682

SECRETARIAL PRACTICE
Powers and 248.— (1) The liquidator may—

es of qui: (2) in the case of a members’ voluntary winding up, with the

tary winding up. sanction of an extraordinary resolution of the company,
and, in the case of a creditors’ voluntary winding up,
with .the sanction of either the court or the committee of
inspection, exercise any of the powers given by paragraphs
(d), (¢) and (f) of subsection (1) of section one hundred and
ninety-one of this Act to a liquidator in a winding up by
the court:
without sanction, exercise any of the other powers by this
Act given to the liquidator in a winding up by the court:
exercise the power of the court under this Act of settling
a list of contributories, and the list of contributories shall
be prima facie evidence of the liability of the persons
named therein to be contributories:
exercise the power of the court of making calls:
summon general meetings of the company for the purpose
of obtaining the sanction of the company by special or
extraordinary resolution or for anv other purpose he may
think fit.

(2) The liquidator shall pay the debts of the company and shall
adjust the rights of the contributories among themselves.

(3) When several liquidators are appointed, any power given
by this Act 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 less than two.

Powerofcourtto  249.—(1) If from any cause whatever there is no liquidator acting,

et dam: the court may appoint a liquidator.

I vSlumiary (2) The court may, on cause shown, remove a liquidator and
appoint another liquidator.

Noticeby ~~ 250.—(1) The liquidator shall, within twenty-one days after his

Pyuidater kis appointment, deliver to the registrar of companies for registration
a notice of his appointment in the form prescribed bv the Board of
Trade

(¢)

(2) If the liquidator fails to comply with the requirements of
this section he shall be liable to a fine not exceeding five pounds for
every day during which the default continues.

Arrangement 251.—(1) Any arrangement entered into between a company
Wien binding on 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) Any 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.