Section LXVII
Company when deemed unable to pay its debts.
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 shall be deemed to
be unable to pay its debts--
(1) Whenever a creditor, to whom the Company is indebted in a sum exceeding Five hundred Rupees then due, has served on the Company, by leaving or causing to be left at their registered Office, a demand under his hand requiring the Company to pay the sum do due, and the Company have, for the space of three weeks succeeding the service of such demand, neglected to pay such sum, or to secure or compound for the same to the satisfaction of the creditor;
(2) Whenever satisfaction of a judgment, decree, or order of any Court in favor of any creditor in any suit or other legal Proceeding cannot be obtained.
(1) Whenever a creditor, to whom the Company is indebted in a sum exceeding Five hundred Rupees then due, has served on the Company, by leaving or causing to be left at their registered Office, a demand under his hand requiring the Company to pay the sum do due, and the Company have, for the space of three weeks succeeding the service of such demand, neglected to pay such sum, or to secure or compound for the same to the satisfaction of the creditor;
(2) Whenever satisfaction of a judgment, decree, or order of any Court in favor of any creditor in any suit or other legal Proceeding cannot be obtained.