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The Joint-stock Companies Act, 1857

LXXXIX. Powers of Official Liquidators.-

The Official Liquidators shall have power, with the sanction of the Court, to do the following things:-

To bring or defend any action, suit, or prosecution, or other legal proceeding, Civil or Criminal, in the name and on behalf of the Company; and in such name to claim, prove, and draw dividends under any bankruptcy, insolvency, or sequestration:

To carry on the business of the Company, so far as may be necessary for the beneficial winding-up of the same:

To sell the property (moveable or immoveable), effects, and things in action of the Company by public auction or private contract, with power, if they think fit, to transfer the whole thereof to any person or Company, or to sell the same in parcels:

To execute, in the name and on behalf of the Company, all deeds, receipts, and other documents they may think necessary; and for that purpose to use, when necessary, the Company's seal:

To refer disputes to arbitration, and compromise any debts or claims:

To draw, accept, make, and endorse any Bill of Exchange or Promissory Note, and also to raise upon the security of the assets of the Company from time to time any requisite sum or sums of money; and the drawing, accepting, making, or endorsing of every such Bill of Exchange or Promissory Note as aforesaid on behalf of the Company shall have the same effect with respect to the liability of such Company as if such Bill or Note had been drawn, accepted, made, or endorsed by such Company in the course of carrying on the business thereof:

To do and execute all such other things as may be necessary for winding-up the affairs of the Company and distributing its assets.

Joint-Stock Companies Act, 1857 Back

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