shall take cognizance of the conduct of liquidators of companies which are being wound up by the court in England, and, if a liquidator does not faithfully perform his duties and duly observe all the requirements imposed on him by statute, rules or otherwise with respect to the performance of his duties or if any complaint is made to the Board by any creditor or contributory in regard thereto, the Board shall inquire into the matter, and take such action thereon as they may think expedient. (2) The Board may at any time require any liquidator of a company which is being wound up by the court in England to answer any inquiry in relation to any winding up in which he is engaged, and may, if the Board think fit, apply to the court to examine him or any other person on oath concerning the winding up. (3) The Board may also direct a local investigation to be made of the books and vouchers of the liquidator.

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251 Release of liquidators in England.

(1) When the liquidator of a company which is being wound up by the court in England has realised all the property of the company, or so much thereof as can, in his opinion, be realised without needlessly protracting the liquidation, and has distributed a final dividend, if any, to the creditors, and adjusted the rights of the contributories among themselves, and made a final return, if any, to the contributories, or has resigned, or has been removed from his office, the Board of Trade shall, on his application, cause a report on his accounts to be prepared, and, on his complying with all the requirements of the Board, shall take into consideration the report and any objection which may be urged by any creditor or contributory or person interested against the release of the liquidator, and shall either grant or withhold the release accordingly, subject nevertheless to an appeal to the High Court. (2) Where the release of a liquidator is withheld, the court may, on the application of any creditor or contributory or person interested, make such order as it thinks just, charging the liquidator with the consequences of any act or default which he may have done or made contrary to his duty. (3) An order of the Board of Trade releasing the liquidator shall discharge him from all liability in respect of any act done or default made by him in the administration of the affairs of the company or otherwise in relation to his conduct as liquidator, but any such order may be revoked on proof that it was obtained by fraud or by suppression or concealment of any material fact. (4) Where the liquidator has not previously resigned or been removed, his release shall operate as a removal of him from his office.

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252 Meetings of creditors and contributories to determine whether committee of inspection shall be appointed.

(1) When a winding-up order has been made by the court in England, it shall be the business of the separate meetings of creditors and contributories summoned for the purpose of determining whether or not an application should be made to the court for appointing a liquidator in place of the official receiver, to determine further whether or not an application is to be made to the court for the appointment of a committee of inspection to act with the liquidator and who are to be members of the committee if appointed. (2) When a winding-up order has been made by the court in Scotland, the liquidator shall summon separate meetings of the creditors and contributories of the company for the purpose of determining whether or not an application is to e made to the court for the appointment of a committee of inspection to act with the liquidator and who are to be the members of the committee if appointed: Provided that, where the winding-up order has been made on the ground that the company is unable to pay its debts, it shall not be necessary for the liquidator to summon a meeting of the contributories. (3) The court may make any appointment and order required to give effect to any such determination, and if there is a difference between the determinations of the meetings of the creditors and contributories in respect of the matters aforesaid the court shall decide the difference and make such order thereon as the court may think fit.

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253 Constitution and proceedings of committee of inspection.

(1) A committee of inspection appointed in pursuance of this Act shall consist of creditors and contributories of the company or persons holding general powers of attorney from creditors or contributories in such proportions as may be agreed on by the meetings of creditors and contributories. or as, in case of difference, may be determined by the court: Provided that, where in Scotland a winding-up order has been made on the ground that a company is unable to pay its debts, the committee shall consist of creditors or persons holding general powers of attorney from creditors. (2) The committee shall meet at such times as they from time to time appoint, and, failing such appointment, at least once a month, and the liquidator or any member of the committee may also call a meeting of the committee as and when he thinks necessary. (3) The committee may act by a majority of their members present at a meeting but shall not act unless a majority of the committee are present. (4) A member of the committee may resign by notice in writing signed by him and delivered to the liquidator. (5) If a member of the committee becomes bankrupt or compounds or arranges with his creditors or is absent from five consecutive meetings of the committee without the leave of those members who together with himself represent the creditors or contributories, as the case may be, his office shall thereupon become vacant. (6) A member of the committee may be removed by an ordinary resolution at a meeting of creditors, if he represents creditors, or of contributories, if he represents contributories, of which seven days' notice has been given, stating the object of the meeting. (7) On a vacancy occurring in the committee the liquidator shall forthwith summon a meeting of creditors or of contributories, as the case may require, to fill the vacancy, and the meeting may, by resolution, reappoint the same or appoint another creditor or contributory to fill the vacancy: Provided that if the liquidator, having regard to the position in the winding up, is of the opinion that it is unnecessary for the vacancy to be filled he may apply to the court and the court may make an order that the vacancy shall not be filled, or shall not be filled except in such circumstances as may be specified in the order. (8) The continuing members of the committee, if not less than two, may act notwithstanding any vacancy in the committee.

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254 Powers of Board of Trade in England where no committee of inspection.

Where in the case of a winding up in England there is no committee of inspection, the Board of Trade may, on the application of the liquidator, do any act or thing or give any direction or permission which is by this Act authorised or required to be done or given by the committee.

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255 Additional powers of committee of inspection in Scotland.

In the case of a winding up in Scotland, the committee of inspection shall, in addition to the powers and duties conferred and imposed on it by this Act, have such of the powers and duties of commissioners on a bankrupt estate as may be conferred and imposed on committees of inspection by general rules.

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256 Power to stay winding up.

(1) The court may at any time after an order for winding up, on the application either of the liquidator or the official receiver or any creditor or contributory, and on proof to the satisfaction of the court that all proceedings in relation to the winding up ought to be stayed, make an order staying the proceedings, either altogether or for a limited time, on such terms and conditions as the court thinks fit. (2) On any application under this section the court may, before making an order, require the official receiver to furnish to the court a report with respect to any facts or matters which are in his opinion relevant to the application. (3) A copy of every order made under this section shall forthwith be forwarded by the company, or otherwise as may be prescribed, to the registrar of companies, who shall make a minute of the order in his books relating to the company.

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257 Settlement of list of contributories and application of assets.

(1) As soon as may be after making a winding-up order, the court shall settle a list of contributories, with power to rectify the register of members in all cases where rectification is required in pursuance of this Act, and shall cause the assets of the company to be collected, and applied in discharge of its liabilities: Provided that, where it appears to the court that it will not be necessary to make calls on or adjust the rights of contributories, the court may dispense with the settlement of a list of contributories. (2) In settling the list of contributories, the court shall distinguish between persons who are contributories in their own right and persons who are contributories as being representatives of or liable for the debts of others.

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258 Delivery of property to liquidator.

The court may, at any time after making a winding-up order, require any contributory for the time being on the list of contributories and any trustee, receiver, banker, agent or officer of the company to pay, deliver, convey, surrender or transfer forthwith, or within such time as the court directs, to the liquidator any money, property or books and papers in his hands to which the company is prima facie entitled.

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259 Payment of debts due by contributory to company and extent to which set-off allowed.

(1) The court may, at any time after making a winding-up order, make an order on any .contributory for the time being on the list of contributories to pay, in manner directed by the order, any money due from him or from the estate of the person whom he represents to the company, exclusive of any money payable by him or the estate by virtue of any call in pursuance of this Act. (2) The court in making such an order may— (a) in the case of an unlimited company, allow to the contributory by way of set-off any money due to him or to the estate which he represents from the company on any independent dealing or contract with the company, but not any money due to him as a member of the company in respect of any dividend or profit; and (b) in the case of a limited company, make to any director or manager whose liability is unlimited or to his estate the like allowance. (3) In the case of any company, whether limited or unlimited, when all the creditors are paid in full, any money due on any account whatever to a contributory from the company may be allowed to him by way of set-off against any subsequent call.

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260 Power of court to make calls.

(1) The court may, at any time after making a winding-up order, and either before or after it has ascertained the sufficiency of the assets of the company, make calls on all or any of the contributories for the time being settled on the list of the contributories to the extent of their liability, for payment of any money which the court considers necessary to satisfy the debts and liabilities of the company, and the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributories among themselves, and make an order for payment of any calls so made. (2) In making a call the court may take into consideration the probability that some of the contributories may partly or wholly fail to pay the call.

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261 Payment into Bank of moneys due to company.

(1) The court may order any contributory, purchaser or other person from whom money is due to the company to pay the amount due into the Bank of England or any branch thereof to the account of the liquidator instead of to the liquidator, and any such order may be enforced in the same manner as if it had directed payment to the liquidator. (2) All moneys and securities paid or delivered into the Bank of England or any branch thereof in the event of a winding up by the court shall be subject in all respects to the orders of the court.

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262 Order on contributory conclusive evidence.

(1) An order made by the court on a contributory shall, subject to any right of appeal, be conclusive evidence that the money, if any, thereby appearing to be due or ordered to be paid is due. (2) All other pertinent matters stated in the order shall be taken to be truly stated as against all persons and in all proceedings except proceedings in Scotland against the heritable estate of a deceased contributory, in which case the order shall be only prima facie evidence for the purpose of charging his heritable estate, unless his heirs or legatees of heritage were on the list of contributories at the time of the order being made.

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263 Appointment in England of special manager.

(1) Where in proceedings in England the official receiver becomes the liquidator of a company, whether provisionally or otherwise, he may, if satisfied that the nature of the estate or business of the company, or the interests of the creditors or contributories generally, require the appointment of a special manager of the estate or business of the company other than himself, apply to the court, and the court may on such application appoint a special manager of the said estate or business to act during such time as the court may direct, with such powers, including any of the powers of a receiver or manager, as may be entrusted to him by the court. (2) The special manager shall give such security and account in such manner as the Board of Trade direct. (3) The special manager shall receive such remuneration as may be fixed by the court.

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264 Power to exclude creditors not proving in time.

The court may fix a time or times within which creditors are to prove their debts or claims or to be excluded from the benefit of any distribution made before those debts are proved.

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265 Adjustment of rights of contributories.

The court shall adjust the rights of the contributories among themselves and distribute any surplus among the persons entitled thereto.

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266 Inspection of books by creditors and contributories.

(1) The court may, at any time after making a winding-up order, make such order for inspection of the books and papers of the company by creditors and contributories as the court thinks just, and any books and papers in the possession of the company may be inspected by creditors or contributories accordingly, but not further or otherwise. (2) Nothing in this section shall be taken as excluding or restricting any statutory rights of a government department or person acting under the authority of a government department.

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267 Power to order costs of winding up to be paid out of assets.

The court may, in the event of the assets being insufficient to satisfy the liabilities, make an order as to the payment out of the assets of the costs, charges and expenses incurred in the winding up in such order of priority as the court thinks just.

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268 Power to summon persons suspected of having property of company, &c.

(1) The court may, at any time after the appointment of a provisional liquidator or the making of a winding-up order, summon before it any officer of the company or person known or suspected to have in his possession any property of the company or supposed to be indebted to the company, or any person whom the court deems capable of giving information concerning the promotion, formation, trade, dealings, affairs or property of the company. (2) The court may examine him on oath concerning the matters aforesaid, either by word of mouth or on written interrogatories, and may reduce his answers to writing and require him to sign them. (3) The court may require him to produce any books and papers in his custody or power relating to the company, but, where he claims any lien on books or papers produced by him, the production shall be without prejudice to that lien, and the court shall have jurisdiction in the winding up to determine all questions relating to that lien. (4) If any person so summoned, after being tendered a reasonable sum for his expenses, refuses to come before the court at the time appointed, not having a lawful impediment (made known to the court at the time of its sitting and allowed by it), the court may cause him to be apprehended and brought before the court for examination.

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269 Attendance of officers of company at meetings of creditors, &c, in Scotland.

In the winding up by the court of a company registered in Scotland, the court shall have power to require the attendance of any officer of the company at any meeting of creditors or of contributories or of a committee of inspection for the purpose of giving information as to the trade, dealings, affairs or property of the company.

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270 Power in England to order public examination of promoters and officers.

(1) Where an order has been made in England for winding up a company by the court, and the official receiver has made a further report under this Act stating that in his opinion a fraud has been committed by any person in the promotion or formation of the company or by any officer of the company in relation to the company since its formation, the court may, after consideration of the report, direct that that person or officer shall attend before the court on a day appointed by the court for that purpose and be publicly examined as to the promotion or formation or the conduct of the business of the company or as to his conduct and dealings as officer thereof. (2) The official receiver shall take part in the examination, and for that purpose may, if specially authorised by the Board of Trade in that behalf, employ a solicitor with or without counsel. (3) The liquidator, where the official receiver is not the liquidator, and any creditor or contributory may also take part in the examination either personally or by solicitor or counsel. (4) The court may put such questions to the person examined as the court thinks fit. (5) The person examined shall be examined on oath and shall answer all such questions as the court may put or allow to be put to him. (6) A person ordered to be examined under this section shall at his own cost, before his examination, be furnished with a copy of the official receiver's report, and may at his own cost employ a solicitor with or without counsel, who shall be at liberty to put to him such questions as the court may deem just for the purpose of enabling him to explain or qualify any answers given by him: Provided that, if any such person applies to the court to be exculpated from any charges made or suggested against him, it shall be the duty of the official receiver to appear on the hearing of the application and call the attention of the court to any matters which appear to the official receiver to be relevant, and if the court, after hearing any evidence given or witnesses called by the official receiver, grants the application, the court may allow the applicant such costs as in its discretion it may think fit. (7) Notes of the examination shall be taken down in writing, and shall be read over to or by, and signed by, the person examined, and may thereafter be used in evidence against him, and shall be open to the inspection of any creditor or contributory at all reasonable times. (8) The court may, if it thinks fit, adjourn the examination from time to time. (9) An examination under this section may, if the court so directs, and subject to general rules, be held before any judge of county courts, or before any officer of the Supreme Court being an official referee, master or registrar in bankruptcy, or before any district registrar of the High Court named for the purpose by the Lord Chancellor, or, in the case of companies being wound up by a Palatine Court, before a registrar of that court,-and the powers of the court under this section may be exercised by the person before whom the examination is held.

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271 Power to arrest absconding contributory.

The court, at any time either before or after making a winding-up order, on proof of probable cause for believing that a contributory is about to quit the United Kingdom or otherwise to abscond or to remove or conceal any of his property for the purpose of evading payment of calls or of avoiding examination respecting the affairs of the company, may cause the contributory to be arrested and his books and papers and movable personal property to be seized and him and them to be safely kept until such time as the court may order.

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272 Powers of court cumulative.

Any powers by this Act conferred on the court shall be in addition to and not in restriction of any existing powers of instituting proceedings against any contributory or debtor of the company or the estate of any contributory or debtor, for the recovery of any call or other sums.

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273 Delegation to liquidator of certain powers of court in England.

Provision may be made by general rules for enabling or requiring all or any of the powers and duties conferred and imposed on the court in England by this Act in respect of the following matters— (a) the holding and conducting of meetings to ascertain the wishes of creditors and contributories; (b) the settling of lists of contributories and the rectifying of the register of members where required, and the collecting and applying of the assets; (c) the paying, delivery, conveyance, surrender or transfer of money, property, books or papers to the liquidator; (d) the making of calls; (e) the fixing of a time within which debts and claims must be proved; to be exercised or performed by the liquidator as an officer of the court, and subject to the control of the court: Provided that the liquidator shall not, without the special leave of the court, rectify the register of members, and shall not make any call without either the special leave of the court or the sanction of the committee of inspection.

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274 Dissolution of company.

(1) When the affairs of a company have been completely wound up, the court, if the liquidator makes an application in that behalf, shall make an order that the company be dissolved from the date of the order, and the company shall be dissolved accordingly. (2) A copy of the order shall within fourteen days from the date thereof be forwarded by 'the liquidator to the registrar of companies who shall make in his books a minute of the dissolution of the company. (3) If the liquidator makes default in complying with the requirements of this section, he shall be liable to a fine not exceeding five pounds for every day during which he is in default.

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275 Order for calls on contributories in Scotland.

(1) Where an order, interlocutor or decree has been made in Scotland for winding up a company by the court, it shall be competent to the court, on production by the liquidators of a list certified by them of the names of the contributories liable in payment of any calls, and of the amount due by each contributory, and of the date when the said amount became due, to pronounce forthwith a decree against those contributories for payment of the sums so certified to be due, with interest from the said date till payment, at the rate of five per cent. per annum in the same way and to the same effect as if they had severally consented to registration for execution, on a charge of six days, of a legal obligation to pay those calls and interest. (2) Any such decree may be extracted immediately, and no suspension thereof shall be competent, except on caution or consignation, unless with special leave of the court.

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276 Enforcement throughout United Kingdom of orders made in winding up.

(1) Any order made by the court in England for or in the course of winding up a company shall be enforced in Scotland and Northern Ireland in the courts that would respectively have jurisdiction in respect of that company if registered in Scotland or Northern Ireland and in the same manner in all respects as if the order had been made by those courts. (2) In like manner orders, interlocutors and decrees made by the court in Scotland for or in the course of winding up a company shall be enforced in England and Northern Ireland by the courts which would respectively have jurisdiction in respect of that company if registered in that part of the United Kingdom where the order is required to be enforced, and in the same manner in all respects as if the order had been made by those courts. (3) Where any order, interlocutor or decree made by one court is required to be enforced by another court, an office copy of the order, interlocutor or decree shall be produced to the proper officer of the court required to enforce the same, and the production of an office copy shall be sufficient evidence of the order, interlocutor or decree, and thereupon the last-mentioned court shall take the requisite steps in the matter for enforcing the order, interlocutor or decree, in the same manner as if it had been made by that court.

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277 Appeals from orders in Scotland.

(1) Subject to the provisions of this section and to rules of court, an appeal from any order or decision made or given in the winding up of a company by the court in Scotland under this Act shall lie in the same manner and subject to the same conditions as an appeal from any order or decision of the court in cases within its ordinary jurisdiction. (2) In regard to orders or judgments pronounced by the judge acting as vacation judge in pursuance of section four of the Administration of Justice (Scotland) Act, 1933,— (a) none of the orders specified in Part I of the Tenth Schedule to this Act shall be subject to review, reduction, suspension or stay of execution; and (b) every other order or judgment (except as hereinafter mentioned) may be submitted to review by the Inner House by reclaiming motion enrolled within fourteen days from the date of the order or judgment: Provided that an order being one of the orders specified in Part II of the Tenth Schedule to this Act shall, from the date of such order and notwithstanding that it has been submitted to review as aforesaid, be carried out and receive effect until the Inner House have disposed of the matter. (3) In regard to orders or judgments pronounced in Scotland by a Lord Ordinary before whom proceedings in a winding up are being taken, any such order or judgment may be submitted to review by the Inner House by reclaiming motion enrolled within fourteen days from the date of the order or judgment, but should such order or judgment not be so submitted to review during session, the provisions of this section in regard to orders or judgments pronounced by the judge acting as vacation judge shall apply to the order or judgment. (4) Nothing in this section shall affect the provisions of this Act in reference to decrees in Scotland for payment of calls in the winding up of companies, whether voluntary or by, or subject to the supervision of, the court.

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278 Circumstances in which company may be wound up voluntarily.

(1) A company may be wound up voluntarily— (a) when the period, if any; fixed for the duration of the company by the articles expires, or the event, if any, occurs, on the occurrence of which the articles provide that the company is to be dissolved, and the company in general meeting has passed a resolution requiring the company to be wound up voluntarily; (b) if the company resolves by special resolution that the company be wound up voluntarily; (c) if the company resolves by extraordinary resolution to the effect that it cannot by reason of its liabilities continue its business, and that it is advisable to wind up. (2) In this Act the expression “a resolution for voluntary winding up ” means a resolution passed under any of the provisions of subsection (1) of this section.

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279 Notice of resolution to wind up voluntarily.

(1) When a company has passed a resolution for voluntary winding up, it shall, within fourteen days after the passing of the resolution, give notice of the resolution by advertisement in the Gazette. (2) If default is made in complying with this section, the company and every officer of the company who is in default shall be liable to a default fine, and for the purposes of this' subsection the liquidator of the company shall be deemed to be an officer of the company.

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