708

SECRETARIAL PRACTICE
Provisions as to
mine club funds

299.—(1) On the winding up of a company within the stannaries,
contributions of the miners, artizans, or labourers for the purpose
of a mine club, or accident, or sick, or benefit fund shall not be
deemed to be, or be applied as part of the assets of the company in
liquidation of the debts of the company or otherwise, but shall be
accounted for by the purser or any other person in possession of the
fund to the liquidator, and shall be recoverable by him, and be
applied in accordance with the rules of the club.

(2) Where the winding up is a voluntary winding up, any person
claiming to be entitled to any such contributions or fund shail have
the same right as the liquidator of applying to the court for directions.
or to determine anv question arising in the matter.

Central Accounts.

300.—(1) An account, to be called the Companies Liquidation
Account, shall be kept by the Board of Trade with the Bank of
England, and all moneys received by the Board in respect of pro-
ceedings under this Act in connexion with the winding up of com-
panies in England shall be paid to that account.

(2) All payments out of money standing to the credit of the
Board of Trade in the Companies Liquidation Account shall be
made by the Bank of England in the prescribed manner.

Companies
Liquidation.
Account.

Investment of 301.—(1) Whenever the cash balance standing to the credit of
Sorplus fuuds on the Companies Liquidation Account is in excess of the amount
“ which in the opinion of the Board of Trade is required for the time
being to answer demands in respect of companies’ estates, the
Board shall notify the excess to the Treasury, and shall pay over
the whole or any part of that excess as the Treasury may require,
to the Treasury, to such account as the Treasury may direct, and
the Treasury may invest the sums paid over, or any part thereof,
in Government securities. to be placed to the credit of the said
account.

(2) When any part of the money so invested is, in the opinion
of the Board of Trade, required to answer any demands in respect
of companies’ estates, the Board shall notify to the Treasury the
amount so required, and the Treasury shall thereupon repay to the
Board such sum as may be required to the credit of the Companies
Liquidation Account, and for that purpose may direct the sale of
such part of the said securities as may be necessary.

(3) The dividends on investments under this section shall be
paid into the Bankruptcy and Companies Winding-up (Fees)
Account established under the Economy (Miscellaneous Provisions)
Act. 1026.

Separate ac-
counts of par-
ticular estates.

302.—(1) An account shall be kept by the Board of Trade of
the receipts and payments in the winding up of each company in
England, and, when the cash balance standing to the credit of the
account of any company is in excess of the amount which, in the
opinion of the committee of inspection. is required for the time