2090
Payments of liquidator winding up into bank. 8 Edw. 7, c. 69, s. 154. [cf. s. 196(2).]
Audit of liquidator's accounts in No. 58 of 1911.
COMPANIES
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 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 ten days a sum exceeding five hundred 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 twenty 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.
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. 8 Edw. 7, c. 69, s. 155. [cf. s. 196(2).]
(2) The account shall be in a prescribed form, shall be made in duplicate, and shall be verified by a statutory declaration in the prescribed form. * As amended by No. 12 of 1921.
:Page 91
2090
Payments of liquidator winding up into bank. 8 Edw. 7,
c. 69, s. 154. [cf. s. 196(2).j
Audit of liquidator's accounts in
No. 58 of 1911.
COMPANIES.
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 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 applica- tion 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 ten days a sum exceeding five hundred 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 twenty 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.
150.--(1) Where in the winding-up of a company by the court a person other than the Official Receiver is appointed winding-up. 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.
8 Edw. 7, c. 69, s. 155.
*
[cf. s. 196(2).]
(2) The account shall be in a prescribed form, shall be made in duplicate, and shall be verified by a statutory declaration in the prescribed form.
*
As amended by No. 12 of 1921.
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