Companies (Amendment) Act 1935 (NSW)

COMPANIES (AMENDMENT) ACT.

Act No. 53, 1935.

An Act to amend the law relating to the winding up of certain companies; to validate certain proceedings; to amend the Companies Act, 1899, as amended by subsequent Acts, and certain other Acts; and for purposes con­ nected therewith. [Assented to, 16th December, 1935.]

BE i t enacted by the King 's Most Excellent Majesty, lative Council and Legislative. Assembly of New South b y and with the advice and consent of t he Legis­	Wales in Par l iament assembled, and b y the author i ty of
t h e same, as follows :—

1. This Act may be cited as the " C o m p a n i e s (Amend­

ment ) Act, 1935."

2 . (1 ) The Companies Act, 1899, as amended by sub­

sequent Acts, is amended—

(a) by inserting at the end of section ninety-eight the following new subsection:—

(4) The powers conferred on the Cour t to wind up companies may in respect of an unregis­ te red company be exercised notwi ths tanding tha t the company may pr io r to such exercise have been or dur ing the course of the winding up m a y be dissolved or has otherwise ceased to exist as a company under or by v i r tue of the laws of the count ry in which i t is incorpora ted or was formed.

F o r the purposes of the winding up and of any proceeding there in or a r i s ing thereout or taken in the course thereof the company shall be deemed to be continuing in existence, and the person who was last regis tered as the public officer of the company shall be regarded as the public officer of the company. (b)

(b) by inserting in subsection two of section seventy- nine before the words " a n d every such contribu­ t o r y " the words " a n d where the company h a s been dissolved in the count ry in which it was in­ corpora ted every person who immediately before the dissolution was so liable shall be deemed to

be a c o n t r i b u t o r y . "

(2) This section shall be deemed to have com­ menced on the first day of J a n u a r y , one thousand nine hundred and twenty-nine.

3. (1) The verdict for the defendant in the action in the Metropol i tan Dis t r ic t Cour t int i tuled Uni ted Service

Insu rance Company Limited aga ins t L a n g Number 6435 of 1934 and the o rder for costs made by the Dis t r ic t Cour t J u d g e in tha t action a re hereby val idated, and such costs when taxed shall be pa id out of the asse ts of t he company.

There shall also be pa id out of the assets of the said company to the said defendant such costs of the appea l to the Supreme Cour t in the said action as shall be cert i­ fied by the P r o t h o n o t a r y to have been reasonably incurred by the defendant .

(2) No proceeding taken in the name of t he company in the course of the winding u p of the said company or a r i s ing out of or du r ing such winding u p and no order or de terminat ion of any Cour t t r ibunal or officer shall be held to be inval id mere ly by reason of the dissolution of the said company in Victor ia .
(3) Nothing in this Act contained shall take away, cut down or prejudice any r igh t of act ion which but for

th is Act any pe r son might have aga ins t the said com­

pany .

M E T R O P O L I T A N