20388-1911-Ordinance-passed-and-assented-to--Companies-No-58-of-1911 — Page 54

THE HONGKONG GOVERNMENT GAZETTE, DECEMBER 15, 1911.

(c) whether in his opinion further inquiry is desir- able as to any matter relating to the promotion, formation, or failure of the company, or the conduct of the business thereof.

(2) The official receiver may also, if he thinks fit, make a further report, or further reports, stating the manner in which the company was formed and whether in his opinion any frand has been committed by any person in its promo- tion or formation, or by any director or officer of the company in relation to the company since the formation thereof, and any other matters which in his opinion it is desirable to bring to the notice of the court,

Liquidators.

muneration,

144.-(1) For the purpose of conducting the proceed- Appoint- ings in winding up a company and performing such duties ment, re- in reference thereto as the court may imposé, the court may and title of appoint a liquidator or liquidators,

liquidators. 8 Edw. 7 .

(2) The court may make such an appointment provi- 69 s. 149. sionally at any time after the prescutation of a petition and before the making of an order for winding up.

(3)-(4) If a provisional liquidator is appointed before the making of a winding-up order, the official re- reiver or any other fit person may be appointed: (b) On a winding-up order being made the official receiver shall by virtue of his office become the provisional liquidator and shall continue to net as such until he or another person becomes liquidator and is capable of acting as such : (e) When a person other than the official receiver is appointed liquidator he shall not be capable of acting as liquidator until he has notified his appointment to the registrar of companies and given security to the satisfaction of the official receiver.

(4) If more than one liquidator is appointed by the court, the court shall declare whether any net 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) A liquidator appointed by the court may resign or, on eauze shown, he removed by the court.

(6) A vacancy in the office of a liquidator appointed by the court shall be filled by the court and the official receivér shall by virtue of his office be the liquidator during the

vacancy.

(7) Where a person other than the official receiver is appointed liquidator, he shall receive such salary or remu- neration by way of percentage or otherwise as the court may direct; and, if more such persons than one are appointed liquidators, their renumeration shall be distributed among them in such proportions as the court directs.

(8) 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, of the particular company in respect of which he is appointed, and not by individual name,

(9) The acts of a liquidator shall be valid notwithstand- ing any defects that may afterwards he discovered in his appointment or q alification.

145. In a winding up by the court the liquidator Custody of shall take into Iris custody, or under his control, all the company's

property. property and things in action to which the company is or

Ib. s. 150, appears to be entitled,

146-(1) The liquidator in a winding up by the court shall have power, with the sanction either of the court or of the committee of inspection----

(a) to bring or defend any action or other legal proceeding in the name and on behalf of the company:

Powers of liquidator.

7b. s. 151.

653