COMPANIES.
No. 58 of 1911.
2153
and facilities for inspecting the books and documents of the company, and generally such aid as may be requisite for enabling that officer to perform his duties under this Ordinance.
liquidator
149.-(1) Where in the winding up of a company by the Court a person other than the Official Receiver is appointed liquidator, he shall open an account in the name of the company's estate at such bank as the Treasurer may direct.
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 obtaining 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 liquidator to make his payments into and out of such other bank as the committee 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 10 days a sum exceeding 500 dollars, or such other amount as the Official Receiver in any particular case authorises 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 20 per cent., 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 sums received by him as liquidator into his private banking account.
(4) Where the Official Receiver becomes or is appointed liquidator, he shall, in such manner and at such times as the Treasurer may direct, pay the money received by him to the Companies Liquidation Account at such bank as the Treasurer may direct.
8 Edw. 7 c. 69 s. 154.
*
accounts in
150.—(1) Where in the winding up of a company by the Court a person other than the Official Receiver is appointed liquidator, he 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.
* As amended by No. 50 of 1911 and No. 16 of 1912.
ib. s. 155.
COMPANIES.
No. 58 of 1911.
2153
and facilities for inspecting the books and documents of the coin- pany, and generally such aid as may be requisite for enabling that officer to perform his duties under this Ordinance.
liquidator
149.-(1) Where in the winding up of a company by the Court Payments of a person cther than the Official Receiver is appointed liquidator he winding up shall open an account in the name of the company's estate at such into bank. bank as the Treasurer may direct.
Provided that, if the committee of inspection satisfy the Official Receiver that for the purpose of carrying on the business of the com- pany or of obtaining 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 committee 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 10 days a sum exceeding 500 dollars, or such other amount as the Official Receiver in any particular case authorises 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 20 per cent., 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 sums received by him as liquidator into his private banking account.
(4) Where the Official Receiver becomes or is appointed liquidator he shall, in such manner and at such times as the Treasurer may direct, pay the money received by him to the Companies Liquidation Account at such bank as the Treasurer may direct.
8 Edw. 7 c. 69 s. 154.
*
accounts in
150.—(1) Where in the winding up of a company by the Court Audit of a person other than the Official Receiver is appointed liquidator he liquidator's shall, at such times as may be prescribed, but not less than twice winding up. in each year, during his tenure of office, send to the Official Receiver an account of his receipts and payments as liquidator.
* As amended by No. 50 of 1911 and No. 16 of 1912.
ib. s. 155.
i
No comments yet.
Private notes are available after approval.