Companies. [Ch. 31. No. 1.

Vesting of disclaimed property.

58. (1) Any application under subsection (6) of section 253 of the
Ordinance for an order for the vesting of any disclaimed property in or
the delivery of any such property to any persons shall be supported by
the affidavit fited on the application for leave to disclaim such property.

(2) Where such an application as aforesaid relates to disclaimed
property of a leasehold nature and it appears that there is any mortgagec
by demise, or under-lessee of such property the Court may direct that
notice shall be given to such mortgagee or under-lessee that if he does
not elect to accept and apply for such a vesting order as aforesaid upon
the terms required by the above-mentioned subsection and imposed by
the Court within a time to be fixed by the Court and stated in the notice
he will be excluded from all interest in and security upon the property
and the Court may adjourn the application for such notice to be given
and for such mortgagee or under-lessee to be added as a party to and
served with the application and if he sees fit to make such clection and
application as is mentioned in the notice. If at the expiration of the time
so fixed by the Court such mortgagee or under-lcssee fails to make such
election and application the Court may make an order vesting the
property in the applicant and excluding such mortgagee or under-lessce
from all interest in or security upon the property.

Arrangements with creditors and contributorics in a winding up by the Court.

59. In a winding up by the Court if application is made to the Court to
sanction any compromise or arrangement the Court may, before giving
its sanction thereto, hear a report by the Official Receiver as to the terms
of the scheme, and as to the conduct of the directors and other officers of
the company, and as to any other matters which, in the opinion of the
Official Receiver, ought to be brought to the attention of the Court. The
Teport shall not be placed upon the file, unless and until the Court shall
direct it to be filed.

Collection and distribution of assets in a winding up by the Court.

60. (1) The duties imposed on the Court by subsection (1) of section 193
of the Ordinance, in a winding up by the Court with regard to the
collection of the assets of the company and the application of the assets
in discharge of the company’s liabilities shall be discharged by the
Liquidator as an officer of the Court subject to the control of the Court.

(2) For the purpose of the discharge by the Liquidator of the duties
imposed by subsection (1) of section 193 of the Ordinance, and para-
graph (1) of this rule, the Liquidator in a winding up by the Court shall
for the purpose of acquiring or retaining possession of the property of the
company, be in the same position as if he were a receiver of the property
appointed by the Court, and the Court may, on his application enforce
such acquisition or retention accordingly.

61. The powers conferred on the Court by section 194 of the Ordinance
shall be exercised by the Liquidator. Any contributory for the time being
on the list of contributories, trustee, receiver, banker or agent or officer of
a company which is being wound up under order of the Court shall, on

591

Vesting of
disclaimed
property.

Report by
Official
Receiver on
arrange-
ments and
compromises.

Collection
and distri-
bution of
company’s
assets by
Liquidator.

Power of
Liquidator
to require
delivery of
property.
Form 33.