193704-1932-Supplementary-Bill-read-a-second-time--Companies — Page 80

Payments

into bank

19 & 20 Geo. 6, c. 23,

8. 194.

1606

188.-(1) Every liquidator other than the official of liquidator receiver of a company which is being wound up by the court shall, in such manner and at such times or Treasury. the official receiver directs, pay the money

as received by him to the Companies Liquidation Account at the bank where such account is kept, and the Colonial Treasurer shall furnish him with a certificate of receipt of the money so paid, and when the official receiver is the liquidator of such company he shall pay all monies received by him in such capacity into the Companies Liquidation Account:

Provided that, if the committee of inspection satisfy the Official Receiver that for the purpose of carrying on the business of the company or of cbtaining advances, or for any other reason, it is for the advantage of the creditors or contributories that the liquidator should have an account with any other bank, the Official Receiver shall, on the application of the committee of inspection, authorise the liquida- tor to make his payments into and out of such other bank as the cominittee may select, and thereupon those payments shall be made in the prescribed

manner.

(2) If any such liquidator at any time retains for more than ten days a sum exceeding five hundred dollars, or such other amount as the court in any particular case may authorise 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 disallowance 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 any sums received by him as liquidator into his private banking

account.

Audit of liquidator's accounts.

19 & 20 Geo. 5, c. 23, $. 195.

189.-(1) Every liquidator (other than the official receiver) of a company which is being wound up by the court shall, at such times as may be prescribed but not less than twice in each year during his tenure of office, send to the official receiver, an account of his receipts and payments as liquidator and where the official receiver is liquidator he shall cause such account to be prepared.

(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 the official receiver 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 and kept by the official receiver, and the other copy shall be delivered to the court for filing, and each copy 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 summary by post to every creditor and contributory.

or

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