466

Provisions
applicable to
a members’
winding up.

Power of
company to
appoint and
fix remu-
neration of
liquidators.

Power to fill
vacaney in
office of
liquidator.

Power of
liquidator

to accept
shares. etc,
as considera-
tion tor sale
of property
of company.

Ch. 31. No. 1.] Compantes.

which declaration has not been made and. delivered
as aforesaid is in this Ordinance referred to as “a creditors’
voluntary winding up.”

Provisions applicable to a members’ voluntary
winding up.

219. The provisions contained in the five sections of this
Ordinance next following shall apply in relation to a
members’ voluntary winding up.

220. (1) The company in gencral meeting shall appoint
one or more liquidators for the purpose of winding up the
affairs and distributing the assets of the company, and may
fix the remuneration to be paid to him or them.

(2) On the appointment of a liquidator all the powers
of the directors shall cease, except so far as the company in
gencral mecting, or the liquidator, sanctions the continuance
thereof,

221. (1) If a vacancy occurs by death, resignation or
otherwise in the office of liquidator appointed by the
company, the company in general meeting may, subject
to any arrangement with its creditors, fill the vacancy.

(2) For that purpose a general mecting may be
convened by any contributory or, if there were more
liquidators than one, by the continuing liquidators.

(3) The meeting shall be held in manner provided by
this Ordinance or by the articles, or in such manner as may,
on application by any contributory or by the continuing
liquidators, be determined by the Court.

222. (1) Where a company is proposed to be, or is in
course of being, wound up altogether voluntarily, and the
whole or part of its business or property is proposed to be
transferred or sold to another company, whether a company
within the meaning of this Ordinance or not (in this section
called ‘“‘ the transferee company ’’) the liquidator of the
first-mentioned company (in this section called “ the
transferor company ’’) may, with the sanction of a special
resolution of that company, conferring either a general