193704-1932-Supplementary-Bill-read-a-second-time--Companies — Page 92

Appoint-

ment of committee

of inspection. 19 & 20 Geo. 5, c. 23, s. 240.

Fixing of liquidators'

remunera-

tion and cesser of directors'

powers. 19 & 20 Geo. 5, c. 23,

s. 241.

Fower to fill vacancy in office of liquidator. 19 & 20 Geo. 5, c. 23,

s. 242.

Application

of s. 223 to a creditors'

voluntary

winding up. 19 & 20 Geo. .5, c. 23,

s. 243.

Duty of liquidator to call meetings

of company and of creditors

at end of each year. 19 & 20 Geo.

5, c. 23, s. 244.

Final meeting and dissolution.

19 & 20 Geo. 5, c. 23, 8. 245.

1618

229.-(1) The creditors at the meeting to be held in pursuance of section two hundred and twenty-seven of this Ordinance or at any subsequent meeting, may, if they think fit, appoint a committee of inspection consisting of not more than five persons, and if such a committee is appointed the company may, either at the meeting at which the resolution for voluntary winding up is passed or at any time subsequently in general meeting, appoint such number of persons as they think fit to act as members of the committee not exceeding five in number:

Provided that the creditors may, if they think fit, resolve that all or any of the persons so appointed by the company ought not to be members of the committee of inspection, and, if the creditors so resolve, the persons mentioned in the resolution shall not, unless the court otherwise directs, be qualified to act as members of the committee, and on any application to the court under this provision the court may, if it thinks fit, appoint other persons to act as such members in place of the persons mentioned in the resolution.

(2) Subject to the provisions of this section and to general rules, the provisions of sections one hundred and ninety-three (except subsection (1)) of this Ordinance shall apply with respect to a committee of inspection appointed under this section as they apply with respect to a committee of inspection appointed in a winding up by the court.

230.-(1) The committee of inspection, or if there is no such committee, the creditors, may fix the remuneration to be paid to the liquidator or liquida-

tors.

(2) On the appointment of a liquidator, all the powers of the directors shall cease, except so far as the committee of inspection, or if there is no such committee, the creditors, sanction the continuance thereof.

231. If a vacancy occurs, by death, resignation or otherwise, in the office of a liquidator, other than a liquidator appointed by, or by the direction of, the court, the creditors may fill the vacancy.

two

hundred

232. The provisions of section and twenty-three of this Ordinance shall apply in the case of a creditors' voluntary winding up as in the case of a members' voluntary winding up, with the modification that the powers of the liquidator under the said section shall not be exercised except with the sanction either of the court or of the committee of inspection.

233.-(1) In the event of the winding up continuing for more than one year, the liquidator shall summon a general meeting of the company and a meeting of creditors at the end of the first year from the com- mencement of the winding up, and of each succeeding year, or as soon thereafter as may be convenient, and shall lay before the meetings an account of his acts and dealings and of the conduct of the winding up during the preceding year.

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

234.-(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 company has been disposed of, and thereupon shall