17817-1910-Supplementary-Bills-read-a-first-time--Companies — Page 52

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(3) If more than one liquidator is appointed by the court, the court shall declare whether any act by this 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.

(4) A liquidator appointed by the court may resign or on cause shown, be removed by the court.

(5) A vacancy in the office of a liquidator 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.

(6) Where a person other than the official receiver is appointed liquidator, he shall receive such salary or remu- neration by way of percentage or otherwise as the court may 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.

(7) A liquidator shall be described, where a person other than the official receiver is liquidator, 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.

(8) The acts of a liquidator shall be valid notwithstand- ing any defects that may afterwards be discovered in his appointment or qualification.

144. In a winding up by the court shall take into his custody, or under his property and things in action to which the appears to be entitled,

the liquidator Custody of control, all the company's company is or property.

8 Edw. 7. 69 s. 150.

145.-(1) The liquidater in a winding up by the court Powers of shall have power, with the sanction either of the court or liquidator. of the committee of inspection--

(a) to bring or defend any action or other legal proceeding in the name and on behalf of the company:

(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 unable to take or do himself; but 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 undue delay took place in obtaining the sanction.

(2) The 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 publie 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 and on behalf of the company, all deeds, receipts, and other documents, and for that purpose to use, when necessary, the company's seal : (e) 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, or sequestration in respect of that balance, as a separate debt due from the bankrupt or insol- 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 liability of the company as if the bill or note had been drawn, accepted, made, or indorsed by or on behalf of the com- pany, in the course of its business :

7b. s. 151.