CAP. 32]
Companies.
[s. 226 cont.] at least in two local newspapers circulating in the district where the registered office or principal place of business of the company is situate.
22 of 1950, Schedule.
Appointment of liquidator.
c. 23, s. 239.
(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 claims 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 adjourned meeting, any resolution passed at the meeting of the creditors held in pursuance of subsection (1) 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 subsections (1) and (2);
(b) by the directors of the company in complying with subsection (3);
(c) by any director of the company in complying with subsection (4),
the company, directors or director, as the case may be, shall be liable to a fine of two 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. [227
227. The creditors and the company at their respective 19 & 20 Geo. 5, meetings mentioned in the last foregoing section of this Ordinance may nominate a person to be liquidator for the purpose of winding up the affairs and distributing the assets of the company, and if 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 company...
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