509
175. A voluntary winding up shall be deemed to com- Commence. mence at the time of the passing of the resolution authoris- ment of ing the winding up.
voluntary winding up. 8 Edw. 7 e. 69 s. 183.
176. When a company is wound up voluntarily the Effect of company shall, from the commencement of the winding up, voluntary cease to carry on its business, except so far as may be winding up required for the beneficial winding up thereof :
on status of
company,
Provided that the corporate state and corporate powers 7b, s. 184. of the company shall, notwithstanding anything to the contrary in its articles, continue until it is dissolved.
177. When a company has resolved by special or extra- Notice of ordinary resolution to wind up voluntarily, it shall give resolution notice of the resolution by advertisement in the Gazette.
178. The following consequences shall ensue voluntary winding up of a company :—
to wind up voluntarily. lb. s. 185.
on the Conse-
quences of
winding up.
(2) The property of the company shall be applied voluntary in satisfaction of its liabilities pari passit, and, fh, 3. 186. subject thereto, shall, unless the articles other- wise provido, be distributed among the members according to their rights and interests in the company:
(2) The company in general meeting shall appoint one or more liquidators for the purpose of wind- ing up the affairs and distributing the assets of the company, and may fix the remuneration to be paid to him or thei:
(2) On the appointment of a liquidator all the powers of the directors shall cease, except so far as the company in general meeting, or the liquidator, sanctions the continuance thereof: (i) The liquidator may, without the sanction of the court, exercise all powers by this Ordinance given to the liquidator in a winding up by the
court:
(e) The liquidator may exercise the powers of the court under this Ordinance of settling a list of contributories, and of making calls, and shall pay the debts of the company, and adjust the rights of the contributories among themselves : (ci) The list of contributories shall be primâ facie evidence of the liability of the persons named therein to be contributories:
(vii) When several liquidators are appointed, every power hereby given may be exercised by such one or more of them as may be determined at the time of their appointment, or in default of such determination by any number not less than two:
(viii) If from any cause whatever there is
liquidator acting, the court may, on the application of a contributory, appoint a liquida-
tor:
(ix) The court may, on cause shown, remove
liquidator, and appoint another liquidator.
a
179.—(1) The liquidator in a voluntary winding-up shall, within five weeks after his appointment, file with the registrar of companies a notice of his appointment in the form prescribed by the Governor
(2) If the liquidator fails to comply with the require- ments of this section he shall be liable to a fine not exceed- ing fifty dollars for every day during which the default continues.
Notice by liquidator of his appoint-
ment.
Ib. 187.
180.—(1) Every liquidator appointed by a company in Rights of a voluntary winding-up shall, within three weeks from his creditors in appointment, send notice by registered post to all persons winding-up. a voluntary who appear to him to be creditors of the company that a
Tb. s. 188. meeting of the creditors of the company will be held on a date, not being less than four or more than five weeks after his appointment, and at a place and hour, to be specified in the notice, and shall also advertise notice of
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