Companies.
238. (1) The liquidator shall, within five weeks after his appointment, deliver to the Registrar for registration a notice of his appointment in the form prescribed.
(2) If the liquidator fails to comply with the requirements of this section he shall be liable to a fine of fifty dollars for every day during which the default continues.
[239
239. (1) Any arrangement entered into between a company about to be, or in the course of being, wound up and its creditors shall, subject to the right of appeal under this section, be binding on the company if sanctioned by an extraordinary resolution, and on the creditors if acceded to by three-fourths in number and value of the creditors.
(2) Any creditor or contributory may, within three weeks from the completion of the arrangement, appeal to the court against it, and the court may thereupon, as it thinks just, amend, vary, or confirm the arrangement.
[240
[CAP. 32
Notice by liquidator of his appointment. 19 & 20 Geo. 5, c. 23, s. 250.
Arrangement, when binding on creditors. 19 & 20 Geo. 5, c. 23, s. 251.
240. (1) The liquidator or any contributory or creditor may apply to the court to have questions determined or powers exercised.
(2) The court, if satisfied that the determination of the question or the required exercise of power will be just and beneficial, may accede wholly or partially to the application on such terms and conditions as it thinks fit, or may make such other order on the application as it thinks just.
[241
241. All costs, charges, and expenses properly incurred in the winding up, including the remuneration of the liquidator, shall be payable out of the assets of the company in priority to all other claims.
[242
242. The winding up of a company shall not bar the right of any creditor or contributory to have it wound up by the court, but in the case of an application by a contributory, the court must be satisfied that the rights of the contributories will be prejudiced by a voluntary winding up.
[243
Power to apply to court to have questions determined or powers exercised. 19 & 20 Geo. 5, c. 23, s. 252.
Costs of voluntary winding up. ibid. s. 254.
Saving for rights of creditors and contributories. ibid. s. 255.
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