Eleventh Schedule

[Section 456]

POWERS OF LIQUIDATOR IN VOLUNTARY WINDING UP

1. The liquidator may in the case of a members’ voluntary winding up, with the approval of a special resolution of the company and, in the case of a creditors’ voluntary winding up, with the approval of the Court or the committee of inspection, exercise any of the powers given to a liquidator under the Twelfth Schedule in a winding up by the Court.

2. The liquidator may exercise any of the other powers by this Act given to the liquidator in a winding up by the Court.

3. The liquidator may exercise the power of the Court under this Act of settling a list of contributories, and the list of contributories shall be prima facie evidence of the liabilities of the persons named in the list as contributories.

4. The liquidator may exercise the power of the Court of making calls or summon general meetings of the company for the purpose of obtaining the sanction of the company by special resolution in respect of any matter or for any other purpose as the liquidator thinks fit.

5. The liquidator may pay the debts of the company and adjust the rights of the contributories among themselves.

6. When several liquidators are appointed, any power given by this Act may be exercised by one or more of the liquidators as is determined at the time of their appointment, or in the absence of such determination by at least two of the liquidators.