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56
(5) The official receiver shall cause the account when audited or a summary thereof to be printed, and shail send a printed copy of the account or summary by post to every creditor and contributory.
Books to bu 151. Every liquidator of a company which is being kept by wound up by the court shall keep, i mauner prescribed, liquidator in
proper books in which he shall cause to be made entries or winding up. 8 Edw. 7 c.
minutes of proceedings at meetings, and of such other mat- 69 8. 156. 1ers as may be prescribed, and any ereditor or contributory way, subject to the control of the court, personally or by his agent inspect any such books.
Release of Hiquidators. Ib. s. 107.
Exercise and control of liquidator's powers.
b. s. 158.
162.-(1) When the liquidator of a company which is 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 protracting the liquidation, and has distributed a final dividend, if any, to the creditors, and adjusted the rights of the contributories among them- elves, and made a final returu, if any, to the contributories, or has resigned, or has been removed from his office, he shali cause a report on his accounts to be prepared, and, on his complying with all the requirements of the court, the court shall take to consideration the report, and any objection which may be urged by the official receiver or any ereditor, or contributory, or person interested against the release of the liquidator, and shall either grant or with- hold the release accordingly.
(2) Where the release of a liquidator is withheld the court may, on the application of the official receiver or any creditor, or contributory, 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 made contrary to his duty.
(3) An order of the comt releasing the liquidator shall discharge him from all liability in respect of any art done or defantt 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 conceal- ment of any material fact.
(4) Where the liquidator has not previously resigned or been removed, his release shall operate as a removal of him from his office.
153.-) 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 among its creditors, have regard to any directions it may be given by resolution of the creditors or contributories at any general meeting, or by the committee of inspection, and any directions given by the creditors er contributories at any general meeting shall in case of conflict be deemed to override any directions given by the committee of inspec- rion.
(2) The liquidator may summon general meetings of the creditors or courributories for the purpose of ascertaining their wishes, and it shall be bis duty to summon meetings at such times as the creditors or contributories, by resolution, either at the meeting appointing the liquidator or other- wise, may direct, or whenever requested in writing to do so by one tenth in value of the creditors or contributories as the case 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 Ordinance the liquidator shall use his own discretion in the management of the estate and its distribution among the ereditors.
(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.
dw, 7 e
69 s. 158.
154-(D) When a person other that the official receiver Control over is appointed liquidator the official receiver shall take engni- liquidators. zance of the conduct of liquidators of companies which are being wound up by the court, and, if a liquidator does not faithfully perform his duries and duly observe all the requirements imposed on him by ordinance, rules, or otherwise with respect to the performance of his duties, or if any complaint is inado to the official re-eiver by any creditor or contributory in regard therein, the official recciver shall inquire into the matter, and take such action theroon as he may think expedient.
(2) The official receiver may at any tim require any liquidator of a company which is being wound up by the court to answer any inquiry in relation to any winding up in which he is engaged, and may if the officiai rereiver think fit apply to the court to examine his or any other person on oath concerning the winding up.
(3) The court may also direct a local investigation to be made of the books and conebers of the liquidator.
Committee of Inspection, Special Manager, Receiver.
ap.
155.-(1) A commitice of inspection appointed in Committee pursuance of this Ordinance shall consist of creditors and of inspection contributories of the company or persons holding general in winding powers of attorney from creditors or contributories in snel: 75. s. 160. proportious as may be agreed on by the meetings of ereditors and contributuries, or as, in case of difference, may be determined by the court.
(2) The committee shall meet at such times as they from time to time appoint, and, failing such appointment,
at least once a mouth; and the liquidator or any member of the committee may also call a meeting of the com- mittee as and when he thiuks necessary.
(3) The committee may act by a majority of their mem- bery present at a meeting, but shall not art mnless a major- ity of the committee are present.
(4) Any member of the committee may resign by notice
in writing signed by him and delivered to the liquidator.
(6) If a member of the committee becomes bankrupt, or compounds or arranges with his creditors, or is absent from five consecutive meetings of the committee without the leave of those members who together with himself repre- sent the creditors or contributories, as the caso may be, his office shall thereupon become vacant,
(6) Any member of the committee may be removed by an ordinary resolution at a meeting of creditors (if he represents creditors), or of contributories (if he represents contributories) of which seven days' norice is heen given, stating the object of the meeting.
(7) On a vacancy occurring in the committed the liquidator shall forthwith summon a meeting of creditors or of contributories, as the case may require, to fill the vacancy, and the meeting may, by resolution, re-appoint the same or appoiut another creditor or contributory to fill the
vacanes.
(8) The continuing members of the commcitree, if not less than two, may act notwithstanding any vonney in the committee.
(9) If there is no committee of inspection, any act or thing or any direction or permission by this Ordinance authorised or required to be done or given by the committee may be done or given by the court on the application of the liquidator.
manager.
156.-(1) Where the official receiver becomes the Power liquidator of a company, whether provisionally or otherwise, to appoint he may, if satisfied that the nature of the estate or business special of the company, or the interests of the ereditors or courr- b. s. 161. butories generally, require the appointment of a special manager of the estate or business of the company other than himself, apply to the court to, and the court may ou such application, appoint a special manager thereof to net during such time as the court may direct, with such powers, including any of the powers of a receiver or manager, as may be entrusted to him by the court.
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