b64

SECRETARIAL PRACTICE
at meetings, and of such other matters as may be prescribed, and
any creditor or contributory may, subject to the control of the
court, personally or by his agent inspect anv such books.

Payments of
liquidator in
England into
bank.

194.—(1) Every liquidator of a company which is being wound
up by the court in England shall, in such manner and at such times
as the Board of Trade, with the concurrence of the Treasury, direct,
pay the money received by him to the Companies Liquidation
Account at the Bank of England, and the Board shall furnish him
with a certificate of receipt of the money so paid:

Provided that, if the committee of inspection satisfy the
Board of Trade that for the purpose of carrying on the business of
the company or of obtaining advances, or for any other reason, it is
for the advantage of the creditors or contributories that the liqui-
dator should have an account with any other bank, the Board shall,
on the application of the committee of inspection, authorise the
liquidator to make his payments into and out of such other bank as
the committee may select, and thereupon those payments shall be
made in the prescribed manner.
(2) If any such liquidator at any time retains for more than
ten days a sum exceeding fifty pounds, or such other amount as the
Board of Trade in any particular case authorise him to retain, then,
unless he explains the retention to the satisfaction of the Board,
he shall pay interest on the amount so retained in excess at the
rate of twenty per cent. per annum, and shall be liable to disallow-
ance of all or such part of his remuneration as the Board may think
just, and to be removed from his office by the Board, and shall be
liable to pay any expenses occasioned by reason of his default.

(3) A liquidator of a company which is being wound up by the
court in England shall not pay any sums received by him as liquidator
into his private banking account.

Audit of
liquidator’s ac-
counts in
England.

195.—(1) Every liquidator of a company which is being wound
up by the court in England shall, at such times as may be prescribed
but not less than twice in each year during his tenure of office, send
to the Board of Trade, or as they direct, an account of his receipts
and payments as liquidator.

(2) The account shall be in a prescribed form, shall be made in
duplicate, and shall be verified by a statutory declaration in the
prescribed form.

(3) The Board shall cause the account to be audited and for the
purpose of the audit the liquidator shall furnish the Board with such
vouchers and information as the Board may require, and the Board
may at any time require the production of and inspect any books or
accounts kept by the liquidator.

(4) When the account has been audited, one copy thereof shall
be filed and kept by the Board, and the other copy shall be delivered
to the court for filing, and each copy shall be open to the inspection
of any creditor, or of any person interested.