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Special Committee Companies Bill, 1962 debate -
Tuesday, 2 Apr 1963

SECTION 263.

Question proposed : " That Section 263 stand part of the Bill."

This is a re-enactment.

Question put and agreed to.
SECTION 264.
Question proposed : " That Section 264 stand part of the Bill."

This is a new section. It is new simply because we now have this distinction between members' voluntary winding up and creditors' voluntary winding up which we did not have in the old Act. The effect of subsection (1) is that if in the course of a members' winding up the liquidator is of opinion that the company will not be able to pay its debts in full, then the provisions of Section 264 come into effect. In that event, it is only right that the meetings summoned by a liquidator should be convened and held in the same manner as if it were a creditors' winding up. In other words, you switch over because the company is shown to be insolvent.

Question put and agreed to.
Section 265 agreed to.
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