"tt rather looks like it," remarked his Lordship. "Why did you express any doubt?
wanted your interpretation," replied Mr. Newman. "I ranted to convince you that my interpretation was the correct one." His dimteulty, he went on, lay in the insertion of the words "as far as it relates to the voluntary winding-up of a China company," the present ease not being one of a voluntary winding-up.
His Lordship, after examining the Ordinances, said that, leaving out all superfluous wording, Section I7¢ (2) read "but for the' purposes of this ordinance, so far as it relates to the winding up of China companies or Hongkong China companies and so far as it' relates to. the voluntary winding-up," the word "and" clearly showing that it was not an alternative, but an additional part of the ordinance, "The Court has' power to appoint receiver any person other actual OMicial Receiver,"
ant on, "and you now apply to have Mr. Turner appointed. "He has Got to be appointed official receiver."
"And liquidator," added Mr. New-that the secretary, in tion 120 (8) be relieved from the consequences to which they were liable under Section 109 (2, 3, and 4), by having defaulted in forfeiting their shares; further, that Mr, H, W. Howell, "managing director and secretary, be relieved from the consequences under Section 199" (2), through having made a default in forwarding to th of Companies a return si auditor giving particle shares and the amount fand of the shares in which default had been made in payment of the man.
"Tam not stite that you are not going ahead too fast," replied his Lordship.
'Mr. Newman then read an affidavit prepared by Mr. J. ©, Turner, in Which he stated that on May' 27, 1936, he had been appointed receiver and' manager of the property by a majority of debenture holders. It was necessary that the company be maintained a3 a going concern for a short while, in order that its good will might not be lost. The Official Receiver would be forced to wind immediately, whereas "Mr. Turnes would be able to maintain business until not from any want of good faith.
lengthy argument, ensued between Judge P. Grant Jone MeNelll as to whether could make an order terms that the directors forfeit the shares. Mr. McNeill submitted that the question did not arise, and further that the section had' been represented by the shareholders who had now paid for the shares should required to forfeit them.
Re granted, with an.order that th the Registrar of Compani presented by Mr. Victor Priestwood, the Crown Advocate) be paid by the petitioner. on "Company Precedents" to Justify his appointing Mr. Turner as "oMelal receiver and Uquidator." Mr. Lowe here remarked that he could not oppose this.
'His Lordship agreed that the appointment could be made, and in reply to a remark of Mr, Newman' said that Mr. Turner, when signing documents and other papers, would have to sign his usual signature, 10 which he could attach "the label of official receiver and tquidator." was not sufficient that "he should Jmerely sign it "oMelal receiver and Higuladtor:" with no other qualiiation,
Text read from the printed page and cleaned; old type leaves the occasional error.