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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:
(c) to employ a solicitor or other agent to take any proceedings or do any business which the liquidator is nuable to take or do himself; but the sanction in this case must be obtained before the employment, except in enses of urgency, and in those uses it must be shown that no undue delay took place in obtaining the
sanction.
The sanction given for the purpose of this sub- section shall not be a general sanction to do all or any of the anlove-mentioned things, but shall only be a sanction to do the particular thing or things for which permission is sought.
(2) The liquidator in a winding up by the court shall have power :-
(a) To sell the real and personal property, and things in aetion of the company by pablie auction 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 execute, in the name nud on behalf of the company, all deeds, receipts, and other documents, and for that purpose to use, when necessary, the company's seal: (c) To prove, rank, and claim in the bankruptcy, Insolvency, or sequestration of any contributory, for any balance against his estate, and to receive dividends in the bankruptcy, insolvency, of sequestration in respect of that balance, sen separate debt dne from the bankrupt or lasol- vent, and rateably with the other separate ereditors:
(d) To draw, accept, nuke, aud 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 liability of the company as
if the bill or note had been drawn, nocepteil,
inade, or indorsed by or on behalf of the com- pany, in the course of its business :-
(e) To raise on the security of the assets of the
company any money requisite:
(f) To take out in his official name, letters of administration to any deceased contributory, and to do in his official name any other act nevessary for obtaining payment of any money due from n contributory or his estate which cannot be conveniently done in the name of the company; and in all such 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:
(0) To do all such other things as may be necessary for winding up the affairs of the company and distributing its assets.
(3) The exercise by the liquidator in a winding up by the court of the powers conferred by this section shall be subject to the control of the court, and the official receiver or any creditor or contributory may apply to the court with respect to any exercise or proposed exorcise of any of those powers,
(4) Where a liquidator is provisionally appointed by the court, the court may limit and restrict his powers by the order appointing him.
Meelings of
147.-(1) When a winding-up order has been made by creditors and the court the official receiver shall summon separate meetings of the cre litors and contributories of the company for the purpose of --
contribu
tories in
winding up.
8 Edw. 7 c.
69 a. 152.
(a) determining whether or not an application is to be made to the court for appointing a liquid- stor in the place of the official receiver; and
(4) determining whether or not an application is to he male 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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(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 provisious of this section, the court shall decide the difference and nake such 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.
143. Where in the winding up of a company hy the Liquidator court a person other thau the official receiver is appointed to give in- liquidator he shall give the official receiver such informa- formation to official tion and such access to and facilities for inspecting the receiver. books and documents of the company, and generally such 8 Edw. 7 c- aid as may be requisite for enabling that officer to perform 69 s. 153. his duties under this Ordinance.
149.-(1) Where in the winding up of a company by Payments of the court a person other than the official receiver in liquidator appointed liquidator he shall open an account in the name of winding up the company's estate at such bank as the colonial treasurer 16. A. 151. may direct:
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 accomt with any other bark, 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 committce 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 sach other amount as the official receiver in any particular case authorises 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 cent, per annam, and shall be liable to dis- allowance of all or such part of his reamueration as the court may think just, and to be removed from his office by the court, and shall be liable to pay any expenses occasioned by reason of his defauit.
(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 becomes or is appointed liquidator he shall, in sach manner and at such times as the colonial treasurer may direct, pay the mousy received by him to the Companics Liquidation Account at such bank as the colonial treasurer may direct.
into bank.
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 bar accounts in not less flau twice in each year during his tenure of office, winding up. send to the official receiver an account of his receipts and payments as liquidator.
(2) The account shall be in a prescribed form, shall be made in duplicate, and shall be verified by a statutory declaration in the prescribed form.
(3) The official receiver shall cause the account to be audited and for the purpose of the audit the liquidator shall furnish the official receiver with such vonchers and information as he may require, and the official receiver may at any time require the production of and luspect any books or accounts kept by the liquidator.
(4) When the account has been audited, one copy therent shall be filed with the official receiver, and shall be open to the inspection of any creditor, or of any person interested.
76. s. 156.
438