COMPANIES ACT, 1029

ART

general meeting of the company and a meeting of the creditors, for
the purpose of laying the account before the meetings, and giving
any explanation thereof.

(2) Each such meeting shall be called by advertisement in the
Gazette, specifying the time, place, and object thereof, and published
one month at least before the meeting.

(3) Within one week after the date of the meetings, or, if the
meetings are not held on the same date, after the date of the later
meeting, the liquidator shall send to the registrar of companies a
copy of the account, and shall make a return to him of the holding
of the meetings and of their dates, and if the copy is not sent or the
return is not made in accordance with this subsection the liquidator
shall be liable to a fine not exceeding five pounds for every day
during which the default continues:

Provided that, if a quorum is not present at either such meeting,
the liquidator shall, in lieu of the return hereinbefore mentioned,
make a return that the meeting was duly summoned and that no
quorum was present thereat, and upon such a return being made
the provisions of this subsection as to the making of the return
shall, in respect of that meeting, be deemed to have been complied
with.
(4) The registrar on receiving the account and in respect of
each such meeting either of the returns hereinbefore mentioned
shall forthwith register them, and on the expiration of three months
from the registration thereof the company shall be deemed to be
dissolved:

Provided that the court may, on the application of the liquidator
or of any other person who appears to the court to be interested,
make an order deferring the date at which the dissolution of the
company is to take effect for such time as the court thinks fit.
(5) It shall be the duty of the person on whose application
an order of the court under this section is made, within seven days
after the making of the order, to deliver to the registrar an office
copy of the order for registration, and if that person fails so to do he
shall be liable to a fine not exceeding five pounds for every day during
which the default continues.

Provisions applicable to every Voluntary Winding Up.
246. The provisions contained in the nine sections of this Act
next following shall apply to every voluntary winding up whether
a members’ or a creditors’ winding up

247. Subject to the provisions of this Act as to preferential
payments, the property of a company shall, on its winding up, be
applied in satisfaction of its liabilities pari passu, and, subject to
such application, shall, unless the articles otherwise provide, be
distributed among the members according to their rights and
interests in the companv

Jrovisions ap-
slicable to every
voluntary wind-
ng up

Distribution of
property of
company.