193704-1932-Supplementary-Bill-read-a-second-time--Companies — Page 90

Duty of liquidator to call general

meeting at

end of

1616

224. (1) In the event of the winding up con- tinuing for more than one year, the liquidator shall summon a general meeting of the company at the end of the first year from the commencement of the winding up, and of each succeeding year, or as soon thereafter as may be convenient, and shali lay before 19 & 20 Geo. the meeting an account of his acts and dealings and 5, c. 23,

of the conduct of the winding up during the preceding year.

each year.

#. 235

Final meet- ing and dissolution.

19 & 20 Geo. 5, c. 23,

s. 236.

Provisions applicable

to a

creditors'

winding up.

19 & 20 Geo. 5, c. 23,

s. 237.

(2) If the liquidator fails to comply with this section, he shall be liable to a fine not exceeding one hundred dollars.

225. (1) As soon as the affairs of the company are fully wound up, the liquidator shall make up an account of the winding up, showing how the winding up has been conducted and the property of the com- pany has been disposed of, and thereupon shall call a general meeting of the company for the purpose of laying before it the account, and giving any explana- tion thereof.

(2) The meeting shall be called by advertisement in the Gazette, specifying the time, place, and object thereof, and published one month at least before the meeting.

(3) Within three weeks after the meeting, the liquidator shall send to the registrar of companies a copy of the account, and shall make a return to him of the holding of the meeting and of its date, and if the copy is not sent or the return is not made in accordance with this subsection the liquidator shall be liable to a fine not exceeding fifty dollars for every day during which the default continues:

Provided that, if a quorum is not present at the meeting, the liquidator shall, in lieu of the return hereinbefore mentioned, make a return that the meeting was duly summoned and that no quorum was present thereat, and upon such a return being made the provisions of this subsection as to the making of the return shall be deemed to have been complied with.

(4) The registrar on receiving the account and either of the returns herein before mentioned shall forthwith register them, and on the expiration of three months from the registration of the return the company shall be deemed to be dissolved:

Provided that the court may, on the application of the liquidator or of any other person who appears to the court to be interested, make an order deferring the date at which the dissolution of the company is to take effect for such time as the court thinks fit.

(5) It shall be the duty of the person on whose application an order of the court under this section is made, within seven days after the making of the order, to deliver to the registrar an office copy of the order for registration, and if that person fails so to do he shall be liable to a fine not exceeding fifty dollars for every day during which the default con- tinues.

Provisions applicable to a Creditors' Voluntary Winding Up.

226. The provisions contained in the eight sections of this Ordinance next following shall apply in relation to a creditors' voluntary winding up.

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