Section 173   [ View Judgements ]

Amendment of section 464


In section 464 of the principal Act,-



(a) for sub-section (1), the following sub-section shall be substituted, namely:-



"(1) (a) The Court may, at the time of making an order for the winding up of a company or at any time thereafter, direct that there shall be appointed a committee of inspection to act with the liquidator.



(b) Where a direction is given by the Court as aforesaid, the liquidator shall, within two months from the date of such direction, convene a meeting of the creditors of the company (as ascertained from its books and documents) for the purpose of determining who are to be members of the committee.";



(b) for sub-section (2), the following sub-section shall be substituted, namely:-



"(2) The liquidator shall, within fourteen days from the date of the creditors' meeting or such further time as the court in its discretion may grant for the purpose, convene a meeting of the contributories to consider the decision of the creditors' meeting with respect to the membership of the committee; and it shall be open to the meeting of the contributories to accept the decision of the creditors' meeting with or without modifications or to reject it.";



(c) in sub-section (3), the words "whether there shall be a committee of inspection; and, if so," shall be omitted.



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