Companies. [Ch. 31. No. 1.

ought not to be members of the committee of inspection,
and, if the creditors so resolve, the persons mentioned in the
resolution shall not, unless the Court otherwise directs, be
qualified to act as members of the committee, and on any
application to the Court under this provision the Court
may, if it thinks fit, appoint other persons to act as such
members in place of the persons mentioned in the resolution.

(2) Subject to the provisions of this section and to
rules, the provisions of section 190 (except subsection (1))
shall apply with respect to a committee of inspection
appointed under this section as they apply with respect to
a committee of inspection appointed in a winding up by
the Court.

229. (1) The committee of inspection, or if there is no
such committee, the creditors, may fix the remuncration to
be paid to the hquidator or liquidators.

(2) On the appointment of a liquidator, all the
powers of the directors shall ceasc, except so far as the
committee of inspection, or if there is no such committee,
the creditors, sanction the continuance thereof.

230. If a vacancy occurs, by death, resignation or
otherwise, in the office of a liquidator, other than a liquidator
appointed by, or by the direction of, the Court, the creditors
may fill the vacancy.

231. The provisions of section 222 shall apply in the case
of a creditors’ voluntary winding up as in the case of a
members’ voluntary winding up, with the modification that
the powers of the liquidator under the said section shall not
be exercised except with the sanction either of the Court
or of the committee of inspection.

232. (1) In the event of the winding up continuing for
more than one year, the liquidator shall summon a general
meeting of the company and a meeting of creditors at the
end of the first year from the commencement of the winding
up, and of each succeeding year, or as soon thereafter as
may be convenient, and shall lay before the meetings an
account of his acts and dealings and of the conduct of the
winding up during the preceding year.

47]

Fixing of
liquidators’
remunera-
tion and
cesser of
directors’
powers.

Power to fill
vacancy in
office of
liquidator.

Application
of s. 222 to
a creditors’
winding up.

Duty of
liquidator to
call meetings
of company
and of
creditors at
end of each
year.