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(e) whether in his opinion further inquiry is desir- able as to any matter relating to the promotion, formation, or failure of the company, or the coudnet of the business thereof.
(2) The official receiver may also, if he thinks fit, make a further report, or further reports, stating the manner in which the company was formed and whether in his opinion any fraud has been committed by any person in its promo- tion or formation, or by any director or officer of the company in relation to the company since the formation thereof, and any other matters which in his opinion it is desirable to bring to the notice of the court,
Liquidators.
144. (1) For the purpose of conducting the proceed- Appoint ings in winding up a company and performing such duties ment, re in reference thereto as the court may impose, the court may and title of muneration, appoint a liquidator or liquidators,
(2) The court may make such an appointment provi- sionally at any time after the prosentation of a petition and before the making of an order for winding up!
(3)--(a) If a provisional liquidator is appointed before the making of a winding-up order, the official re- ceiver or any other fit person may be appointed: (6) Ou a winding-up order being made the official receiver shali hy virtue of his office become the provisional liquidator and shall eoutine to act as auch until he or another person becomes liquidator and is capable of acting as such :
(c) When a person other than the official receiver is appointed liquidater he shall not be capable of acting as liquidator until he has notified his appointment to the registrar of companies and given security to the satisfaction of the official receiver.
(4) If more than one liquidator is appointed by the court, the court shall declare whether any act by thie Ordinance required or authorised to be done by the liquidator is to be done by all or any one or more of the persons appointed.
(6) A liquidator appointed by the court may resign or,
on cause shown, be removed by the court.
(6) A vacaney in the offien of a quidator appointed by the court shall be filled by the court and the official receiver shall by virtue of his office be the liquidator during the vacancy.
(7) Where a person other than the official receiver is appointed liquidator, bo shall receive such salary or remu- neration by way of percentage or otherwise as the court way direct; and, if more such persons than one are appointed liquidators, their remuneration shall be distributed among them in such proportions as the court directs.
(8) A liquidator shall be described, where a person other than the official receiver is liquidato, by the style of the liquidator, and, where the official receiver is liquidator, by the style of the official receiver and liquidator, of the particular company in respect of which he is appointed, and not by individual name.
(9) The acts of a liquidator shall be valid notwithstand- ing any defects that may afterwards he discovered in his appointment or qualification.
liquidatore.
8 Edw. 7 c. 69. 149.
145. In a winding up by the court the liquidator Custody of shall take into his custody, or under his control, all the company's property and things in action to which the company is or property.
Zb. e. 150. appears to be entitled,
148-(1) The liquidator in a winding up by the const Powers of shall have power, will the sanction either of the court or liquidator, of the committee of inspection
(4) to bring or defeud any action or other legal proceeding in the name and on behalf of the
eality :
Ib, s. 151
Meetings of
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(b) to carry on the business of the company, so far as may be necessary for the beneficial winding up thereof:
(e) to employ a solicitor or other agent to take any provestings or do any business which the fiqaidator is unable to take or do himself: bur the sanction in this case must be obtained before the employment, except in cases of urgency. and in those cases it must be shown that no indue delay took place in obtaining the
sanction.
(2) Toe, liquidator in a winding up by the court shall have power-
(a) To sell the real and personal property, and things in action of the company by public anction or private contract, with power to transfer the whole thereof to any person or company, or to sell the same in parcels :
(b) To do all acts and to excente, in the name al on behalf of the company, all deals, receipts, and other documents, and for that purpose to ase, when necessary, the company's seal:
(c) To prove, rank, and claim in the bankruptes, insolvency, or sequestration of any contributory, for any balaure against his estate, and to receive dividends in the bankruptcy, insolvency, o sequestration in respect of tint balance, us a separate debt due from the bankrupt or insold- vent, and rateably with the other separate creditors:
(d) To draw, accept, make, and indorse any bill of exchange or promissory note in the name and on behalf of the company, with the same effect with respect to the Rability of the company as if the bill or note had been drawn, accepted, mude, or indorsed by or on behalf of the com- pany, in the conren of its business :--
(e) To raise on the security of the assets of the
company any moner requisite:
() To take out in his official name, letters of Administration to any deceased contributory, and to do in his official name any other act necessary for obtaining payment of any money due from a contributory or his estate which cannot be conveniently done in the name of the' company; und in all euch cases the money due shall, for the purpose of enabling the liquidator to take out the letters of administration or recover the money, be deemed to be due to the liquidator himself:
(✔) To do all such other things as many be necessary for winding up this afthirs of the company and listributing ite assets.
(3) The exercise by the liquidator in a winding up by the court of the powers conferred by this section shaft be subject to the coutrol of the court, ami any creditor or contri- Intory may apply to the court with respect to any exorcise or proposed exercise of any of these powers.
(4) Where a liquidator is provisionally appointed by the court, the court may limit and restrict his powers by the order appoiuting him.
147.--(1) When a winding-up order has been made by creditors and the court the official receiver shall summon separate meetings of the creditors and contributories of the company for the purpose of ---
contribu-
tories an
winding up.
8 Edw. 7 e.
69 a. 152.
(4) determining whether or not an application is to be made to the court for appointing a liquid- ator in the place of the official receiver; and
6) determining whether or not an application is to he made to the court for the appointment of a committee of inspection to act with the liquid- ator, and who are to be the members of the committee if appointed.
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