193704-1932-Supplementary-Bill-read-a-second-time--Companies — Page 81

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190.-(1) The official receiver shall take cogniz- Control of ance of the conduct of liquidators of companies which Official are being wound up by the court, and, if a liquidator Receiver does not faithfully perform his duties and duly observe liquidators. all the requirements imposed on him by statute, 19 & 20 Geo. rules, or otherwise with respect to the performance 5, c. 23, of his duties, or if any complaint is made to the s. 196. official receiver by any creditor or contributory in regard thereto, the official receiver shall inquire into the matter, and take such action thereon 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 he think fit, apply to the court to examine him or any other person on oath concerning the winding up.

(3) The official receiver may also direct a local investigation to be made of the books and vouchers of the liquidator.

5, c. 23, 8. 197.

191.--(1) When the liquidator of a company which Release of is being wound up by the court has realised all the liquidators. property of the company, or so much thereof as 19 & 20 Geo. can, in his opinion, be realised without needlessly protracting the liquidation, and has distributed final dividend, if any, to the creditors, and adjusted the rights of the contributories among themselves, and made a final return, if any, to the contributories, or has resigned, or has been removed from his office, the court shall, on his application, cause a report on his accounts to be prepared, and, on his comply- ing with all the requirements of the court, shall take into consideration the report, and any objection which may be urged by any creditor or contributory, or person interested against the release of the liquidator, and 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 contributory, 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 fraud or by suppression or conceal- ment of any material fact.

(4) Where the liquidator has not previously resign- ed or been removed, his release shall operate as a removal of him from his office.

Committees of Inspection.

batories to

192.-(1) When a winding up order has been made Meetings of by the court, it shall be the business of the separate creditors meetings of creditors and contributories summoned and contri- for the purpose of determining whether or not an determine application should be made to the court for appoint- whether ing a liquidator in place of the official receiver, to committee determine further whether or not an application is

of inspection to be made to the court for the appointment of a appointed.

shall be committee of inspection to act with the liquidator 19 & 20 Geo. and who are to be members of the committee if 5, c. 23, appointed.

s. 198.

(2) The court may make any appointment and order required to give effect to any such determination, and if there is a difference between the determina- tions of the meetings of the creditors and con-