54
(2) The court may make any appointment and order required to give effect to any such determination, and, if there is a difference between the determinations of the meetings of the creditors and contributories in respect of any of the matters mentioned in the foregoing provisions of this section, the court shall decide the difference and make sneh order thereon as the court may think fit.
(3) In case a liquidator is not appointed by the court the official receiver shall be the liquidator of the company.
148. Where in the winding up of a company by the Liquidator court a person other than the official receiver is appointed to give in- liquidator he shall give the official receiver such informa- formation tion and such access to and facilities for inspecting the to official hooks and documents of the company, and generally such aid as may be requisite for enabling that officer to perform his duties under this Ordinance.
receiver. Zb. . 153.
winding up
into bank. Jx. 154.
149-(1) Where in the winding up of a company by Payments of ti e court a person other than the official receiver is liquidator appointed liquidator he shall in sach manner and as such times as the official receiver with the concurrence of the colonial treasurer may direct, pay the uouey received by bim to the Companies Liquidation Account ut such, bank as the colonial treasurer may direct and the official receiver shall furnish him with a certificate of reecija of the money so paid :
Provided that, if the committee of inspection satisfy the official receiver that for the purpose of carrying on the business of the company or of obtaining advances, or for any other reason, it is for the advantage of the creditors or contributories that the liquidator should have an account with any other bank, the official receiver shall, on the application of the committee of inspection, authorise the liquidator to make his payments into and out of such other bank as the committee may select, and thereupon those payments shall be made in the prescribed manner.
(2) If any such liquidator at any time retains for more than ten days a sum exceeding five hundred dollars, or such other amount as the official receiver in any particular case anthorises him to retain, then, unless he explains the retention to the satisfaction of the court, he shall pay interest on the amount so retained in excess at the rate of twenty per cout, per annum, and shall be liable to dis- allowance of all or such part of his remuneration as the court may think just, aud to be removed from his office by the court, and shall be liable to pay any expenses ocensioned by reason of his default.
(3) A liquidator of a company which is being wound up by the court shall not pay sums received by him as
liquidator into his private banking account.
(4) Where the official receiver [ ] is appointed liquidator becomes or he shall, in such munner and at such times as the colonial treasurer may direct, pay the money received by him to the Companies Liquidation Account at such bank as the colonial frenarer my direct.
150.-(1) Where in the winding up of a company by Audit of the court a person other than the official receiver is appointed liquidator's liquidator he shall, at such times as may be prescribed but accounts in not less than twice in each year during his tenure of office, winding up. send to the official receiver an account of his receipts and 69% 154. payments as liquidator.
(2) The account shall be in a prescribed form, shall be made in duplicare, and shall be verified by a statutory declaration in the prescribed form.
(3) The official receiver shall cause the seconut to be audited mud for the purpose of the audit the liquidator shall faroish the official receiver with such vouchers and information as he may require, and the official receiver may at any time require the production of and inspect any books or accounts kept by the liquidator.
(4) When the agemont has been audited, one copy thereof shall be filed with the official receiver, and shall be open to the inspection of any creditor, or of any person interested,
8 Edw. 7 c.
Buoks to be kept by liquidator in winding up. I. s. 156.
Release of
Ib. s. 157.
55
(5) The official receiver shall cause the account when audited or a summary thereof to be printed, and shall send a printed copy of the accomut or summary by post to every creditor and contributory,
proper
151. Every liquidator of a empay which is being wound up by the court shall keep, i mater prescribed, books in which he shall canse to he maile entries or minates of proceedings at meetings, and of such other mat- ters as may be prescribed, and any creditor or contributory may, subject to the control of the court, personally or ly his agent inspect any such books.
182.--(1) When the liquidator of a company which is liquidators. being wound up by the court has realised all the property of the company, or so much thereof as can, in his opinion, be realised without needlessly protraeting the liquidation, and has distributed a final dividend, if any, to the creditors, and adjusted the rights of the contributories among them. solves, and made a final return, if any, to the contributories, or has resigned, or has been removed from his office, the ofhein! receiver shall, on his application.] cause a report of his accounts to he prepared, and, on his complying with all the requirements of the court, the court shall take into consideration the report, and any objection which may be urged by any creditor, or contributory, or person interested against the release of the liquidator, and shall either grant or withhold the release accordingly.
he shall
Exercise and control of
liquidator's powers.
8 Edw. 7 e. 69 s. 158.
(2) Where the release of a liquidator is withheld the Pourt may, on the application of any creditor, or 2001- tributory, or person interested, make such order as it thinks just, charging the liquidator with the consequences of any act or default which he may have done or rande contrary to his duty.
(3) An onder of the court releasing the liquidator shall discharge him from all ability in respect of any act doue or default made by him in the administration of the affairs of the company, or otherwise in relation to his conduct as liquidator, but any such order may be revoked on proof that it was obtained by frand or by suppression or comreal- ment of any material fact.
(4) Where the liquidator has not previously resigned or been removed, his release shall operato as a removal of him from his office,
153.(1) Subject to the provisions of this Ordinance the liquidator of a company which is being wound up by the court shall, in the administration of the assets of the company and in the distribution thereof anong its creditors, have regard to any directions that may he given by resolution of the creditors or contributories at any general meeting, or by the committee of inspection, unid any directions given by the creditors or contributories at any general meeting shall in case of confier be deemed to override any directions given by the committee of insper-
tion.
(2) The liquidator may summon general meetings of the creditors or contributories for the purpose of ascertaining their wishes, and it shall be his duty to summon meetings at sneb times as the creditors or contributories, by resolution, either at the meeting appointing the liquidator or other- wise, may direct, or whenever regnested in writing to do so by one tenth in value of the ereditors or contributories as the ease may be.
(3) The liquidator may apply to the court in manner prescribed for directions in relation to any particular matter arising under the winding up.
(4) Subject to the provisions of this Ordhance the liquidator shall use his own discretion in the management of the estate and its distribution among the creditors.
(5) If any person is aggrieved by any act or decision of
the liquidator, that person may apply to the court, and the court may confirm, reverse, or modify the act or decision complained of and make such order in the premises as it thinks just.
328