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e. _Cost-Book Mining Companies._--These are in substance mining partnerships. They derive their name from the fact of the partnership agreement, the expenses and receipts of the mine, the names of the shareholders, and any transfers of shares being entered in a "cost-book." The affairs of the company are managed by an agent known as a "purser," who from time to time makes calls on the members for the expenses of working. A cost-book company is not bound to register under the Companies Act 1862, but it may do so. Winding-up. Voluntary. A company once incorporated under the Companies Act 1862 cannot be put an end to except through the machinery of a winding-up, though the name of a company which is commercially defunct may be struck off the register of joint stock companies by the registrar (s. 242 of the Companies (Consolidation) Act 1908, incorporating s. 7 of the act of 1880, as amended by s. 26 of the act of 1900). Winding-up is of two kinds: (1) voluntary winding-up, either purely voluntary or carried on under the supervision of the court; and (2) winding-up by the court. Of these voluntary winding-up is by far the more common. Of the companies that come to an end 90% are so wound up; and this is in accordance with the policy of the legislature, evinced throughout the Companies Acts, that shareholders should manage their own affairs--winding-up being one of such affairs. A voluntary winding-up is carried out by the shareholders passing a special resolution requiring the company to be wound up voluntarily, or an extraordinary resolution (now defined by s. 182 of the Companies (Consolidation) Act 1908) to the effect that it has been proved to the shareholders' satisfaction that the company cannot, by reason of its liabilities, continue its business, and that it is advisable to wind it up (C.A. 1862, s. 129). The resolution is generally accompanied by the appointment of a liquidator. In a purely voluntary winding-up there is a power given by s. 138 for the company or any contributory to apply to the court in any matter arising in the winding-up, but seemingly by an oversight of the legislature the same right was not given to creditors. This was rectified by the Companies Act 1900, s. 25. Section 27 of the Companies Act 1907 (s. 188 of the Consolidation Act 1908) further provides for the liquidator under a voluntary winding-up summoning a meeting of creditors to determine on the choice of a liquidator. A c
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