§ Order for Committee read.
§ MR. CHADWICKsaid, he would beg to move that it be an Instruction to the Committee to extend the Joint Stock Companies' Arrangement Bill to other Companies in liquidation.
§ Motion agreed to.
1570§ Instruction to the Committee to extend the Joint Stock Companies' Arrangement Bill to other Companies in liquidation.
§ Bill considered in Committee.
§ (In the Committee.)
§ Clause 1 agreed to.
§ Clause 2 (Where compromise proposed Court of Chancery may order a meeting of creditors, &c. to decide as to such compromise).
§
Amendment proposed, in Clause 2, line 10, to leave out all the words after "between," to end of Clause, in order to add the words—
A Company which is being or shall be wound up, either voluntarily or by the Court, under the Companies' Acts 1862 and 1867, or either of them, and the creditors of such Company, or any class of such creditors, it shall be lawful for the Court of Chancery on the application in a summary way of any creditor or the liquidator, to order that a meeting of such creditors or class of creditors shall be summoned in such manner as the Court shall direct, and if a majority in number, representing three-fourths in value of such creditors or class of creditors present either in person or by proxy at such meeting shall agree to any arrangement or compromise, such arrangement or compromise shall, if duly confirmed by an order of the Court, be binding on all such creditors or class of creditors, as the case may be, and also on the liquidator and contributories of the said Company,"—(Mr. Chadwick.)
§ Amendment agreed to.
§ Clause agreed to.
§ Remaining clauses agreed to.
§ Bill reported; as amended, to be considered To-morrow.