980

Ch. 31. No. 19.) Assurance Companies.

up by or under the supervision of the Court, the Court shall
(subject: as hereinafter mentioned) order the subsidiary
company to be wound up in conjunction with the principal
company, and may by the same or any subsequent: order
appoint the same person to be liquidator for the two
companic, and make provision for such other matters as
may seem to the Court: necessary, with a view to the
companic. being wound up as if they were one company.

(2) The commencement. of the winding up of the
principal company shall, cave as otherwise ordered by the
Court, be the commencement of the winding up of the
subsidiary company

(3) In adjusting the rights and liabilitie, of the
members of the several companies between themselve.
the Court shall have regard to the constitution of the
companie, and to the arrangements entered into between
the companie. in the same manner as the Court has regard
to the rights and labilities of different classes of contri-
butories in the case of the winding up of a single company,
or as near thereto as circumstances admit.

(4) Where any company alleged to be subsidiary: ts
not in process of being wound up at the same time as the
principal company te which it is subsidiary, the Court
shall not direct: the subsidiary company to be wound up
unless, alter hearing all objections (if any) that) may be
urged by or on behalf of the company against its being
wound up, “the Court is of opinion that) the company is
subsidiary to the principal company, and that the winding
up of the company in conjunction with the principal
company is just and equitable.

(5) An application may be made in relation to the
winding up of any subsidiary company in conjunction with
a principal company by any creditor of, or person interested
in, the principal or subsidiary company.

(6) Where a company stands in the relation of a
principal company to one company, and in the relation of
a subsidiary company to some other company, or where
there are several companies standing in the relation of
subsidiary companies to one principal company, the Court
may deal with any number of such companies together