Section 445. Appointment and removal of liquidator

(1) In a members’ voluntary winding up, the company shall appoint one or more liquidators for the purpose of winding up the company’s affairs and distributing its assets in general meeting.

(2) On the appointment of a liquidator, all the powers of the directors cease, except so far as the company in general meeting with consent of the liquidator, or the liquidator sanctions the continuance of all the powers of the directors.

(3) The company may, in general meeting convened by any contributory by special resolution of which special notice has been given to the creditors and the liquidators, remove any liquidator but no such resolution shall be effective to remove a liquidator if the Court on the application of the liquidator or a creditor has ordered that the liquidator may not be removed.