193437-1932-Supplementary-Draft-Bill--Companies — Page 77

Provisions

where

person other than official receiver is appointed liquidator.

19 & 20 Geo. 5, c. 23,

s. 186.

General provisions

as to

liquidators.

19 & 20 Geo. 5. c. 23,

s. 188.

Custody of company's property.

19 & 20 Geo 5, c. 23,

s. 189.

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the company for the purpose of determining whether or not an application is to be made to the court for appointing a liquidator in the place of the official receiver:

(3) The court may make any appointment and order required to give effect to any such deter- mination, and, if there is a difference be- tween the determinations of the meetings of the creditors and contributories in respect of the matter aforesaid, the court shall decide the difference and make such order thereon as the court may think fit:

(4) In any case where a liquidator is not appointed by the court, the official receiver shall be the liquidator of the company:

(5) The official receiver shall by virtue of his

office be the liquidator during any vacancy: (6) 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, the particular company in respect of which he is appointed, and not by his individual

name.

of

181. Where in the winding up of a company by the court a person other than the official receiver is appointed liquidator, that person-

(1) shall not be capable of acting as liquidator until he has notified his appointment to the registrar of companies and given security in the prescribed manner to the satisfaction of the official receiver;

(2) shall give the official receiver such information and such access to and facilities for inspecting the books and documents of the company, and generally such aid as may be requisite for enabling that officer to perform his duties under this Ordinance.

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

(2) Where a person other than the official receiver. is appointed liquidator, he shall receive such salary or remuneration 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.

(3) A vacancy in the office of a liquidator appointed by the court shall be filled by the court.

(4) 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.

(5) Subject to the provisions of section two hundred and sixty-four of this Ordinance, the acts of a liquidator shall be valid notwithstanding any defects that may afterwards be discovered in his appointment or qualification.

183. Where a winding-up order has been made or where a provisional liquidator has been appointed, the liquidator, or the provisional liquidator, as the case may be, shall take mto his custody, or under his control, all the property and things in action to which the company is or appears to be entitled,

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