680 SECRETARIAL PRACTICE
at which the resolution for voluntary winding up is passed or at
any time subsequently in general meeting, appoint such number of
persons as they think fit to act as members of the committee not
exceeding five in number:

Provided that the creditors may, if they think fit, resolve that
all or any of the persons so appointed by the company ought not
to be members of the committee of inspection, and, if the creditors
so resolve, the persons mentioned in the resolution shall not, unless
the court otherwise directs, be qualified to act as members of the
committee, and on any application to the court under this provision
the court may, if it thinks fit, appoint other persons to act as such
members in place of the persons mentioned in the resolution.

(2) Subject to the provisions of this section and to general
rules, the provisions of sections one hundred and ninety-nine (except
subsection (1) ) and two hundred and one of this Act shall apply
with respect to a committee of inspection appointed under this
section as they apply with respect to a committee of inspection
appointed in a winding up by the court.
Fixing of
liquidators’
remuneration
and cesser of
directors’ powers.

241.—(x) The committee of inspection, or if there is no such
committee, the creditors, may fix the remuneration to be paid
to the liquidator or liquidators.

(2) On the appointment of a liquidator, all the powers of the
directors shall cease, except so far as the committee of inspection,
or if there is no such committee, the creditors. sanction the con-
tinuance thereof
Power to fill 242. If a vacancy occurs, by death, resignation or otherwise, in
amo the office of a liquidator, other than a liquidator appointed by,
or by the direction of, the court. the creditors may fill the vacancy.
243. The provisions of section two hundred and thirty-four of
this Act shall apply in the case of a creditors’ voluntary winding up
as in the case of a members’ voluntary winding up, with the modi-
fication that the powers of the liquidator under the said section shall
not be exercised except with the sanction either of the court or of
the committee of inspection.
Duty of 244—(1) In the event of the winding up continuing for more
a than one year, the liquidator shall summon a general meeting of the
of company and company and a meeting of creditors at the end of the first year
of guagiiiars at . from the commencement of the winding up, and of each succeeding
year, or as soon thereafter as may be convenient, and shall lay
before the meetings an account of his acts and dealings and of the
conduct of the winding up during the preceding year.
(2) If the liquidator fails to comply with this section, he shall
be liable to a fine not exceeding ten pounds.
Final meeting 245.—(1) As soon as the affairs of the company are fully wound
and dissolution. yp the liquidator shall make up an account of the winding up,
showing how the winding up has been conducted and the property
of the companv has been disposed of. and thereupon shall call a