Companies.
(2) In this Ordinance the expression a resolution for voluntary winding up means a resolution passed under any of the provisions of subsection (1).
[214
214. (1) When a company has passed a resolution for voluntary winding up, it shall, within seven days after the passing of the resolution, give notice of the resolution by advertisement in the Gazette.
(2) If default is made in complying with this section, the company and every officer of the company who is in default shall be liable to a default fine, and for the purposes of this subsection the liquidator of the company shall be deemed to be an officer of the company.
[215
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Notice of resolution to wind up voluntarily.
19 & 20 Geo. 5, c. 23, s. 226.
1 of 1949, s. 16.
Commencement of voluntary winding up.
215. A voluntary winding up shall be deemed to commence at the time of the passing of the resolution for voluntary winding up.
Consequences of Voluntary Winding Up.
[216 ibid. s. 227.
216. In case of a voluntary winding up, 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.
[217
217. Any transfer of shares, not being a transfer made to or with the sanction of the liquidator, and any alteration in the status of the members of the company, made after the commencement of a voluntary winding up, shall be void.
Declaration of Solvency.
[218
Effect of voluntary winding up on business and status of company.
19 & 20 Geo. 5, c. 23, s. 228.
Avoidance of transfers, &c., after commencement of voluntary winding up.
19 & 20 Geo. 5, c. 23, s. 229.
Statutory declaration of solvency in case of proposal to wind up voluntarily.
218. (1) Where it is proposed to wind up a company voluntarily, the directors of the company or, in the case of a company having more than two directors, the majority of the directors may, at a meeting of the directors held before the date on which the notices of the meeting at which the resolution for the winding up of the company is to be proposed are sent out, make a statutory declaration to the
145
19 & 20 Geo. 5, c. 23, s. 230.