Compantes, [Ch. 31. No. 1.

475

(2) The Court, if satisfied that the determination of
the question or the required exercise of power will be just
and beneficial, may accede wholly or partially to the applica-
tion on such terms and conditions as it thinks fit, or may
make such other order on the application as it thinks just.

241. All costs, charges, and expenses properly incurred in
the winding up, including the remuneration of the liquidator,
shall be payable out of the assets of the company in priority
to all other claims.

242. The winding up of a company shall not bar the right
of any creditor or contributory to have it wound up by the
Court, but in the case of an application by a contributory,
the Court must be satisfied that the rights of the contri-
butories will be prejudiced by a voluntary winding up.

(iv) WINDING UP SUBJECT TO SUPERVISION OF COURT.

243. When a company has passed a resolution for
voluntary winding up, the Court may make an order that
the voluntary winding up shall continue but subject to such
supervision of the Court, and with such liberty for creditors,
contributories, or others to apply to the Court, and generally
on such terms and conditions, as the Court thinks just.

244. A petition for the continuance of a voluntary
winding up subject to the supervision of the Court shall,
for the purpose of giving jurisdiction to the Court over
actions, be deemed to be a petition for winding up by the
Court.

245. A winding up subject to the supervision of the Court
shall, for the purposes of sections 166 and 167, be deemed to
be a winding up by the Court.

246. (1) Where an order is made for a winding up subject
to supervision, the Court may by that or any subsequent
order appoint an additional liquidator.

(2) A liquidator appointed by the Court under this
section shall have the same powers, be subject to the same
obligations, and in all respects stand in the same position,

Costs of
voluntary
winding up.

Saving for
Tights of
creditors and
contribu-
tories.

Power to
order
winding up
subject to
supervision.

Effect of
petition for
winding up
subject to
supervision.

Application
of ss. 166
and 167 to
winding up
subject to
supervision.

Power of
Court to
appoint or
remove
liquidators.