478

Ch. 31. No. 1.] Companies.

 

under such a contract with insurers as is mentioned
in section 16 of the Workmen’s Compensation Ordi-
nance, Tights capable of being transferred to and
vested in the workman, all amounts due in respect
of any compensation or liability for compensation
under the said Ordinance accrued before the relevant
date.

(2) Where any compensation under the Workmen’s
Compensation Ordinance, is a weekly payment, the amount
due in respect thereof shall, for the purposes of para-
graph (d) of subsection (1) of this section, be taken to be the
amount of the lump sum for which the weekly payment
could, if redeemable, be redeemed if the employer made an
application for that purpose under the said Ordinance.

(3) Where any payment on account of wages or
salary has been made to any clerk, servant, workman or
labourer in the employment of a company out of money
advanced by some person for that purpose, that person shall
ina winding up have a right of priority in respect of the
money so advanced and paid up to the amount by which
the sum in respect of which that clerk, servant, workman
or labourer would have been entitled to priority in the
winding up has been diminished by reason of the payment
having been made.

(4) The foregoing debts shall—

(a) rank equally among themselves and be paid in
full, unless the assets are insufficient to meet them,
in which case they shall abate in equal proportions;
and

(6) in the case of a company registered in the Colony,
so far as the assets of the company available for pay-
ment of general creditors are insufficient to meet them,
have priority over the claims of holders of debentures
under any floating charge created by the company,
and be paid accordingly out of any property comprised
in or subject to that charge.

(5) Subject to the retention of such sums as may be
necessary for the costs and expenses of the winding up, the
foregoing debts shall be discharged forthwith so far as the
assets are sufficient to meet them.

(6) In the event of a landlord or other person