2108
No. 58 of 1911.
8 Edw. 7,
COMPANIES.
(2) A liquidator appointed by the court under this section shall have the same powers, be subject to the same obligations, and in all respects stand in the same position as if he had been appointed by the company.
Effect of supervision order.
8 Edw. 7, c. 69, s. 203.
Avoidance of after commencement of winding-up.
(3) The court may remove any liquidator so appointed by the court or any liquidator continued under the supervision order and fill any vacancy occasioned by the removal, or by death or resignation.
196. (1) Where an order is made for a winding-up subject to supervision, the liquidator may, subject to any restrictions imposed by the court, exercise all his powers, without the sanction or intervention of the court, in the same manner as if the company were being wound up altogether voluntarily.
(2) A winding-up subject to the supervision of the court is not a winding-up by the court for the purpose of the following provisions of this Ordinance, namely, those contained in sections 143, 144 (except sub-section 9), 147, 149, 150, 151, 153, 155, 156, 157, 168 and 170, but, subject as aforesaid, an order for a winding-up subject to supervision shall for all purposes, including the staying of actions and other proceedings, the making and enforcement of calls, and the exercise of all other powers, be deemed to be an order for winding-up by the court.
Supplementary.
197.—(1) In the case of voluntary winding-up, every transfer of shares, except transfers made to or with the sanction of the liquidator, and every alteration in the status of the members of the company made after the commencement of the winding-up, shall be void.
8 Edw. 7, c. 69, s. 205.
Debts of all descriptions to be proved.
(2) In the case of a winding-up by or subject to the supervision of the court, every disposition of the property (including things in action) of the company, and every transfer of shares, or alteration in the status of its members, made after the commencement of the winding-up, shall, unless the court otherwise orders, be void.
198. In every winding-up (subject in the case of insolvent companies to the application, in accordance with the provisions of this Ordinance, of the law of bankruptcy) all debts payable on a contingency, and all claims against the company,
8 Edw. 7, c. 69, s. 206.