Companies. [Ch. 31. No. 1.

friendly society established under the Friendly Societies
Ordinance, or a society established under the Building
Societies Ordinance, but shall include any partnership,
whether limited or not, association or company consisting
of more than seven members and not registered under this
Ordinance, and all the provisions of this Ordinance with
respect to winding up shall apply to such a company, with
the following exceptions and additions, that is to say—

(i) no unregistered company shall be wound up
under this Ordinance voluntarily or subject to super-
vision;

(ii) the circumstances in which an_ unregistered
company may be wound up are as follows, that is to
say:

(a) if the company is dissolved, or has ceased
to carry on business, or is carrying on business
only for the purpose of winding up its affairs;

(5) if the company is unable to pay its debts;

(c) if the Court is of opinion that it is just and
equitable that the company should be wound up;

(iii) an unregistered company shall, for the purposes

of this Ordinance, be deemed to be unable to pay its
debts

 

(a) ifa creditor, by assignment or otherwise, to
whom the company is indebted in a sum exceeding
two hundred and forty dollars then due, has
served on the company, by leaving at its pnncipal
place of business, or by delivering to the secretary
or some director, manager or principal officer of the
company, or by otherwise serving in such manner
as the Court may approve or direct, a demand
under his hand requiring the company to pay the
sum so due, and the company has, for three weeks
after the service of the demand, neglected to pay
the sum or to secure or compound for it to the
satisfaction of the creditor;

(b) if any action or other proceeding has been
instituted against any member for any debt or
demand due or claimed to be due from the com-
pany, or from him in his character of member,
and notice in writing of the institution of the action

503