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The Joint-stock Companies Act, 1857

Official Liquidators

LXXXVII. Appointment of Official Liquidators.-

For the purpose of conducting the proceedings in winding-up a Company, and assisting the Court therein, there shall be appointed a person or persons to be called an Official Liquidator or Official Liquidators; and such appointment shall be made as follows; (that is to say)

The Court having jurisdiction may, after requiring due security, appoint such persons or person, either provisionally or otherwise, as it think fit, to the office of Official Liquidators ; it may from time to time remove any person or persons so appointed, and fill up any vacancy occasioned by such removal or by the death or resignation of any such appointee or appointees; if one person only is appointed, he shall have all the powers hereby given to several Liquidators; if more persons than one are appointed, the Court shall declare whether any act hereby required; or authorized to be done by the Official Liquidators may be done by all or any one or more of such persons:

In cases where the winding-up takes place at the suit of a creditor, it shall be lawful for the major part in value of the creditors assembled at a meeting to be held for the purpose, and, in cases where the winding-up takes place at the suit of contributory, for the major part in value of the contributories assembled at a meeting to be held for the purpose, to appoint an Official Liquidator to act concurrently with the Official Liquidator so named by the Court. Every such meeting shall be held at a time and place to be fixed by the Court and of which meeting such notice shall be given as the Court may direct.



Joint-Stock Companies Act, 1857 Back




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