232
CAP. 32]
Companies
[1984 Ed.
Court may appoint and
remove
liquidator in voluntary winding up.
1929 c. 23, s. 249.
Notice by liquidator of his appointment.
1929 c. 23, s. 250.
Arrangement, when binding on creditors.
1929 c. 23, s. 251.
Power to apply to court to have questions determined or
powers exercised.
1929 c. 23, s. 252.
(2) The liquidator shall pay the debts of the company and shall adjust the rights of the contributories among themselves.
(3) When several liquidators are appointed, any power given by this Ordinance may be exercised by such one or more of them as may be determined at the time of their appointment, or, in default of such determination, by any number not less than 2.
252. (1) If from any cause whatever there is no liquidator acting, the court may appoint a liquidator.
(2) The court may, on cause shown, remove a liquidator and appoint another liquidator.
253. (1) The liquidator shall, within 21 days after his appointment, publish in the Gazette and 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 $200 for every day during which the default continues.
(Amended, 6 of 1984, s. 175)
254. (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 a special resolution, and on the creditors if acceded to by three-fourths in number and value of the creditors. (Amended, 6 of 1984, s. 176)
(2) Any creditor or contributory may, within 3 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.
255. (1) The liquidator or any contributory or creditor may apply to the court to determine any question arising in the winding up of a company, or to exercise, as respects the enforcing of calls, or any other matter, all or any of the powers which the court might exercise if the company were being wound up by the
court.
(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.
(3) A copy of an order made by virtue of this section staying the proceedings in the winding up shall forthwith be delivered by the company, or otherwise as may be prescribed, to the Registrar for registration. (Added, 6 of 1984, s. 177)