1617
227.—(1) The company shall cause a meeting of Meeting of the creditors of the company to be summoned for the creditors. day, or the day next following the day, on which 19 & 20 Geo there is to be held the meeting at which the resolu-
5, c. 23, s. 238. tion for voluntary winding up is to be proposed, and shall cause the notices of the said meeting of creditors to be sent by post to the creditors simul taneously with the sending of the notices of the said meeting of the company.
(2) The company shall cause notice of the meeting of the creditors to be advertised once in the Gazette and once at least in two local newspapers circulating in the district where the registered office or principal place of business of the company is situate.
(3) The directors of the company shall-.
(a) cause a full statement of the position of the company's affairs together with a list of the creditors of the company and the estimated amount of their clainis to be laid before the meeting of creditors to be held as aforesaid; and
(b) appoint one of their number to preside at
the said meeting.
(4) It shall be the duty of the director appointed to preside at the meeting of creditors to attend the meeting and preside thereat,
(5) If the meeting of the company at which the resolution for voluntary winding up is to be proposed is adjourned and the resolution is passed at an ad- journed meeting, any resolution passed at the meeting of the creditors held in pursuance of subsection (1) of this section shall have effect as if it had been passed immediately after the passing of the resolution for winding up the company.
(6) If default is made-
(a) by the company in complying with sub-
sections (1) and (2) of this section;
(b) by the directors of the company in complying
with subsection (3) of this section;
(c) by any director of the company in complying
with subsection (4) of this section;
the company, directors or director, as the case may be, shall be liable to a fine not exceeding one thousand dollars, and, in the case of default by the company, every officer of the company who is in default shall be liable to the like penalty.
19 & 20 Gao.
228. The creditors and the company at their Appoint respective meetings mentioned in the last foregoing ment of section of this Ordinance may nominate a person to liquidator. be liquidator for the purpose of winding up the affairs 5, c. 23, and distributing the assets of the company, and if s. 239. the creditors and the company nominate different persons, the person nominated by the creditors shall be liquidator, and if no person is nominated by the creditors the person, if any, nominated by the com- pany shall be liquidator:
Provided that in the case of different persons being nominated any director, member, or creditor of the company may, within seven days after the date on which the nomination was made by the creditors, apply to the court for an order either directing that the person nominated as liquidator by the company shall be liquidator instead of or jointly with the person nominated by the creditors, or appointing some other person to be liquidator instead of the person appointed by the creditors.
A