COMPANIES ACT, 1929 
675 
If the company resolves by special resolution that the com- 
pany be wound up voluntarily: 
If the company resolves by extraordinary resolution to 
the effect that it cannot by reason of its liabilities continue 
its business, and that it is advisable to wind up. 
(2) In this Act the expression ‘‘a resolution for voluntary 
winding up’’ means a resolution passed under any of the provisions 
of subsection (1) of this section. 
9) 
226.—(1) When a company has passed a resolution for voluntary 
winding up, it shall, within seven days after the passing of the 
resolution, give notice of the resolution by advertisement in the 
Gazette. 
Notice of reso- 
ution to wind up 
voluntarily 
(2) If default is made in complying with this section, the com- 
pany and every officer of the company who is in default shall be 
liable to a default fine, and for the purposes of this subsection the 
liquidator of the company shall be deemed to be an officer of *t 
company. 
227. A voluntary winding up shall be deemed to commence at Commencement 
the time of the passing of the resolution for voluntary winding up. A unr 
Consequences of Voluntary Winding Up. 
228. In case of a voluntary winding up, the company shall, from 
the commencement of the winding up, cease to carry on its business, 
except so far as may be required for the beneficial winding up thereof: 
Provided that the corporate state and corporate powers of the 
company shall, notwithstanding anything to the contrary in its 
articles, continue until it is dissolved. 
229. Any transfer of shares, not being a transfer made to or with 
the sanction of the liquidator, and any alteration in the status of 
the members of the company, made after the copmencement of a 
voluntary winding up, shall be void. 
Effect of volun- 
ary winding up 
on business and 
status of com- 
pany. 
Avoidance of 
transfers, &c., 
after commence- 
ment of volun- 
tary winding up 
Declaration of Solvency. 
230.—(1) Where it is proposed to wind up a company voluntarily, Statutory de- 
the directors of the company or, in the case of a company having Haren 3 sl 
more than two directors, the majority of the directors may, at a proposal to 
meeting of the directors held before the date on which the notices of pity 
the meeting at which the resolution for the winding up of the com- ’ 
pany is to be proposed are sent out, make a statutory declaration 
to the effect that they have made a full inquiry into the affairs of 
the company, and that, having so done, they have formed the 
opinion that the company will be able to pay its debts in full within 
a period, not exceeding twelve months, from the commencement 
of the winding un