Commonwealth Numbered Acts

COMPANIES ACT 1981 No. 89 of 1981 - SECT 380

380. (1) A liquidator shall, in the manner and at the times prescribed by the
rules, pay the money received by him into such bank and account as are
prescribed by the rules or specified by the Court.

(2) If a liquidator retains for more than 10 days a sum exceeding $500, or
such other amount as the Court in any particular case authorizes him to
retain, then, unless he explains the retention to the satisfaction of the
Court, he shall pay interest at the rate of 20% per annum on the amount so
retained in excess computed from the expiration of the 10 days until he has
complied with the provisions of sub-section (1), and is liable-

   (a)  to disallowance of all or such part of his remuneration as the Court
        thinks just;

   (b)  to be removed from his office by the Court; and

   (c)  to pay any expenses occasioned by reason of his default.

(3) A liquidator who pays any sums received by him as liquidator into a bank
or account other than the bank or account prescribed or specified under
sub-section (1) is guilty of an offence.