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The Joint-stock Companies Act, 1857 Winding-up by Court LXVI. Circumstances under which Company may be wound-up by Court.- 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.    |
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