474

Tower of
Court to
appoint and
remove
liquidator in
voluntary
winding up.

Notice by
liquidator of
his appvint-
ment.

Arrange-
ment when
binding on
ereditors,

Power to
apply to
Court to
have
questions
determined
or powers
exercised.

Ch. 31. No. 1.] Compante,

special or extraordinary resolution or for any other
purpose he may think fit.

(2) The liquidator shall pay the debts of the com-
pany and shall adjust the rights of the contributories
among themselve,

(3) When several liquidators are appointed, any
power given by this Ordinance may be exercised by such one
or more of them as may be determined at the time of their
Appointment, or, in default of such determination, by any
number not loss than two.

237. (1) If from any cause whatever there is no liquidator
acting, the Court may appoint a liquidator.
(2) The Court may, on cause shown, remove a
hquidator and appoint another Hquidator.

238. (1) The liquidator shall, within twenty-one days
after his appointment, deliver to the Registrar for registra-
tion a notice of his appointment in the preseribed form.

(2) If the liquidator fails to comply with the
requirements of this section he shall be liable to a fine of
twenty-five dollars for every day during which the default
continues.

239. (1) Any arrangement entered into between a com-
pany about to be, or in the course of being, wound up and
its creditors shall, subject to the right of appeal under this
section, be binding on the company if sanctioned by an
extraordinary resolution, and on the creditors if acceded
to by three-fourths in number and value of the creditors.

(2) Anv creditor or contributory may, within three
weeks from the completion of the arrangement, appeal to the
Court against it, and the Court may thereupon, as it thinks
just, amend, vary, or confirm the arrangement.

240. (1) The liquidator or any contributory or creditor
may apply to the Court to determine any question arising
in the winding up of a company, or to exercise, as respects
the enforcing ‘of calls, or any other matter, all or any of the
powers which the Court might exercise if the company were
being wound up by the Court.