17817-1910-Supplementary-Bills-read-a-first-time--Companies — Page 54

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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 annum, and shall be liable to dis- allowance of all or such part of his remuneration 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 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 he shall, in such manner 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 treasurer may direct,

149.-(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 winding up. not less than twice in each year during his tenure of office, 8 Edw. 76. send to the official receiver, an account of his receipts and 69 s. 155. 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 vouchers and information as ho 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 account 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.

(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 account or suminary by post to every creditor and contributory.

150. Every liquidator of a company which is being Books to be wound up by the court shall keep, in manner prescribed, kept by proper books in which he shall cause to be made entries or liquidator in

winding up. minutes of proceedings at meetings, and of such other mat-

Ib. s. 156. ters as may be prescribed, and any creditor or contributory may, subject to the control of the court, personally or by his agent inspect any such books.

181.-(1) When the liquidator of a company which is Release of being wound up by the court has realised all the property liquidators. of the company, or so much thereof as can, in his opinion, 15. s. 157. 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- selves, and made a final return, if any, to the contributories, or has resigned, or has been removed from his office, the official receiver shall, on his application, cause a report on his accounts to be 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 he urged by any creditor, or contributory, or person interested against the release of the liquidator, aud shall either grant or withhold the release accordingly.

(2) Where the release of a liquidator is withheld the court may, on the application of any creditor, or con- 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 made contrary to his duty.

(3) An order of the court releasing the liquidator shall discharge him from all liability in respect of any act done 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 conceal- ment of any material fact.