470

Appoint-
ment of
liquidator.

Appoint-
ment of com-
mittee of
inspection.

Ch. 31. No. 1.] Compantes.

(6) If default is made
(a) by the company in complying with subsections (1)
and (2) of this section;
(6) by the directors of the company in complying
with subsection (3) of this section;
(c) by any director of the company in complying
with subsection (4) of this section;
the company, directors or director, as the case may be, shall
be Hable to a fine of five hundred dollars, and, in the case of
default by the company, every officer of the company who
is in default shall be liable to the like penalty.

 

227. The creditors and the company at their respective
meetings mentioned in the last foregoing section of this
Ordinance may nominate a person to be liquidator for the
purpose of winding up the affairs and distributing the assets
of the company, and if the creditors and the company
nominate different persons, the person nominated by the
creditors shall be liquidator, and if no person is nominated
by the creditors the person, if any, nominated by the
company shall be hquidator:

Provided that in the case of different persons being nom-
inated any director, member, or creditor of the company
may, within seven days after the date on which the
nomination was made by the creditors, apply to the Court
for an order cither directing that the person nominated as
liquidator by the company shall be liquidator instead of
or jointly with the person nominated by the creditors,
or appointing some other person to be liquidator instead of
the person appointed by the creditors.

228. (1) The creditors at the meeting to be held in
pursuance of section 226 or at any subsequent meeting,
may, if they think fit, appoint a committee of inspection
consisting of not more than five persons, and if such a
committee is appointed the company may, either at the
meeting at which the resolution for voluntary winding up
is passed or at any time subsequently in general meeting,
appoint such number of persons as they think fit to act as
members of the committee not exceeding five in number:

Provided that the creditors may, if they think fit, resolve
that all or any of the persons so appointed by the company