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Report No. 26

Clause 91

Sub-clause (1).-Follows section 59, Provincial Act and Presidency Act. Distribution of demands is treated separately.1

The words "legal practitioner" appearing in the Presidency Act have been preferred (as more appropriate) to the word "pleader" appearing in the Provincial Act.

The mention of acceptance of fully paid-up shares and debentures has been added as in section 68(1)(f) of the Presidency Act, as a useful provision. The mention of carrying on business has been added (as in the Presidency Act) in the paragraph relating to mortgage, etc.

Sub-clause (2).-Follows the Presidency Act, section 79(1).

Sub-clause (3).-Follows section 79(2), Presidency Act.

Sub-clause (4).-Follows section 68(2), Presidency Act.

Sub-clause (5).-This is not found in the Provincial Act, but has been taken from section 80 of the Presidency Act as a useful provision.

2. See clause 92.

Clause 92

This deals with the declaration and distribution of dividends. In the Provincial Act the matter is dealt with in a very brief way in section 59. But section 69 of the Presidency-towns Insolvency Act deals with it in an elaborate manner and that provision is considered suitable for the whole of India.

Clause 93

This reproduces the provisions of section 85 of the Presidency Act, which have been found useful for incorporation in the new law. There is no such provision in the Provincial Act.

Clause 94

This corresponds to section 87 of the Presidency Act. (There is no such provision in the Provincial Act.)

Clause 95

This is not found in the Provincial Act and is based upon section 19 of the Presidency Act. It has been adopted as a useful provision.

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