254
CAP. 32]
Property of dissolved company to be bona vacantia.
1929 c. 23. s. 296.
Companies liquidation
account.
1929 c. 23, s. 300.
Investment of surplus funds on general account.
1929 c. 23. s. 301.
Companies
[1984 Ed.
(2) The Registrar may execute or sign any relevant instrument or document, adding a memorandum stating that he has done so in pursuance of this section, and such execution or signature shall have the same force, validity and effect as if the company, if existing, had duly executed such instrument or document.
(3) In the exercise of his functions under this section, the Registrar shall not be liable, and no civil action or other proceedings shall lie against him, in respect of acts properly done by him.
(Added, 6 of 1984, s. 205)
292. Where a company is dissolved, all property and rights whatsoever vested in or held on trust for the company immediately before its dissolution (including leasehold property but not including property held by the company on trust for any other person) shall, subject and without prejudice to any order which may at any time be made by the court under sections 290 and 291, be deemed to be bona vacantia and shall accordingly belong to the Crown, and shall vest and may be dealt with in the same manner as other bona vacantia accruing to the Crown.
Central Accounts
293. (1) An account, to be called the Companies Liquidation Account, shall be kept by the Official Receiver at such bank as the Governor may from time to time direct, and all moneys received by the Official Receiver in respect of proceedings under this Ordinance in connexion with the winding up of companies shall be paid to that
(Amended, 1 of 1949, s. 20, and 24 of 1950, Schedule)
account.
(2) All payments out of money standing to the credit of the Official Receiver in the Companies Liquidation Account shall be made in the prescribed manner.
294. (1) Whenever the cash balance standing to the credit of the Companies Liquidation Account is in excess of the amount which in the opinion of the Official Receiver is required for the time being to answer demands in respect of companies' estates, he shall notify the excess to the Director of Accounting Services and shall, in accordance with the directions of the Director of Accounting Services-
(a) place the whole or part of that excess on fixed deposit or deposit at call in his name and furnish the receipts to the Director of Accounting Services; or
(b) pay the whole or any part of that excess to the Director of Accounting Services to such account as the Director of Accounting Services may direct.
and the Director of Accounting Services may invest the sums paid under paragraph (b), or any part thereof, in Government securities (including securities issued by the Government of the United Kingdom), to be placed to the credit of the account referred to in that paragraph. (Replaced, 6 of 1984, s. 206)