COMPANIES.
Voluntary Winding Up.
175. A company may be wound up voluntarily—
No. 58 of 1911.
2163 Circumstances in which company may be wound up voluntarily.
(1) when the period (if any) fixed for the duration of the company by the articles expires, or the event (if any) occurs, on the occurrence of which the articles provide that the company is to be dissolved, and the company in general meeting has passed a resolution requiring the company to be wound up voluntarily;
(2) if the company resolves by special resolution that the company be wound up voluntarily;
(3) if the company resolves by extraordinary resolution to the effect that it cannot by reason of its liabilities continue its business, and that it is advisable to wind up.
8 Edw. 7 c. 69 s. 182.
176. A voluntary winding up shall be deemed to commence at the time of the passing of the resolution authorising the winding up.
Commencement of voluntary winding up.
ib. s. 183.
177. When a company is wound up voluntarily the company shall, from the commencement of the winding up, cease to carry on its business, except so far as may be required for the beneficial winding up thereof:
Provided that the corporate state and corporate powers of the company shall, notwithstanding anything to the contrary in its articles, continue until it is dissolved.
Effect of voluntary winding up on status of company.
ib. s. 184.
178. When a company has resolved by special or extraordinary resolution to wind up voluntarily, it shall give notice of the resolution by advertisement in the Gazette.
Notice of resolution to wind up voluntarily.
ib. s. 185.
179. The following consequences shall ensue on the voluntary winding up of a company:
Consequences of voluntary winding up.
ib. s. 186.
(i) the property of the company shall be applied in satisfaction of its liabilities pari passu, and, subject thereto, shall, unless the articles otherwise provide, be distributed among the members according to their rights and interests in the company;
(ii) the company in general meeting shall appoint one or more liquidators for the purpose of winding up the affairs and distributing the assets of the company, and may fix the remuneration to be paid to him or them;
(iii) 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;