Compante. |Ch. 31. No. 1

215. A voluntary winding up shall be deemed to com-
mence at the time of the passing of the resolution for
voluntary winding up.

Consequences of voluntary winding up.

216. In case of a voluntary winding up, the company
shall, from the commencement of the winding up, cease to
carry on its business, except so farias may be required for
the beneficial winding up thercot:

Provided that the corporate state and corporate powers
of the company shall, notwithstanding anything to the
contrary intls articles, continue until it is dissolved.

217. Any transfer of shares, not being a transfer made to
or with the canetion of the liquidator, and any alteration
In Che status of the members of the company, made after

the commencement of a voluntary winding up, shall be
void.

Declaration of solvency.

218. (1) Where it is proposed to wind up a company
voluntarily, the directors of the company or, in the case of
wcompany having more than two directors, the majority of
(he directors may, at aimeeting of the directors held before
the date on which the notices of the meeting at which the
resolution for the winding up of the company is to be pro-
posed are sent out, make a statutory declaration to the
effect that they have made a full inquiry into the affairs
of the company, and that, having so done, they have formed
the opinion that the company will be able to pay its debts
in full within a period, not exceeding twelve months, from
the commencement of the winding up.

(2) A declaration made as aforesaid shall have no
effect for the purposes of this Ordinance unless it is delivered
to the Registrar for registration before the date mentioned
In subsection (1) of this section.

(3) A winding up in the case of which a declaration
has been made and delivered in accordance with this
section is in this Ordinance referred to as a members’
voluntary winding up,” and a winding up in the case of

T.—IV. 30

465

Commence:
nent of
voluntary
winding up.

Eftect of
voluntary
winding up
on businens
and status
of company.

Avoidance
of (ransfers,
ete, after
CONTMMOTNICE-
ment of
voluntary
winding up.

Statutory
declaration
of solvency
in case of
proposal to
wind up
voluntarily.