Commonwealth Numbered Acts

COMPANIES ACT 1981 No. 89 of 1981 - SECT 368

368. (1) Any disposition of property of the company, other than a disposition
made by the liquidator pursuant to a power conferred on him by this Act or by
an order of the Court, and any transfer of shares or alteration in the status
of the members of the company made after the commencement of the winding up by
the Court is, unless the Court otherwise orders, void.

(2) Notwithstanding sub-section (1), the Court may, where an application for
winding up has been filed but a winding up order has not been made, by order-

   (a)  validate the making, after the filing of the application, of a
        disposition of property of the company; or

   (b)  permit the business of the company or a portion of the business of the
        company to be carried on, and such acts as are incidental to the
        carrying on of the business or portion of the business to be done,
        during the period before a winding up order (if any) is made, on such
        terms as it thinks fit.

(3) Any attachment, sequestration, distress or execution put in force against
the property of the company after the commencement of the winding up by the
Court is void.