676 SECRETARIAL PRACTICE

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(2) A declaration made as aforesaid shall have no effect for the
purposes of this Act unless it is delivered to the registrar of companies
for registration before the date mentioned in subsection (1) of this
section.

(3) A winding up in the case of which a declaration has been
made and delivered in accordance with this section is in this Act
referred to as “a members’ voluntary winding up,” and a winding up
in the case of which a declaration has not been made and delivered
as aforesaid is in this Act referred to as ‘““a creditors’ voluntary
winding up.”’

Provisions applicable to a Members’ Voluntary Winding Up.
Provisions ap- 231. The provisions contained in the five sections of this Act
plissils tom next following shall apply in relation to a members’ voluntary
winding up. winding up.
Power of com- 232.—(1) The company in general meeting shall appoint one or
Pao Point more liquidators for the purpose of winding up the affairs and
ation of distributing the assets of the company. and may fix the remuneration
Hiouidatars, to be paid to him or them.
(2) On the appointment of a liquidator all the powers of the
directors shall cease, except so far as the company in general meeting,
or the liquidator, sanctions the continuance thereof.

Power to fill
vacancy in
office of Fr
liquidator.

233.—(1) If a vacancy occurs by death, resignation, or otherwise
in the office of liquidator appointed by the company, the company
in general meeting may, subject to anv arrangement with its creditors.
fill the vacancy.

(2) For that purpose a general meeting may be convened by
any contributory or, if there were more liquidators than one, by
the continuing liquidators.

(3) The meeting shall be held in manner provided by this Act
or by the articles, or in such manner as may, on application by
any contributory or by the continuing liquidators. be determined
bv the court.

Dower of 0 234.—(1) Where a company is proposed to be, or is in course of
os shares, j P€ing, wound up altogether voluntarily, and the whole or part of
&c., as consider- its business or property is proposed to be transferred or sold to
or sale of another company, whether a company within the meaning of this
company. Act or not (in this section called ‘‘the transferee company’’) the
liquidator of the first-mentioned company (in this section called ** the
transferor company’) may, with the sanction of a special resolution
of that company, conferring either a general authority on the
liquidator or an authority in respect of any particular arrangement,
receive in compensation or part compensation for the transfer or
sale, shares, policies, or other like interests in the transferee company,
for distribution among the members of the transferor company,
or may enter into any other arrangement whereby the members