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Winding-up by Court.
Circumstances under which Company may be wound-up by Court.
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LXVII. Any Company may be wound-up by the Court under the following Circumstances; (that is to say,)
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(1.) Whenever the Company in General Meeting has passed a Special Resolution requiring the Company to be wound-up by the Court:
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(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:
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(3.) Whenever the Shareholders are reduced in Number to less than Seven:
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(4.) Whenever the Company is unable to pay its Debts:
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(5.) Whenever Three Fourths of the Capital of the Company have been lost or become unavailable.
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