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Companies Act, 1956

Sec 513 - Body corporate not to be appointed as liquidator.

(1) A body corporate shall not be qualified for appointment as liquidator of a company in a voluntary winding up.

(2) Any appointment made in contravention of sub-section (1) shall be void.

(3) Any body corporate which acts as liquidator of a company, and every director, or a manager thereof, shall be punishable with fine which may extend to ten thousand rupees.

Companies Act, 1956 Back

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