Exercise and control of
powers.
8 Edw. 7 c. 69 s. 158.
504
(4) Where the liquidator has not previously resigned or been removed, his release shall operate as a removal of him from his office.
152.-(1) Subject to the provisions of this Ordinance the liquidator of a company which is being wound up by liquidator's 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 that 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 or contributories at any general meeting shall in case of conflict be deemed to override any directions given by the committee of inspec- tion.
Control over liquidators. Ib. s. 159.
Committee
up.
(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 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 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.
153.—(1) The official receiver shall take cognizance of the conduct of liquidators of companies which are being wound up by the court, and, if a liquidator does not faithfully perform his duties 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 made to the official receiver by any creditor or contributory in regard thereto, the official receiver shall inquire into the matter, and take such action thercon as he may think expedient.
(2) The official receiver may at any time 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 official receiver think fit apply to the court to examine him 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 vouchers of the liquidator.
Committee of Inspection, Special Manager, Receiver.
154.—(1) A committee of inspection appointed in of inspection pursuance of this Ordinance shall consist of creditors and in winding contributories of the company or persons holding general powers of attorney from creditors or contributories in such proportious as may be agreed on by the meetings of ereditors and contributories, or as, in case of difference, may be determined by the court.
7. s. 160.
(2) The committee shall meet at such times as they from time to time appoint, and, failing such appointment, at least once a month; and the liquidator or any member of the committee may also call a meeting of the com- mittee as and when he thinks uccessary,
(3) The committee may act by a majority of their mom- bers present at a meeting, but shall not act unless 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.
(5) 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
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