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