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Power to

compromise

with
creditors
and
member,

Ch. 31. No. 1.] Companies.

company may, in pursuance of any such provision as
aforesaid, indemnify any such director, manager,
officer or auditor against any hability incurred by him
in defending any proceedings, whether civil or criminal,
in Which judgment is given in his favour or in which he
is acquitted or in connection with any application
under section 319 in which relief is granted to him by
the Court.

Arrangements and reconstructions.

151. (1) Where a compromise or arrangement is proposed
between a company and its creditors or any class of them,
or between the company and its members or any class of
them, the Court may, on the application in a summary
way of the company or of any creditor or member of the
company, or, in the case of a company being wound up, of
the liquidator, order a meeting of the creditors or class of
creditors, or of the members of the company or class of
members, as the case may be, to be summoned in such
manner as the Court direets.

(2) If a majority in number representing three-
fourths in value of the creditors or class of creditors, or
members or class of members, as the case may be, present
and voting cithcr in person or by proxy at the meeting,
agree to any compromise or arrangement, the compromise
or arrangement shall, if sanctioned by the Court, be binding
on all the creditors or the class of creditors, or on the mem-
bers or class of members, as the case may be, and also on
the company or, in the case of a company in the course of
being wound up, on the liquidator and contributories of
the company.

3) An order made under subsection (2) of this
section shall have no effect until a copy of the order has been
dclivered to the Registrar for registration, and a copy of
every such order shall be annexed to every copy of the
mcmecrandum of the company issued after the order has
been made, or, in the case of a company not having a
mcmcrandum, of every copy so issued of the instrument
constituting or defining the constitution of the company.

(4) If a company makes default in complying with
subsection (3) of this section, the company and every officer
of the company who is in default shall be liable to a fine of
five dollars for each copy in respect of which default is made.