226
CAP. 32]
(1845 c. 16.)
Duty of liquidator to call creditors' meeting in case of insolvency. 1948 c. 38. s. 288. (6 of 1984.) [31.8.84.]
Duty of liquidator to call general meeting at end of each year. 1929 c. 23. s. 235.
Companies
[1984 Ed.
(3) If any member of the transferor company, whether he voted in favour of the special resolution or not, expresses his dissent therefrom in writing addressed to the liquidator, and left at the registered office of the company within 7 days after the passing of the resolution, he may require the liquidator either to abstain from carrying the resolution into effect, or to purchase his interest at a price to be determined by agreement or by arbitration in manner provided by this section.
(4) If the liquidator elects to purchase the member's interest, the purchase money must be paid before the company is dissolved, and be raised by the liquidator in such manner as may be determined by special resolution.
(5) A special resolution shall not be invalid for the purposes of this section by reason that it is passed before or concurrently with a resolution for voluntary winding up or for appointing liquidators, but, if an order is made within a year for winding up the company by the court, the special resolution shall not be valid unless sanctioned by the court.
(6) For the purposes of an arbitration under this section, the provisions of the Companies Clauses Consolidation Act 1845, with respect to the settlement of disputes by arbitration, shall be incorporated with this Ordinance, and in the construction of those provisions this Ordinance shall be deemed to be the special Act, and the company shall mean the transferor company, and any appointment by the said incorporated provisions directed to be made under the hand of the secretary, or any 2 of the directors, may be made under the hand of the liquidator, or, if there is more than one liquidator, then of any 2 or more of the liquidators.
(Amended, 6 of 1984, s. 165)
237A. (1) If, in the case of a winding up commenced after the commencement* of the Companies (Amendment) Ordinance 1984, the liquidator is at any time of opinion that the company will not be able to pay its debts in full within the period stated in the declaration under section 233, he shall forthwith summon a meeting of the creditors, and shall lay before the meeting a statement of the assets and liabilities of the company.
(2) The creditors may, at a meeting called by the liquidator under this section, appoint another liquidator in his place and fix the remuneration of the liquidator so appointed, and may, if they think fit, appoint a committee of inspection.
(3) If the liquidator fails to comply with subsection (1), he shall be liable to a fine of $5,000.
(Added, 6 of 1984, s. 166)
238. (1) Subject to section 239A, in the event of the winding up continuing for more than 1 year, the liquidator shall summon a general meeting of the company at the end of the first year from the commencement of the winding up, and of each succeeding year, or at the first convenient date within 3 months from the end of the year or