Commonwealth Numbered Acts

COMPANIES ACT 1981 No. 89 of 1981 - SECT 396

Subdivision B-Provisions applicable only to Members' Voluntary
Winding Up

396. (1) The company in general meeting shall appoint a liquidator or
liquidators for the purpose of winding up the affairs and distributing the
property of the company and may fix the remuneration to be paid to him or
them.

(2) On the appointment of a liquidator, all the powers of the directors cease
except so far as the liquidator, or the company in general meeting with the
consent of the liquidator, approves the continuance of any of those powers.

(3) If a vacancy occurs by death, resignation or otherwise in the office of a
liquidator, the company in general meeting may fill the vacancy by the
appointment of a liquidator and fix the remuneration to be paid to him, and
for that purpose a general meeting may be convened by any contributory or, if
there were 2 or more liquidators, by the continuing liquidators.

(4) The meeting shall be held in the manner provided by this Act or by the
articles or in such manner as is, on application by any contributory or by the
continuing liquidators, determined by the Court.