Section LXVI
Circumstances under which Company may be wound-up by Court.
The Joint-stock Companies Act, 1857
About this Act
An Act to make better provision for the order and good government of the Suburbs of Calcutta and of the station of Howrah.
A Company
may be wound-up by the Court under the following circumstances; (that is to say)
(1) Whenever the Company in general meeting has passed a special resolution requiring the Company to be wound-up by the Court ;
(2) Whenever the Company does not commence its business within a year from its incorporation, or suspends its business for the, space of a whole year ;
(3)Whenever the shareholders are reduced in. number to less than seven ;
(4) Whenever the Company is unable to pay its debts ;
(5) Whenever three-fourths of the Capital of the Company have been lost or become unavailable.
(1) Whenever the Company in general meeting has passed a special resolution requiring the Company to be wound-up by the Court ;
(2) Whenever the Company does not commence its business within a year from its incorporation, or suspends its business for the, space of a whole year ;
(3)Whenever the shareholders are reduced in. number to less than seven ;
(4) Whenever the Company is unable to pay its debts ;
(5) Whenever three-fourths of the Capital of the Company have been lost or become unavailable.