COMPANIES ACT, 1929

579

(3) The directors of the company shall—

(a) cause a full statement of the position of the company’s
affairs together with a list of the creditors of the company
and the estimated amount of their claims to be laid before
the meeting of creditors to be held as aforesaid; and

(b) appoint one of their number to preside at the said meeting.

(4) It shall be the duty of the director appointed to preside

at the meeting of creditors to attend the meeting and preside thereat.

{5) If the meeting of the company at which the resolution for

voluntary winding up is to be proposed is adjourned and the resolu-
tion is passed at an adjourned meeting, any resolution passed at
the meeting of the creditors held in pursuance of subsection (1) of
this section shall have effect as if it had been passed immediately
after the passing of the resolution for winding up- the company.

(6) If default is made—

{a) by the company in complying with subsections (1) and (2)
of this section;
by the directors of the company in complying with sub-
section (3) of this section;
by any director of the company in complying with sub-
section (4) of this section;

the company, directors or director, as the case may be, shall be
liable to a fine not exceeding one hundred pounds, and, in the case
of default by the company, every officer of the company who is in
default shall be liable to the like penalty.

)

239. The creditors and the company at their respective meetings
mentioned in the last foregoing section of this Act may nominate a
person to be liquidator for the purpose of winding up the affairs and
distributing the assets of the company, and if the creditors and the
company nominate different persons, the person nominated by the
creditors shall be liquidator, and if no person is nominated by the
creditors the person, if any, nominated by the company shall’ be
liquidator:

Provided that in the case of different persons being nominated
any director, member, or creditor of the company may, within
seven days after the date on which the nomination was made by
the creditors, apply to the court for an order either directing that
the person nominated as liquidator by the company shall be liqui-
dator instead of or jointly with the person nominated by the
creditors, or appointing some other person to be liquidator instead
of the person appointed by the creditors.

240.—(1) The creditors at the meeting to be held in pursuance
of section two hundred and thirty-eight of this Act or at any subse-
quent meeting, may, if they think fit, appoint a committee of
inspection consisting of not more than five persons, and if such a
committee is appointed the company may, either at the meeting

Appointment of
liquidator.

Appointment of
committee of
inspection.